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Video Interviewing Market Trends 2013 Whitepaper
 

Video Interviewing Market Trends 2013 Whitepaper

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Check out our latest research and report on Video Interviewing, market adoption rates, usage and best practices for corporate human resource leaders. ...

Check out our latest research and report on Video Interviewing, market adoption rates, usage and best practices for corporate human resource leaders.

Research conducted by and written by Sarah White & Associates, LLC a Human Capital Market Strategy and Advisory firm. We provide best practices and market education to corporate Human Resource teams around talent and integration of technology technology into employee lifecycle. We also partners with vendors to improve their offerings to best meet the needs of practitioners.

Learn more or book for your next event at www.SarahWhiteLLC.com

This research was underwritten and provided to the public free of charge thanks to Wowzer video interviewing. Learn more about them at www.wowzer.com

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    Video Interviewing Market Trends 2013 Whitepaper Video Interviewing Market Trends 2013 Whitepaper Document Transcript

    • Fall 2013 Strategic Advisory & Research for HCM VIDEO INTERVIEWING: NO LONGER FOR EARLY ADOPTERS The use of video interviews has been around the recruiting ecosystem decades - from video conferences of the 1990’s to the video chats of the 2000’s, the understanding that video could one day change how we hire existed. About the Author Sarah White is the Founder of Accelir, a Strategy Advisory Firm focused on integration of technology and human resource strategies. Sarah has more than a decade in the human capital space as a practitioner, vendor executive, analyst and advisor. She works with corporate HR as well as vendor teams looking to gain a better understanding of how a solid strategy, the right technology & emerging media can In 2005, the understanding of what Video Interviewing was was minimal resulting in a market that was almost nonexistent. By 2010, the industry was preparing to emerge from the early adopter timeframe, with an industry accepted adoption rate around 15%. Today, more than 38% of respondents to our 2012 Video Interviewing Usage Survey say they use video at some stage of the hiring process 1. The rapid growth within the market was not only tied to the introduction of a number of vendors into the video interviewing market but also a rapid growth in online consumer video viewing and sharing, thanks to sites like YouTube, Facebook, hulu, Netflix as well as the video communication sites like Skype, Google Talk and more. In addition, it is estimated that 79% of all laptops now have webcams built in making video accessible anywhere with wifi access.2 Thanks to the combination of consumerization trends in talent improve their hiring and retention practices. 1 Video Interviewing Usage Survey, Conducted in 2012 by Accelir - Underwritten by WePow - Included segmented responses from Recruiters and Hiring Managers from 158 Unique Company Responses. 56% of responses were from Global Organizations. 2 Source: PC World
    • Video Interviewing: No Longer Early Adopters acquisition technology3 and the rise of consumer video usage - the video interviewing market has been in an accelerated rate of market adoption. In just the last 18 months, the video interviewing market has grown from Early Adopter numbers to the range of the Early Majority. We anticipate the early majority range to last just a few years before hitting the late Majority at some point in 2015. Already we found that outside of work, more than 78% of our recruiters and nearly 90% of the hiring managers had some experience with a video chatting platform like Skype, Google Talk, Face Time, etc 4 These numbers highlight the readiness of users to move further into the mainstream market. When asked specifically about comfort levels with video interviews compared to traditional interviews (phone or face to face), 78% respond they would be equally or more comfortable with a video interview. 3 Source: 5 Trends in Talent Acquisition for 2012, Accelir, Spring 2012 http://www.slideshare.net/imsosarah/5-strategic-trends-in-recruiting 4 Video Interviewing Usage Survey, 2012, Accelir - Underwritten by WePow Page 2 w w w. A c c e l i r. c o m Licensed for Distribution to WePow ©2013 Accelir
    • Video Interviewing: No Longer Early Adopters Types of Video Interviews The increase in organizational use of video interviewing programs is impressive and even for those who were not in the category of early adopter or early majority it is a great time to learn more about where video fit into your overall hiring strategy. There are two main types of video interviews: One-way (recorded, asynchronous) or Two-way (live) which can be integrated to enhance or build efficiencies into the hiring process at most organizations. Recorded (One-Way or Asynchronous) Practitioner Note: Video Interviewing is also referred to as Video Screening, Video Recruiting, Video Hiring or Digital Interviewing. One-way, or Recorded, videos typically occur earlier in the hiring cycle than two-way or live interviews and are designed to be the least intrusive for all parties involved. They allow the job seeker to answer a set of questions at their convenience, any time they like, from any location they like. On the corporate side, recorded videos allow the recruiter and hiring manager to review the interview multiple times, add notes, and share it internally - all on their own schedule. In recorded video interviews, applicants are emailed a link to log into a custom interface featuring a particular corporate branding. Once they have logged in, they are presented with four to six questions. These questions are presented in written form, as an audio or video-recorded version, or a combination of those options. The job seeker then gets a set amount of time to respond, just as they would in a face-to-face or phone interview. With recorded interviews, each applicant for a particular job is asked the exact same set of questions with the same tone, inflection, and context. This is considered an advantage because consistency is key in interviews. Anyone involved in the hiring process has the ability to compare the answers of various candidates quickly and easily. The recorded nature of the one-way interview allows recruiters to not only review the interviews on their own time, but also forward to hiring managers or teams for immediate feedback before moving forward in the process. This speeds up the hiring process by narrowing down candidates more quickly and getting the right people in front of the hiring managers sooner. Page 3 w w w. A c c e l i r. c o m Licensed for Distribution to WePow ©2013 Accelir
