Recruiter.com Group, a leading AI-powered and video hiring platform with the world’s largest network of recruiters, presented to Proactive Investors its vision of the impact of video on the recruiting process.
According to the Society for Human Resource Management’s (SHRM) Human Capital Benchmarking Report, the average cost per hire in the United States is over $4,000. With approximately 155 million people employed in the US and annual voluntary turnover between 22%-27%, there are at least 34 million people to be hired at any given time. Before the pandemic, the average corporate job posting received 250 resumes. Altogether, companies are reviewing at least 8.5 billion resumes for their open roles, at a cost to the US economy of at least $136 billion ($4,000 per hire x 34 million people).
“If we operate under the assumption that COVID-19 is affecting many of today’s business and consumer behaviors, then the time to reshape the traditional recruiting process is now,” said Evan Sohn, CEO of Recruiter.com Group.
“Aside from smaller technological changes, the recruiting process has not changed significantly since its inception: post a job, receive candidate applications, review resumes or applications, phone-screen a smaller segment of the list, interview the top candidates and hire. Digital job boards replaced classified ads; artificial intelligence proactively reaches out to active and passive candidates and identifies those who are most aligned with the job requirements; video screening is replacing phone screening; video conferencing is replacing in-person interviews, and eSignature tools are augmenting the hiring paperwork process. But the sequence of the process has not changed, despite the consumerization of video, the democratization of skills, and the increased need for workforce diversity and inclusion.”
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With the end of the pandemic hopefully within reach, Sohn believes the use of video could transform the recruiting process the same way it changed dating sites.
“New dating sites no longer start with a long-winded (though well written) biography of the person but rather a video with key data points. The interested parties just swipe to move the process forward,” Sohn said. “Transfer that paradigm to recruiting. Video (available to everyone with a smartphone) starts the process. Employers and candidates swipe to show interest in one another and share their videos. The AI reviews candidates and surfaces the best matches. Taken together, all of that could dramatically reduce the time and cost associated with hiring employees.”
“Now more than ever, we need technology that enhances both speed and accuracy in recruiting. Video will have that effect,” Sohn continued. “The US economy could potentially save billions.”
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