Relevance of On Demand Video Interview in 2023
According to a Nelson Hall report, organizations have been facing significant challenges with recruitment digitization. The report states that some of the recruitment space’s leading issues include future talent acquisition forecasting difficulty, internal recruiting capability reduction, imbalance in digital and high candidate experience, talent acquisition scaling ability gaps, and service vendor selection uncertainty. IBM explains that cognitive technology-enabled on demand video interview tools can help to overcome these challenges.
An IBM report states that AI-enabled interview solutions help firms find suitable candidates efficiently and cost-effectively. AI-enabled on demand interview solutions can help companies with features like intelligent sifting, relationship development, and internal assessments to revolutionize the entire hiring process.
So what is an on demand interview? And how can you find the best on demand interview for your needs? This article has tried to explain each answer simply yet in detail to help you understand this futuristic solution.
What is an On Demand Interview?
Usually, a holistic video interview platform comprises both live and recorded video interview facilities. While live or synchronous interviews, where interviews are conducted over video conferencing apps, have gained popularity right from the pre-pandemic times, the recorded or one-way part needs more clarification.
On demand interview refers to an asynchronous-natured interview process where candidates receive questions and answer them accordingly without the presence of an interviewer.
So how does it work? Let’s discuss it in the following section.
How does On Demand Interview work?
On demand video interviewing follows a particular pattern that includes several stages. To understand how an on demand interview works, you need to analyze these stages closely:
- Hiring managers provide interviewees with predetermined questions on a video interview platform.
- Candidates record their answers using web or smartphone cameras.
- Recruiters receive these responses and analyze them in real time using automation technologies like Machine Learning, Computer Vision, and Data Analytics.
In the end, recruiters derive candidates with the right skill set to fit in their organization. Moreover, they also see a significant difference in their hiring time (which is reduced) and cost-savings (which is increased).
What is the best tool for an On Demand Video Interview?
There is a wide range of on demand video interview solutions available in the market. However, we recommend using holistic on-demand video interview solutions which provide you with all the features of the three basic types of intelligent interview platforms. These include:
Applicant Tracking System (ATS)
An applicant tracking system or ATS helps recruiters to optimize primary recruitment administrative processes. These include creating numerous job postings, managing job boards, bulk resume sifting, candidate tracking and shortlisting, and more. The system uses ML algorithms and Data Analytics to screen and segment data automatically for smooth applicants management.
Candidate Relationship Management (CRM) Software
CRM, on the other hand, helps recruiters to attract and engage requirement-matching candidates for their openings. The platform uses analytics, multichannel networking, and analytics to target potential candidates and persuade them to apply for the selected job roles.
Video Interviewing Software
Video interview automates the entire interview process for streamlined recruitment. The software enables recruiters to auto-schedule interviews, record and review answers without recruiters, and submit them. Hence, video interview software allows recruiters to interview multiple candidates simultaneously to find the best fit for their organization without additional time and cost consumption.
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Now let’s take a look at how video on demand interview software will weigh on your pockets.
What is the cost of On Demand Video Interview Software?
Different on-demand video interview solutions have their own set of features that determines their cost. Some organizations have per-interview or user-based models and charge you a nominal fee. While some have yearly and per-enterprise-based models that provide you with an annual cost figure. Hence, it is a flexible question to discuss. Some factors combine to form the cost of an on demand video interview system include:
- The number of advanced features you want to implement
- Total number of users who will operate the system
- Cumulative job position you want the software to fill
- The type of model you will prefer for your requirements
- Charges for set-up and installation of the system
- Maintenance and support service requirements
So will it be worth getting a video on demand interview solution? The features of this solution will answer that for themselves. So dive into the world of the advanced functionality of on-demand video interview software.
What are the features of On Demand Video interviewing Software?
With human psychological and technology-enabled assessment factors, an on demand video interviewing solution provides recruiters with automation and accurate analysis in every stage of the hiring process. Below are some of the intelligent features of video on demand interview software to better understand its functionalities.
Job Posting Management
Job description development, sharing, and management include a long list of tasks behind which most recruiters spend much of their time. On-demand video interview solutions can speed up this task with their job description (JD) templates, third-party site integration features.
Using JD templates, recruiters can create comprehensive and attractive JDs in seconds. They need to put their requirements, and the video on demand interview will automatically form JDs for postings. Moreover, recruiters can track job boards, job sites, and others from a single platform using third-party integration facilities. Furthermore, they also get complete visibility of the number of applicants and manage them accordingly. Hence, video on demand interview software enables recruiters with a smooth path to job posting management.
Resume Sifting Automation
With a lot of applications for a single job position comes a lot of data reviewing. Recruiters spend hours finding the right applicant that meets their required criteria. It is pretty similar to finding a needle from a haystack. With an on demand video interviewing system, recruiters can streamline this whole process using ML algorithms and text analysis.
