Are video interviews the future of recruitment? Well, yes! As per the latest demographics, 86% of employers believe video interviews have improved their hiring process. This number of video interview users has been on a high surge since 2020, resulting in the forecast growth of market size from $1.3 billion in 2020 to $3.3 billion by 2025.
In recent years, video interviews have become increasingly popular in recruitment. This trend has emerged due to the convenience it offers employers and candidates. Video interviews provide flexibility in scheduling, reduce the need for travel, and improve the candidate experience. This article explores the increasing trend of video interviews, its future, and how iMocha can be used as a video interview tool.
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Why do candidates prefer video interviews?
Candidates prefer video interviews as they are convenient and cost-effective. It saves their time and allows them to interview from their preferred location. Video interviews also provide a better candidate experience as they can perform best without the pressure of face-to-face interviews. So, if you're still wondering, are video interviews becoming the future of recruitment? Analyzing its perks for both candidates and recruiters, yes!
As per the research, here are more precise reasons why the candidates prefer video interviews instead of face-to-face interviews
Video interviews save time for both the interviewer and the interviewee. It eliminates the need for travel time and waiting time, traveling costs, and the interview can be conducted from the comfort of one's location. This allows candidates to attend multiple interviews daily, saving them time and effort.
- Cost-effective as less travel involved:
Video interviews reduce the cost of travel and accommodation associated with in-person interviews. Candidates don't have to spend money on traveling, they can attend interviews from anywhere, including their home, office, or any other preferred location. This can be a significant advantage for candidates seeking jobs in a different area or country.
- Opportunity for remote hiring:
Video interviews provide the opportunity for remote hiring. Employers can conduct interviews with candidates not located in the same city or country. This is particularly beneficial for global companies that need to recruit talent from different locations.
- Improved candidate experience:
Video interviews offer a better candidate experience. Candidates can attend interviews from their preferred location and time slot. This eliminates the stress of commuting to the interview location, finding parking, and waiting their turn. The candidate feels more relaxed and can perform best during the interview.
- Eliminates scheduling conflict:
Overall, video interviews offer several advantages to candidates, making them a preferred choice over other methods of interviews. The convenience, time-saving, cost-effectiveness, and improved candidate experience make video interviews attractive for candidates seeking new job opportunities.
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The future of video Interviews
Do video interviews become the future of recruitment? With six in ten companies conducting interviews via one and two-way video interviews, yes, video interviews are becoming the future of recruitment.
The future of video interviews looks promising. The growth and adoption rate of video interviews are increasing, and more organizations are integrating AI and automation technology to improve recruitment.
Some of the best practices for organizations and job seekers include using self-recorded interviews and evaluating coding skills through live coding interviews like iMocha's live coding interview.
Using iMocha’s live coding interview features, candidates can experience interactive coding assessments, where technical recruiters can understand candidates' logical and problem-solving skills by evaluating their coding skills.
Another benefit of video interviews is encouraging a more diverse and inclusive hiring process. It eliminates geographic barriers and allows candidates from all over the world to participate in the recruitment process.
Impact of video interview tools on traditional interviewing methods
Video interviews have had a significant impact on traditional recruitment methods, positively mainly. Some of the critical effects include:
- Increased Flexibility:
Video interviews have made it easier for employers to conduct interviews with candidates in different time zones or locations. This has allowed employers to expand their talent pool and hire the best candidate regardless of location.
- Time and Cost Savings:
Video interviews save time and money for both employers and candidates. Employers can conduct interviews without the need for travel, which saves on travel and accommodation expenses. On the other hand, candidates can participate in discussions from the comfort of their own homes or offices, which saves on transportation and additional associated costs.
- Improved Efficiency:
Video interviews are faster and more efficient than in-person interviews. Employers can conduct more interviews in less time, and candidates can participate in multiple discussions in a day without traveling from one location to another.
- Enhanced Candidate Experience:
Video interviews allow candidates to participate in discussions from their environment, making them feel more comfortable and relaxed. This can result in a better candidate experience and more positive feedback from candidates about the recruitment process.
- Greater Accessibility:
Video interviews have made it easier for candidates with disabilities or mobility issues to participate in discussions. This has improved accessibility and diversity in the recruitment process.
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What do the statistics say?
Let’s understand the impact of video interviewing via statistics, market analysis, industrial consequences, and more here.
Companies using video interviews for hiring (%)
Surge in candidate satisfaction
Cost per hire reduction
Increased diversity of candidates in companies
Average time saved per interview
Video Interviewing key benefits:
- Increased diversity:
Video interviewing reduces geographical benefits, providing a wider reach to a pool candidates, hence promoting diversity and inclusivity in the recruitment process.
- Unbiased hiring:
Video interviewing removes the chances of unconscious biases that can occur in person, providing equal opportunity for participation to all.
- Better post-interview follow-up:
Recruiters can easily share the recorded interviews with other relevant stakeholders of the organization for improvement.
Check out the detailed overview of Benefits of virtual interview platform for recruiters
Consequences of video interviewing on the job market 2023
- Increased competition:
Video interviews have made it easier for job seekers to interview with multiple employers at the same time, which has increased competition among job seekers.
- Easy access to global talent:
Employers can now interview job seekers from around the world via video interviewing, allowing them to be more global in their hiring.
- Evolved hiring strategies:
As the labor market continues to tighten, employers are adopting new hiring tactics, such as virtual hiring events and video interview preparation tools.
- Skill requirements:
Candidates may need to develop new skills to participate successfully in video interviews, such as preparation for virtual interviews and technological proficiency.
- Upsurged demand for remote work:
Through video interviews, employers can hire remote employees more easily, resulting in an increase in demand for remote work.
- Increased job mobility:
The use of video interviews has increased job mobility as job seekers can participate in virtual interviews from anywhere in the world.
Also Read: Top 10 Video Interview Software and Platforms for Virtual Interviews
Video interviews are becoming an integral part of the recruitment process. It offers numerous advantages to employers and candidates, and its future looks promising. Traditional recruitment methods are being replaced by innovative technologies that improve the recruitment process. iMocha is an excellent video interview tool that can help organizations hire the best candidates efficiently.
Why are video interviews the future of hiring?
Video interviews offer flexibility in scheduling interviews, cut down the cost of travel, and provide a better candidate experience. It eliminates geographical barriers and allows candidates from all over the world to participate in the recruitment process. Its integration with AI and automation technology makes it an efficient and powerful recruitment tool.
Why are companies doing video interviews now?
It is convenient, cost-effective, and time-saving to conduct video interviews during recruitment. It improves performance tracking, reduces scheduling conflicts, and improves the candidate experience. Organizations can hire top talent more efficiently by integrating AI and automation technology.
Are video interviews better than in-person interviews?
There are numerous advantages to video interviews, but they do not replace in-person interviews. Though it simplifies interview scheduling, reduces travel costs, and eliminates geographic barriers, but interacting in person provides the opportunity for genuine engagement and personal growth.
Why are video interviews better than phone interviews?
With phone interviews, it is hard to build a rapport between the interviewer and interviewee. Telephonic interviews do not provide any sense of reality, while video interview lets recruiters interact live with the candidate, providing more insights into candidates' abilities and skills.