As companies continue to compete for top talent, recruiters are now spending more than ever on recruitment efforts. On average, it can cost $3,500 to hire just one employee, a price that can cost more than the employee’s salary. Especially when recruiting in high volumes.
With the emergence of new and advanced HR techniques companies are instead turning AI technology to screen their applicants, a method that can reduce cost to fill by 70%.
Below, I’ll demonstrate how Knockri can lower hiring costs in three impactful ways, making your search for talent more cost-effective.
Reducing the Cost of HR Personnel
With an average job posting receiving 250 resumes, HR personnel costs have increased as more applicants are being funnelled through the recruitment process. And unfortunately, up to 88% of these applicants will be unqualified.
This results in more screening, more interviewing…and ultimately higher costs for an HR team who will be processing the 250 resumes themselves.
With AI screening technology, HR processes can become more streamlined and eliminate tasks that normally drive up expenses and slow down the recruiting process. This allows HR staff to focus on important tasks, with Knockri taking care of the rest.
This is because in addition to interviewing a high volume of applicants, Knockri also ranks candidates based on your core competency model and presents a shortlist of people who would be qualified for the job.
Knockri effectively reduces HR personnel expenses for things such as basic screening, so you are left with shortlisted quality applicants in half the cost.
Reducing Time While Screening More Applicants.
The average time it takes to fill one job position is 41 days. However, a lengthy hiring process can be a major obstacle to onboarding new employees. Especially when the most qualified ones are on the market for 10 days.
With recruiters spending 78,352 minutes on the phone every year, valuable time is lost in screening applicants; a task that can be reduced by 9 days with Knockri.
AI technology allows companies to identify the best talent faster, since it can evaluate 10 candidates in the time it takes to perform one phone interview. With video interviewing HR can allocate less time to inappropriate applicants, while Knockri efficiently rates those applicants for you.
Automated video screening replaces a conventional lottery system that weeds out 50% of resumes before they are even looked at. Instead, it analyses every single candidate, ensuring that you find your diamond in the rough faster than before.
Reduce travelling costs – Expand your geographic search
Since travelling costs can often exceed HR budgets, most companies can’t expand their geographic search making them less competitive in their industry.
If you can’t afford to fly over your candidates, you forego potential talent who will be hired by someone else.
With Knockri, you can skip the flight and still meet qualified people from around the globe, without the expense of an airplane ticket. That’s because video-screening lets you connect in an online environment and broaden your search geographically so you are no longer limited by boundaries.
By using Knockri companies can save 67% in travel and bring the best applicants to the table, giving you valuable results.
Finding quality candidates can be costly, but if you use efficient HR methods it doesn’t have to be. With AI technology, candidate screening can be done better, faster and more extensively than before. Knockri provides HR solutions that will drastically reduce your cost to fill, a factor that will no longer be the barrier between you and your ideal candidate.
Author: Rija Choudhry
Editor: Maaz Rana