The Value of Video Resumes

It’s new for all of us.

So we asked a few people what they thought and put together a report:

THE  VALUE  OF VIDEO   RESUMES AS PART OF A ROBUST  RECRUITMENT   PROCESS

Download the report in PDF

Contents

Introduction

About our research

  1. Recruitment Process Analysis: Generating and Evaluating Candidates:
  2. Breakdown of customer interviews into recruitment process
  3. The main challenges in recruitment and how they are being solved today
  4. Shortcomings of current solutions
  5. Using alternative tools for recruiting and how they fit into the process
  6. Conclusion: the value of Video in recruiting

Introduction

There are manifold frustrations with finding the right people for a team. With sales specifically, the problem is identifying soft skills which would equip the individual to be a successful and long- serving salesperson.

  • Recruitment can take a long time (average time-to-fill is 8-10 weeks but often a few months)
  • It can cost a lot of money (up to 25% of annual salary)
  • It often doesn’t work (1 in 4 recruits is unsuccessful, and a quarter of people change jobs every year)
  • It is hard to predict someone’s success. But ultimately that is the aim of the recruiter. Unfortunately, the general consensus is that the current “conventional” methods of recruitment are unsatisfactory.

It’s our belief that resumes are no longer evidence enough to hire someone. Intro30 adds a 30 second Video to add a human element without adding extra administrative work for the recruiter. In this paper we’ll explore alternatives to traditional resumes and how this might impact the recruitment landscape in the Bay area.

Because people are more than just their resume.

About Intro 30:

Intro30 provides a unique and innovative way to recruit candidates by providing them with a platform to showcase their soft skills by recording and uploading a 30 second video to go on their shareable 3-page profile along with their resume.

About our research

40 potential and existing customers of Intro 30 were asked about their current recruitment methods and any pain points and frustrations.

We asked them about:

  • Size of company
  • Frequency of recruitment
  • Current recruitment process
  • Time to fill
  • Sourcing methodology
  • Quality and Quantity of candidates generated
  • Technology used
  • Time to decide on candidate suitability
  • Use of Video
  • Use of Psychometric Testing
  • Use of Recruitment agencies
  • And the value of these 3 extra methodologies.

The results from this have been collated and aggregated around:

  • The problem of recruitment and how we solve it today
  • Shortcomings with current solutions
  • Using alternatives tools for recruiting and how they fit into the process

1. Recruitment Process Analysis: Generating and Evaluating Candidates:

Typical Recruitment Process Timeline (notwithstanding issues such as potential for drop-outs, disengagement, reneges, background checks, internal changes, job scope alterations, budget changes etc)

2.  Breakdown of customer interviews into recruitment process

Challenges facing recruiters

According to our respondents, the three main challenges with recruitment are:

  1. Time to hire
    1. Scarcity of qualified candidates
    1. Difficulty of predicting candidate’s ability to do the job

Time to recruit is the main problem.

Note: Almost 40% take OVER 3 MONTHS to fill positions.

Interesting mix – Internal Referrals being the most popular source (and typically the most successful recruits. There is a security in being a known quantity and having someone vouch for you. However this doesn’t help un-connected candidates, nor does it generate new talent when the referral sources dry up.

1= not very many 5= lots of candidates so in general at 4 there is a healthy number of candidates generated

1= unsatisfactory quality, 5= excellent quality candidates – so people are less happy with the Quality of candidates

Almost all via Resume & LinkedIn profile submission. Zero video resume use. They will still see the candidate’s face on LinkedIn but they are missing a multi-dimensional element by not utilizing video.

Vast majority doesn’t meet the candidate for the first 2-5 weeks. This often leads to candidates getting other offers, dropping out and having a bad candidate experience, which is a reputational risk. In a candidate driven market the early bird gets the worm, and if you waste a sought-after candidate’s time like this they are unlikely to continue to be interested. They’ll also tell their friends.