The on demand interview software automatically scans multiple resumes and tries to find a suitable match amongst the unstructured data with the given criteria. Hence, recruiters can automatically get their hands on the proper resume to proceed with the next round without any bias.
Interview Questionnaire Development
Recruiters get the benefit of collaboration when it comes to interviewing assessment development. An on-demand video interview system allows recruiters to upload pre-existing questions in CSV formats. Moreover, recruiters can add questions in real-time in their preferred (text, audio, and video) formats for an enhanced experience.
The on demand video interviewing platform stores the determined questionnaire on its secured cloud servers. Hence, recruiters can also share the developed question-set among team members and departments. Members can easily add questions and form a concrete question-set. Furthermore, hiring managers can limit each question’s thinking and answering time for a more challenging experience.
Lastly, recruiters can guide candidates through the entire recruitment process by setting custom instruction guides. Hence, a video on demand interview software helps manage the interview question development process in a few clicks.
Customizable Branding Facility
Promotion can help your brand to scale faster. So why not add some promotion in interviews too? With an on demand video interview platform, it is possible. The solution provides users with a lot of options to customize interview windows as per their preference. Recruiters can upload pre-existing logos, color codes, presentations, and corporate videos. On the other hand, they can also seek assistance from the on-demand video interview system’s style guides for better branding customization.
Auto Interview Scheduling
And how to get rid of interview scheduling hassles? Well, an on demand interview solution has a way out of it too. Soon after recruiters share the link to an interview, candidates can schedule their interviews at their convenience. Moreover, candidates can schedule interviews in the future and get reminders for the same if they want. Candidates also get the chance to reschedule an interview if they fail to appear for the former. Hence, this adds another point in both recruiter assistance and candidate experience escalation.
One Way Video Interview
On demand interview software follows a one-way interview pattern. That is, candidates can appear for interviews without the interference of recruiters. Candidates need to record their responses using a webcam or their smartphones. However, they need to keep track of think and answering time limits. Since the on demand video interview software automatically skips to the next question once the limit exceeds.
Candidates get the added benefit of re-recording their answers if they remain unsatisfied with their former answers. That’s something that you cannot enjoy at the physical interview! They can save their responses on the cloud servers as soon as they click on the submit button.
Recruiters can access these segmented data files remotely. Moreover, the on-demand video interview solution also automates the analysis process for faster hiring. Hence, recruiters can asynchronously conduct bulk interviews while saving much of their time.
AI-enabled Performance Evaluation
As said above, on demand interview software automates the entire performance analysis process. The software uses NLP, Computer Vision, facial and gesture recognition, text analytics, speech recognition, sentiment analytics, and data analytics to analyze every inch of candidates’ performance for accurate analysis and results. Here’s how each of these technologies analyzes candidates’ performance.
- Natural Language Processing (NLP) – NLP converts each word said by the candidate into computer language for the software to analyze.
- Computer Vision – Computer vision analyzes candidates’ facial expressions, gestures, sentiments, and body language to understand their mindset and confidence levels.
- Face and Gesture Recognition – Face recognition technology examines candidates’ eye movements and facial expressions. At the same time, gesture recognition analyzes candidates’ hand gestures and body language. This analysis provides a clear and accurate picture of candidates’ focus and confidence levels.
- Speech Recognition – Understanding the word choice, speed, pitch, accent, and flow of speech is important to understand the communication skills of any candidate. The on-demand interview software automatically analyzes the same to provide apt and accurate results using speech recognition technology.
- Sentiment Analytics – It is crucial to analyze their circumstantial sentiments to understand how candidates react to pressure. A video on demand interview software explores candidates’ facial expressions and speech to provide recruiters with a transparent picture of candidates’ sentiments.
Hence, recruiters get data-driven evidence to base their selections for quality outcomes.
Candidate Shortlisting Automation
Based on the performance evaluation, the on-demand video interview software automatically provides a rating to each candidate. Furthermore, it shortlists candidates who qualify based on a rank that recruiters predetermine. Hence, this software automates the entire shortlisting process and recruiters get their hands on quality candidates for a better hire.
Smart Candidate Tracking
Significant on demand interview solutions come with an ATS integration facility. However, some also come with an in-built applicant tracking feature. This feature utilizes data analytics to segment data in organized formats that recruiters can access simply by filtering or sorting candidates. Furthermore, recruiters can generate candidate data in visual formats like graphs or charts for presentation purposes.
Assessment Report Sharing
Since it’s a cloud-based platform, recruiters can easily share candidates’ performance data across various departments. Recruitment members can collaborate and rate candidates individually and portray their perspectives. This can enhance decision-making for a more effective hire.
Auto Performance Feedback
Frequently, hiring managers forget to share feedback with candidates. This forgetfulness can close not only be a path to improvement but also enhance the candidate experience. A video on demand software automatically compiles an email, attaches candidates’ performance links and computer-generated feedback, and sends it to designated candidates. Lastly, the software also provides recommendations on how candidates can optimize their performance in the future.