    • Video Interviewing: No Longer Early Adopters From a return on investment (ROI) perspective, while a single set of questions for all applicants must be general in nature, they can be aim to emulate the key screening questions asked in a phone interview, which is one of the most time consuming portions of the interview process. It takes more than 30 minutes per candidate just to schedule a phone screen at 35% of organizations surveyed More than half (53%) of companies surveyed phone screen 4-9 people per open position and for 35% of organizations it takes more than 30 minutes per candidate to even schedule the phone screen.5 Converting even a portion of the phone screen or early screening process to recorded video will have a direct impact on ROI. Both hiring managers and recruiters rated saving time as the most important factor when considering video interviewing.6 Live (Two-Way) Practitioner Note: Live can often accommodate multiple interviewers from the organization to save time and money. Live, or two- way videos offer the ability for the conversation to go both ways, instead of the one-way nature of a recorded video. This type of interview typically comes a little later in the hiring process, after the phone screen, and is traditionally used by organizations looking to reduce their travel expenses or or increase their “green” focus during a candidate search. Much like the recorded option, with dedicated video interviewing platforms, users log in and get a fully branded experience and insight into the organization - plus the addition of a direct, face-to-face on demand. Most live or two way video programs have expanded to allow more than two people to participate, allowing the benefit of a group or panel interview. A growing number of vendors also allow these ‘live’ interviews to be recorded. While this is an internally debated issue at many 5 Video Interviewing Usage Survey, 2012, Accelir - Underwritten by WePow 6 Video Interviewing Usage Survey, 2012, Accelir - Underwritten by WePow Page 4 w w w. A c c e l i r. c o m Licensed for Distribution to WePow ©2013 Accelir
    • Video Interviewing: No Longer Early Adopters organizations, the benefits of this option include the ability to review for both candidate selection as well as interview coaching. While there are a number of free video conferencing solutions, like Skype, on the market, utilizing a dedicated video interviewing platform provides benefits to organizations that are not possible with the non traditional options such as branded interface, end user support for questions, interview specific note tracking and certain compliance factors. The major benefit of the live interview is the fact that it can be done on demand, without scheduling ahead of time - especially valuable if you would be losing time trying to schedule travel. 70% of organizations will fly a candidate in at some point for an interview 7 and live video is a great alternative to preview or interview candidates before or instead of flying them out for an in person meeting. What Matters in Video Interviewing Corporate recruiting teams and hiring managers were both very clear when it came to discussing what mattered most when considering video interviewing technology. They wanted it to be easy while saving the company time and money. 7 Video Interviewing Usage Survey, 2012, Accelir - Underwritten by WePow Page 5 w w w. A c c e l i r. c o m Licensed for Distribution to WePow ©2013 Accelir
    • Video Interviewing: No Longer Early Adopters For hiring managers, saving time and money both ranked much higher than any other consideration. For recruiters, saving time was rated as equally important as candidate experience, (4.5/5) was followed closely by cost savings and ease of use for the hiring manager.8 For organizations with a main focus to save time, the recorded (or asynchronous) interviews not only eliminate time spent in the screening or phone interview phase, but will also allow interview teams or hiring managers to preview their candidates and provide valuable feedback of who should come in for a full interview, or not, in a way that fits best with their individual schedule. This allows hiring managers to be more involved in the process while seeing more depth than what a traditional resume may show. 74% of Recruiters & 60% of Hiring Managers thought Video Interviewing would make their job easier. While some organizations decide to start with just one, 13% of the surveyed organizations currently use the two-way (live) interviews as their exclusive video interviewing strategy, many companies that have implemented video interviewing as a strategic part of their hiring process use both styles at various stages of the hiring process. Those companies that were most interested in cost could find the largest savings through the dual implementation approach. The time savings with recorded, speeding up of phone screen phase, combined with the travel cost savings of the live interview have resulted in reduced time with role open as well as multi million dollar savings for a number of large, global organizations over the last few years. Conclusion Two decades ago, the use of video was limited to the sphere of personal entertainment. While camcorders had gained in popularity, a medium with which to easily share videos had not yet been developed. 8 Video Interviewing Usage Survey, 2012, Accelir - Underwritten by WePow Page 6 w w w. A c c e l i r. c o m Licensed for Distribution to WePow ©2013 Accelir
    • Video Interviewing: No Longer Early Adopters In the business world, executive search firms were creating the groundwork for what would eventually become the video interviewing market by sending candidates to third party locations and setting them up for remote interviews with live video feeds. With the rapid increase in consumerization among video as a whole, combined with the new focus on dedicated video interviewing platforms, the market is has reached early majority status. The newest evolution of video interviewing solutions goes beyond basic video interviews or live conversations to a strategic part of the hiring process at multiple stages. Video interviewing technology in 2013 has evolved to provide corporate human resource teams a true competitive advantage and positive ROI through multi-video option offerings, thoughtful analytics, and custom user interfaces unique to any brand. Report & Research Underwritten By WePow. WePow is a global leader in recruitment communication, offering breadth, depth, and a personal touch to attracting talent. Today we help 100+ major organizations (including Facebook, Heineken, adidas, etc) recruit in more than 100 countries. At WePow, we translate human interactions into amazing experiences! For more information, visit www.wepow.com or follow us on Twitter at @goWePow Report & Research Conducted By Accelir. Accelir is an Independent Analyst and Strategic Advisory firm for human capital with a focus around Talent Acquisition - From Sourcing to Succession. We conduct industry research, strategic advisory and consulting services to corporate recruiting teams to promote a stronger understanding and execution of strategic talent planning. Our members include corporate human resource teams as well as vendors both looking to accelerate their current strategies around product, process and market education. Learn more about us at Accelir.com Page 7 w w w. A c c e l i r. c o m Licensed for Distribution to WePow ©2013 Accelir