Video Software:

The 3 respondents who have used video software found it to be Very Valuable (4 out of 5- 5 being invaluable)

3.  The main challenges in recruitment and how they are being solved today

There’s a trend around utilizing multiple avenues of candidate attraction.

The most popular and successful is internal referrals. This indicates a preference for word-of-mouth and personal recommendations over mass marketing or job boards.

The most popular job board is LinkedIn by far. This could indicate the more “networky” style of advertising on LinkedIn- again utilizing personal referrals and connections over mass marketing.

The vast majority of recruitment is conducted by internal recruitment teams and Hiring Managers. They understand the business needs and the culture intimately. Again a personal touch to the strategy.

There is currently very little utilisation of video solutions but an openness to it.

89% of employers would welcome a video resume, but only 17% have ever seen one (Vault.com)

4.     Shortcomings of current solutions

The time-consuming nature of recruitment is the number 1 problem.

75% of respondents aren’t meeting candidates till 2-5 weeks into the process and 40% are not filling their jobs for over 3 months!

Cost is not so much of an issue but as 44% of respondents indicate that they “don’t know” how much an agency costs indicates that cost is of a secondary concern to quality and that there is a budget set aside for recruitment.

Agency use is of middling success. Candidate quality generated is of middling success. Quantity of candidate is better, but not great.

It all very much varies according to the role you are recruiting for. For example: a recruiter might struggle with the high volume of Graduate candidates for an entry level role but then struggle to find the specific skill set for a senior role in the location and budget required.

This would lead to Lou Adler’s adage that there are only 2 problems in recruitment – too many candidates or too few.

The most successful recruitment teams I’ve spoken to have executive teams that prioritize recruitment above everything else.

For example, Qadium – “It’s all about getting Recruitment and Sales right – then you have a viable business.” Qadium has a team of 7 recruiters in a total headcount of 75 (so nearly 10% of the total headcount is recruiters!) and they have scaled an exceptional team from 0-75 over the past 3 years. They have an executive team of 6 who value recruiting above all else, have an exceptional talent bar, and a slick interview process. They also offer high salaries but are also facing the pressures of recruiting in San Francisco and are opening offices in NYC, Mountain/Central Time and the South Bay for various functions due to that talent scarcity.

With prioritizing recruitment, you allocate your budget and headcount towards identification and attraction of the right candidates.

You also have an appropriate talent bar for the positions required.

By identifying the role correctly – you can identify the profile – or candidate archetype – you are targeting and initiate the right kind of search that will successfully source and attract that candidate.

To quote David @ Opportun: “If the regional hiring managers have a different concept of what they want as opposed to what the recruitment team have identified as being what the job needs, you’re going to have new recruits walking out the door in their first week.” He reduced Opportun’s attrition rates by 20% by clarifying the role and tightening up the recruitment process

There is no escaping that this takes time. And it takes people. But it could also be sped up by technology. Intro30 allows you to meet and get that first impression of many candidates quickly and efficiently.

Shortcomings arise with unreliability of those people – as agents and as candidates.

It’s difficult to predict how good they’ll be. Technology can also help there (eg job-specific psychometric tests.)

5. Using alternative tools for recruiting and how they fit into the process

Videos are generally considered to be very useful evaluation tools.

Candidates are excited by this new way to recruit and are willing to try it. Of the 300+ candidates currently registered on Intro30 only 60% have added their videos. It is very appealing to graduates. I conducted a survey at 3 classes at SFSU and almost all the students raised their hands that they would happily add a video to their application and that the idea of adding a video positively added to their recruitment experience and helped set them apart from their competition.

Salespeople too are relishing the opportunity to showcase their soft skills. If you can’t give a good 30 second elevator pitch you’re probably not much of a salesperson.

I was thoroughly pleased with the Intro30 platform. It places you in front of hiring companies and lets you shine. Just put together a strong video presentation and off you go! I loved how I could showcase myself and personality in addition to my resume and credentials. It was incredibly helpful at moving me from job seeker to job finder and now employed at a company I could really grow with. Thank you Intro30!

