"For any vacant position, you will only hire one person. So all of the time that you spend with other candidates is a waste of time."

So what are the hiring costs?

Even before receiving a resume there are significant Human Resource costs (open reqs, job descriptions, post advertisements, website posting, discussion with third party recruiters, etc.).

What are the costs once you receive resumes?

Management time:

• Resume review time
• Telephone screen time
• Other manager’s interview time
• In person interview time
  
  

And with all of this time drain there are missed opportunity costs that the manager will never recover!

Other costs:

• Hotel Costs
• AirFare/Travel Costs
• Conference Room Rental
• Scheduling time

Here is a case study that illustrates the point.

Current Hiring Process

A large pharmaceutical company has a vacant position in Oklahoma City. The hiring manager is a District Manager in Dallas. The company headquarters is on the West Coast. Human Resources posts the job and collects resumes. They screen through approximately 100 resumes.

• Phone Screen top 40 candidates.
• Interview the top 10 candidates (face to face) in OKC.
• Interview these 10 candidates with 3 managers (the hiring manager, another District Manager, and a HR manager).
• Schedule the interviews, rent a conference room, fly the 3 managers to OKC, and have 3 hotel rooms for that night.
• Move Top 3 or 4 candidates to the final process. This is a final interview at headquarters.

 

Hiring Process Using Interview on Demand

Interview on Demand’s video interview will replace the telephone screen and from those interviews the managers will be able to pick the final 3 or 4 and absolutely reduce their costs by over 50% and reclaim many hours of lost management time.

• Order Interview on Demand video interviews for top 40 candidates.
• Review the 40 video interviews.
• Move top 3 or 4 candidates to the final process. This is the interview at headquarters.

Take a look a how this would effect hiring costs and think of the opportunities that could be taken advantage of because of the management time that would be saved!!

The current process costs the organization over $5100  (just for this piece of the hiring puzzle).

Utilizing Interview on Demand the organization can save over $3000!!!
The visible cost savings are fantastic.

But the hidden costs or the missed opportunities (what these managers could have achieved or impacted if they could skip the trip to OKC and the time that cannot be recovered) are enormous.

Consider this:

• most selling organizations are lucky if they only have 15% turnover in their sales force.
• a company with 100 salespeople will experience 15 open positions every year.
• with Interview on Demand the company would save the organization 15 X $3000 = $45,000.
• the company will save over 38 hours of management time per hire or a total of 570 management hours over a year.
• this totals a savings of 14 weeks of management time!!!

Each company would/should be able to see the amazing possibilities that the Interview on Demand video interview provides for the hiring organization!
With Interview on Demand’s video interview, you can reduce every aspect of the costs after receiving resumes.