7 Simple Ways to Measure The ROI of Your Video Assessment Interviews

Have you recently started using video assessment interviews at your company?

Are you wondering if using them can save you time and money? The short answer is yes. The long answer is…why aren’t you using them already?

Companies who are leveraging video interviewing software, swear by its efficiency. In fact, they say it has impeccably transformed the way their entire team is assessing applicants while working remotely. As with any new technology you choose to introduce to your organization, measuring its ROI is key to both; implementing it, and continuing to use it. However, it can also be relatively hard to calculate and prove if it’s actually worth your budget.

But there are a few helpful tips that can make measuring the ROI of your video assessment interviews easier for you, and we share them with you in this article!

Reduced time-to-assess

It’s an undeniable fact that video assessment interviews can efficiently eliminate the back-and-forth process of phone assessments. This saves a whopping 80% of the assessor’s time and greatly reduces the time to assess, like never before. This gives employers, decision-makers, and assessors more time to gain a deeper understanding of applicants and divert their attention to other high-level tasks. For example, with AI video interviewing software like EVA-SSESS, you can easily conduct ten video assessment interviews, in the time it would usually take to sit for only one face-to-face assessment.
It’s no secret that by drastically reducing the early stage of pre-screening applicants, employers have more time to gather the insights they need to make more informed decisions.

Lowers costs

We’ve all memorized the lesson by now: time is money. Wasting time on scheduling and conducting lengthy face-to-face assessments or commuting to far assessment centers, can be incredibly costly. Employers who are looking to hire applicants by assessing them through videos can reduce the time otherwise spent on interviewing candidates who aren’t qualified and should have never made it past the first stage. For example, our video interviewing software can help you assess applicants faster, so you can reduce the cost spent on assessing the wrong applicants. For instance, companies can use their model answer when assessing applicants in video assessment interviews.

A model answer is an ideal answer that you expect to hear from the applicants who are conducting the video assessment interviews. Once you provide our video interviewing software with the keywords and model answers that you expect to hear, our AI engine will compare the answers, and work its magic by generating a relevancy percentage for each question.

This relevancy percentage will show you how close and relevant the applicants’ answers are in comparison to your model answer. With this feature, you can filter out correct answers, identify ideal keywords, move applicants forward in a pipeline, and seamlessly optimize the assessment process to reduce costs.

Enhanced relationship with clients

Have you ever thought that you found the perfect applicant, only to hear back from the client that they’re a completely wrong fit? With traditional assessments, it can be quite hard to get a rich understanding of applicants, since traditional methods lack the capacity to generate thorough, data-driven insights. With powerful video interviewing software, you can reduce the margin of error by gaining a deeper understanding of applicants through psychometric reports, prior to passing them on or recommending them to clients. This way, you’ll be offering the client extra value and boosting their satisfaction with the ability to assess applicants on a higher level. Once you manage to impress the client with stellar results, you can effortlessly enhance, develop, and enrich your professional relationship.

Reduced administrative costs

An AI video software is simply designed to boost the assessment process with smart automation. It technically improves the effectiveness and velocity of assessing applicants. By simply automating tasks such as scheduling video assessment interviews, messaging applicants, and keeping track of status updates, assessors have the leisure of eliminating the costs tethered to these time-consuming administrative tasks. What’s more, an innovative AI video software like EVA-SSESS allows team members to collaborate together and spend less time scribbling notes on notepads. Where instead, they can leave their comments, feedback, and ratings regarding any applicant in one place only. And the result will be clear: a smoother and faster workflow that shrinks down your long list of administrative tasks.

Improved productivity

There’s no doubt that today, digitization is the only way to go. In fact, it’s the easiest way for you to transform and push your business towards greater success. Companies that refuse to adopt new technological advancements are making it harder for their team to assess applicants efficiently and beat out the competition. On the other hand, video interviewing software can superbly enhance your productivity since you and your entire team will have access to tools that make communication and task assignment monumentally easier. For instance, with EVA-SSESS you can invite teammates to support you in assessing applicants, and you can re-watch their video assessment interviews at any time. This means that they can always refer back to them at any time, to refresh your memory, eliminate bias, and further enhance your insights.

Lower applicant drop-out

Applicants tend to drop out of the assessment process once they get the gist that it’s going to be long and complicated. Not only is it disheartening when an applicant suddenly decides to drop out, but it’s also excessively costly. Think of all the time and resources you and your team would have wasted if you spent days, or weeks, assessing an applicant only to have them drop out of the process, out of the blue. No one wants to feel like they’re halfway through the running track, only to find that it was a false start! To get a better handle on your assessment process, leveraging video interviewing software will keep the process swift, straightforward and simple, to continuously stimulate and entice applicants to stay.

Increased engagement

As we all know, video technology is booming, especially since the widespread of Covid19. And why’s that? Because it’s an easier way to communicate given the geographical barriers. Companies have also realized that video assessment interviews are driving crazy internet traffic, and can flawlessly increase engagement for teammates, employers, managers, and applicants. Once you begin incorporating video assessment interviews into your strategy, you can get a higher engagement rate from passive, potential, and top applicants. To the point that once you start to see engagement rates shooting up, you’ll wonder how you and your teammates managed to even survive with them.

Final thoughts

By now, you’re more than aware of how video assessment interviews can profitably help you boost your efficiency, success, and ROI. What’s more, video interviewing software can help companies worldwide solve some of the biggest pain points in assessing applicants. It’s also becoming more common in modern assessment practices. But the real question is, when are you going to start reaping its benefits? Here at Elevatus, we have no doubt that you’ll see your ROI skyrocket once you start using and leveraging EVA-SSESS to optimize your video assessment interviews. Give it a try, and see the awesome results yourself!

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