7 Simple Ways to Measure The ROI of Your Video Assessment Interviews

7 Simple Ways to Measure The ROI of Your Video Assessment Interviews

7 Simple Ways to Measure The ROI of Your Video Assessment Interviews

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Have you lately used video assessment interviews at your company? Do you wonder if using them will save you time and money? The short answer is “yes.” Why haven’t you used them yet?

Companies that leverage video interviewing software swear by its efficiency. In fact, they say it has impeccably transformed the way their entire team is assessing applicants while working remotely. As with any new technology you choose to introduce to your organization, measuring its ROI is key to both implementing it and continuing to use it. However, it can also be relatively hard to calculate and prove if it’s actually worth your budget.

Why Measuring ROI Is Important?

Why Measuring ROI Is Important

Measuring the Return on Investment (ROI) of your video assessment interviews is crucial for several reasons. It ensures that your recruitment process is efficient, cost-effective, and yields the best possible candidates for your organization. Here are some key reasons why measuring the ROI of video assessment interviews is important:

  • Cost Efficiency: Quantify savings on travel, venue booking, and scheduling. Video assessments reduce the need for in-person interviews, cutting costs associated with travel and physical spaces.
  • Improved Hiring Quality: Track metrics like hire quality, retention rates, and performance. This helps ensure better long-term hires and reduces turnover.
  • Time Savings: Evaluate more candidates in less time. Video assessments streamline the screening process, speeding up the time-to-hire.
  • Enhanced Candidate Experience: Boost satisfaction and completion rates. A smooth, mobile-friendly process improves the candidate experience and reduces dropouts.
  • Data-Driven Decisions: Refine the process using key metrics. Analyzing data from video assessments enables continuous improvement in recruitment strategies.
  • Justify Investment: Demonstrate the value of video assessment tools. Showing tangible benefits like cost savings and improved hiring outcomes justifies the expenditure to stakeholders.

Measuring Video Assessment Interviews ROI: Top Tips

Reduced Time-to-assess

It is an evident reality that video assessment interviews can effectively replace the back-and-forth process of phone evaluations. This saves 80% of the assessor’s time and cuts assessment time like never before. This allows employers, decision-makers, and assessors to obtain a better knowledge of applicants while devoting their focus to other high-level responsibilities.

For example, with AI video interviewing software, you can easily conduct ten video assessment interviews in the time it usually takes to sit for only one face-to-face assessment. It’s no secret that drastically reducing the early stage of pre-screening applicants gives employers more time to gather the insights they need to make more informed decisions.

Lowers Costs

We’ve all memorized the lesson by now: time is money. Wasting time on scheduling and conducting lengthy face-to-face assessments or commuting to far assessment centers can be incredibly costly. Employers looking to hire applicants by assessing them through videos can reduce the time otherwise spent on interviewing candidates who aren’t qualified and should have never made it past the first stage.

Lowers costs

For example, video interviewing software can help you assess applicants faster, reducing the cost of assessing the wrong applicants. Companies can use their model answers when assessing applicants in video assessment interviews.

A model answer is the ideal response you expect to hear from the applicants completing the video assessment interviews. When you provide our video interviewing software with the keywords and model answers you anticipate to hear, our AI engine will compare the responses and generate a relevancy percentage for each question.

The relevancy percentage indicates how close and relevant the applicants’ responses are to your model answer. This feature allows you to filter out right answers, find appropriate keywords, forward candidates in a pipeline, and smoothly optimise the evaluation process to save money.

Enhanced Relationship with Clients

Have you ever thought that you’d identified the ideal candidate, only to learn from the customer that they’re not the correct fit? Traditional assessments make it difficult to gain a comprehensive picture of applicants because they lack the ability to offer meaningful, data-driven insights.

With powerful video interviewing software, you may limit the margin of error by learning more about applicants through psychometric reports before passing them on or suggesting them to clients. This way, you’ll be adding value to the client’s experience and increasing their pleasure by being able to analyse applications at a higher level.

Once you manage to impress the client with stellar results, you can effortlessly enhance, develop, and enrich your professional relationship.

Reduced Administrative Costs

An AI video software is simply designed to improve the assessment process through smart automation. It technically enhances the effectiveness and speed of candidate evaluation. Assessors can save money by automating operations like scheduling video assessment interviews, texting candidates, and tracking status updates.

What’s more, innovative AI video software allows team members to collaborate together and spend less time scribbling notes on notepads. Instead, they can leave their comments, feedback, and ratings regarding any applicant in one place only. The result will be clear: a smoother and faster workflow that shrinks down your long list of administrative tasks.

Improved Productivity

There is no doubt that digitisation is the only viable option now. In reality, it’s the simplest approach to develop and boost your organisation to higher success. Companies that refuse to adopt new technological advancements are making it harder for their team to assess applicants efficiently and beat out the competition.

Improved productivity

On the other hand, video interviewing software can superbly enhance your productivity since you and your entire team will have access to tools that make communication and task assignments monumentally easier.

Lower Applicant Drop-out

Applicants tend to drop out of the assessment process once they get the gist that it’s going to be long and complicated. Not only is it disheartening when an applicant suddenly decides to drop out, but it’s also excessively costly. Think of all the time and resources you and your team would have wasted if you had spent days or weeks assessing an applicant, only to have them drop out of the process out of the blue.

No one wants to feel like they’re halfway through a run just to discover that it was a false start! To have a better understanding of your assessment process, use video interviewing software to keep it quick, basic, and uncomplicated, thereby motivating and enticing applicants to stay.

Increased Engagement

As we all know, video technology is booming, especially since the spread of COVID-19. And why’s that? Because it’s an easier way to communicate given the geographical barriers. Companies have also recognised that video assessment interviews drive massive internet traffic and can significantly enhance engagement for colleagues, employers, managers, and applicants.

When you start implementing video assessment interviews into your plan, you will see a better engagement rate from passive, prospective, and top candidates. To the point that once you start to see engagement rates shooting up, you’ll wonder how you and your teammates managed to even survive with them.

Final Thoughts

Measuring the ROI of your video assessment interviews is essential for understanding their value and effectiveness in your recruitment process. By reducing time-to-assess, lowering costs, enhancing client relationships, and improving productivity, video interviews offer substantial benefits. They also help reduce administrative costs, lower applicant drop-out rates, and increase engagement.

By leveraging these advantages, your organization can streamline its hiring process, make more informed decisions, and ultimately secure the best talent. Embracing video assessment interviews is a strategic move that enhances efficiency and positions your company for long-term success.

Author Profile

Christy Bella
Blogger by Passion | Contributor to many Business Blogs in the United Kingdom | Fascinated to Write Blogs in Business & Startup Niches |