You and your candidates may worry about data privacy in these times of cybercrimes. Yet with video on demand interview software, you may forget about your worries since it takes the entire responsibility for your data. Built with advanced firewalls, data encryption, malware protection, secured cloud servers, and access control, the software nullifies the chances of data hacking, breeching, unauthorized access, and other cyber-criminal activities. Hence, keep your data safe with an on demand video interview solution!
Check out some of the top on demand video interview tips and tricks to nail your one-way video interview right from here!
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What are the benefits of On Demand Interview Software?
The features of on-demand video interview software speak of the benefits as a whole. Yet here are some of the significant benefits of using an on demand video interview solution, which has enabled its greater-scale adoption!
- Accurate requirement-based candidate selection
- Visibility-ensured real-time tracking of recruitment progress
- Structured recruitment workflow
- 16% increase in diverse candidate targeting and selection
- Automation-induced 90% recruitment time reduction
- 70% reduction in irrelevant applications and interviews
- Candidate and client experience augmentation
- Hiring cost-cutting by 60%
- Accelerates organizational scaling
- Remote hiring for a quality selection
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5 Ways to Select the apt On Demand Video Interview Solution for your Requirements
Selecting the right video on demand interview solution that fits your hiring requirements can be quite a tricky business. You may often get confused about the various features that video on demand interview solutions come with. So you need to follow a few steps to avoid risking investment in the wrong on demand video interviewing software. Let’s take a look at all of them.
Conduct a requirement analysis
Before looking outward, you must understand your recruitment needs and challenges. Whether you want to buy a new on demand video interview software or replace an existing one, you must find out what operations you require the on-demand video interview solution to perform. Hence, it would be best if you had the answer to the following questions before making a move forward to investment.
- What are the bottleneck procedures of your organization?
- Which of these procedures can a new on demand video interview software overcome?
Analyzing the scenario in search of answers to these two questions will give you an idea about the basic and advanced features of the software. It would be best to involve your recruiting team to get a better picture of all the necessary problems they come across. In this way, you will provide with better clarity about the must-have features of your on-demand video interview software.
Create a budget and investment plan
In the second stage, you must try to create an investment plan. Analyze the amount you spend in your recruitment operations to determine the amount you are ready to invest in a video on demand interview solution. Compiling the above costs with additional expenditures will help you to fix a budget.
You can get an idea about the base amount you need to spend by analyzing product pages or product quotes from providers. You can also check out how on-demand video interview solutions can help to reduce your expenditure for a better selection.
Pro Tip: You may come across several free on demand video interviewing software. However, these free solutions provide you with an overview of the basic features. And once you try to access their advanced features, they charge you up. Moreover, you may also face several problems like custom configuration and troubleshooting that can take up your precious time. So it’s best and wise to invest in software from a provider with a good reputation in the market.
Shortlist on-demand video interview software providers
Despite having an on demand video interview software feature list to select and reject as per your requirements, you must check the background of the providers before making the final decision. To ensure that you are joining hands with a renowned on-demand video interview software provider, check their:
- Client ratings and reviews
- Clutch and other third-party reviews
- Check out their portfolio
- Analyze product descriptions and quotes
- Review product use cases
- Compare with other competitors’ products
Once you get satisfied with every detail about the provider, you may proceed with the next step.
Review on demand interview software demos
You will get a lot of companies providing you with online demos of their products. Utilize the same to get an in-depth overview of their products. This process will benefit you in two ways. Firstly, you will prevent overcrowding of sales associates at your workspace. Secondly, you will make a more evidence-based decision for the suitable investment.
Once you complete the analysis and find a match, call up an executive and talk about your project.
Make the decision and implement it
Before taking the final step, pause a bit and cross-check about the company and its on demand video interview solution. You can get references about the same from your networks for a more trustworthy step. Furthermore, discuss the product’s usability with your department and ensure its user-friendliness for seamless integration into your business operations.
Lastly, check the configuration, installation, and training services the on-demand video interviewing software provider provides. For best results, we recommend implementing a SAAS-based video on demand interview solution. Since SAAS-based solutions do not require expensive hardware or time-consuming installation. Moreover, they seamlessly integrate into your work life in the blink of an eye.
With a low unemployment rate and candidates’ choosiness, attracting and retaining candidates that meet organizational requirements has become a competition. Forbes states that earlier recruiters used to spend only 13 hours every week sourcing applicants for one role. Today the game has changed, with recruiters sifting through thousands of resumes and applicants for just one job position. Forbes further states that 70% of the entire global workforce comprises just passive candidates.
Hence, leveraging cognitive technologies like AI-enabled on demand video interviewing software has helped recruiters in various ways. These solutions can scan a million data points to separate passive and active candidates. Reducing bias, increasing diversity, and enhancing engagement are other factors leading to the mass adoption of on demand video interview solutions for better recruitment outcomes.
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