(Craig M, candidate)

In regard to our 30 second video portal – the feedback from our interviews & clients has been overwhelmingly positive.

I truly think this idea of revolutionizing hiring is going to be the new standard! (Elize R, client)

Most, like the 89% of Vault.com’s employer survey, would welcome a video resume if it were submitted to them.

As soon as I read the vision of Intro30.com, it resonated with me. During my time running and growing my start up, I have interviewed multiple candidates and have constantly thought that there should be a more efficient way to get a sense of the person’s personality rather than trying to read between the lines of a resume that is mostly generic. (Jordan, Business Leader.)

According to Software Advice 60% of hiring managers and recruiters have turned to using video technology when they need to carry out remote job interviews;

In a survey of 506 companies, 47% use video interviewing to shorten the time it takes to make a hire, and 22 percent say that they would use video interviewing to help them reach candidates from other geographic regions;

57% of candidates prefer live video interviews, while 34% prefer in-person interviews. Live Video Interviews are 6X faster than phone interviews. (Talentnow.com)

6.  Conclusion: the value of Video in recruiting

Browsing through a list of passive candidates (eg LinkedIn and Angellist) and reaching out is a popular method of candidate sourcing, nearly 60% of respondents utilize this method. Combining that methodology of resume searching with a 30 second video is a no-brainer.

Intro30 is the “speed dating” platform for recruitment. It offers you access to candidates and gives you the opportunity to reach out to them without charging any recruitment fees. You get more than just their resume – you get a first impression.

Intro30 is especially suitable for: Entry level, Internships, Sales Development Reps (SDRs), Business Development Reps (BDRs), Inside Sales, Retail Sales, Sales Administration, Tellers, Customer Services Reps, Customer Success Reps and any junior -mid level sales or customer facing roles.

Our customer archetype is twofold: a Sales Manager and an Internal Recruiter. Both are under pressure to find a high volume of high-quality sales candidates for roles that require emotional intelligence, resilience and soft skills over tech skills.

The Intro30 technology allows them to meet hundreds of candidates in a day – and jump to the first interview. But as we are generally recruiting humans, this is a human tool with uses for all industries and at all levels.

Intro30 offers the ability to shorten the time from resume acquisition to “meeting” the candidate by an average of 2 weeks to 30 seconds. Conventional methods of recruitment do not provide that immediate and instant first impression.

Appendix

Research sample

Job titles include:

Global Head – Talent Management: Learning and Talent Development and Acquisition Leadership Development, Talent Acquisition Manager, Global Head of Talent Acquisition, Inside Sales Manager, Recruiting Manager, Talent Acquisition Client Lead, CEO, Reporter, Strategic Lead for Culture, People & Culture, HRBP, Software Engineer, Director of Sales Development, Account Executive, Talent Evangelist, Regional Office Manager, Co-Founder, Project Manager, Group HR Business Planning Manager, Head of Industrialisation, Head of Business Finance, Talent Acquisition Partner, APAC, Government and EU Relations Adviser, Managing Director, Head of Talent Acquisition for Singapore and Philippines, Regional Manager (Middle East), Diversity & Inclusion Lead, University Recruitment, Regional Real Estate Manager EMEA & Greater Asia, National Sales Director

Companies include:

Opportun, AEI Consultants, Activision Blizzard, Endicia, Qadium, Astreya Partners, Quirk AI, Wall Street Journal, Olly, Bioness, Netflix, SimpleLegal, Emburse, Millennium Management, Wefunder, Page & Turnbull, Kaiser Permanente, Standard Chartered Bank, Columbus Global, Firefly Educate, Visa, Watkins Wellness, SymbioSystems, RAF, Transport for London, Advantage Business Angels, Edinburgh Council, Eco Art, Barclays Wealth & Investment Management, Schneider Electric, Paypal, JPMorgan, Torchlight Group, University of Irvine

Industries include: Financial Services, Environment & Engineering, Gaming, Recruiting, Tech Start Up, AI, Media, Legal, F&B, Government, Banking, Defense, Healthcare, VC, Education