High turnover rates make it hard to hire and retain top talent. Fortunately, there are ways to improve hiring so that you select the right candidates more often while using less of your limited resources. It’s fairly simple to make the right improvements to your hiring process. You can start with your current interview process (or lack of a process, if that’s where you are) and quickly add efficiency.
Even something as personalized and complicated as an interview can be improved by using technology. By taking advantage of modern interview platforms, it’s possible to:
- Streamline your hiring process
- Maximize employee retention
- Improve your company's bottom line
Let's take a closer look at how an interview platform can help your company succeed.
What Do Modern Interview Platforms Do?
Modern interview platforms make it easy for interviewers to design, manage, and perform interviews. The platforms come with an impressive variety of features that don't just help you conduct interviews but also allow your team to analyze each interaction in order to make truly unbiased decisions. In turn, you can streamline the interview process while setting your company up for success.
Although it’s possible to design and conduct interviews without an interview platform, the software creates efficiencies that dramatically decrease the amount of time you and your team spend creating, conducting, and tracking interviews.
1. Question Management
On average, a hiring manager will put eight hours into researching and assembling the questions for each interview when a modern interview platform offers your team a set of tools for creating a comprehensive question bank for each position.
Asking the right questions is the key to an interview's success. In addition to suggesting suitable questions, the platform leaves room for customization. This allows interviewers to create a diverse question bank that makes interview design faster and easier.
The system tracks which questions you use and how well they perform across interviews. Besides assisting with sorting, tagging, and organizing, this data allows your team to adjust questions for future interviews.
One of the main challenges faced by interviewers is making objective decisions. Even though 81% of employers understand the potential for unconscious bias to influence hiring, more than 40% of them don't do anything to reduce this bias during the interview process.
Interview scorecards allow you to standardize the way that interviewers measure candidates. This feature makes it easy to measure context and answers to interview questions while still providing an opportunity for interviewers to add personal notes. Objective interviewers' opinions coupled with data provided by the scorecard can help streamline the hiring process tremendously and indirectly improve diversity, equity, and inclusion (DEI) initiatives.
According to Harvard Business Review, 80% of turnover is due to bad hiring decisions. Scorecards can help companies reduce the number of poor decisions by providing structure to minimize bias.
3. Performance Management & