Recruiters are spending more time and money than ever hiring top talent. A report from SHRM suggests that the average employer in the US spends over $4,000 and 20-40 days to hire a new employee. That doesn’t include headhunters, background checks, advertising on job boards, and other external factors that affect time and cost to hire. For high-volume recruiting, the price only increases.
One way to reduce time to hire is by implementing artificial intelligence (AI) in applicant screening. Automated video interview platforms like Knockri come in at the beginning of the recruitment funnel to screen and shortlist candidates in a fraction of the time it would take human recruiters.
Reduce the cost of HR personnel
With corporate job postings receiving an average of 250 applications, HR personnel costs have increased as more applicants go through the recruitment process.
This results in more screening, more interviewing, and ultimately higher costs for an HR team that will be processing hundreds or thousands of resumes themselves.
With AI screening technology, HR processes can become more streamlined. The AI eliminates tasks that usually drive up expenses and slow down the recruiting process by interviewing more than one candidate at once. Instead of scheduling out weeks of interviews, thousands of applicants can be evaluated and shortlisted in a few days.
Screen more applicants in less time
The average time to fill one job position is 20-40 days. However, 56% of recruiters say a lengthy hiring process is a significant obstacle to making good hires.
Recruiters spend 78,352 minutes on the phone every year — just over 54 days — meaning valuable time is lost screening applicants.
AI technology identifies the best talent faster, evaluating multiple candidates in the time it takes to perform one phone interview. With video interviewing, hiring managers can allocate less time to unsuitable applicants. At the same time, the AI evaluates and shortlists the entire candidate pool.
Using an AI-powered video interview assessment tool can save your recruiters time otherwise spent conducting phone interviews.
Expand your search and reduce travel costs
Traveling costs often exceed HR budgets, and most companies can’t afford to be competitive by expanding their geographic hiring search. If you can’t afford to travel to your candidates, you forego potential talent who will join one of your competitors.
Video interview assessments let you skip the flight and still meet qualified people from around the globe. Candidates can complete them anywhere with an internet connection. Their asynchronous nature means time zones and commutes don’t factor into the process.
Finding quality candidates doesn’t have to be costly. Automated interview assessments let you screen candidates better, faster, and more expansively. With Knockri’s hiring dashboard, you can drastically reduce your time to fill from weeks to days to hire faster and scoop up the best candidates before your competitors do. Book a demo to chat with our HR Solutions Consultant about how you can decrease your time to hire using a data-driven approach that you control.
This article was originally published in October 2017 and has been updated.
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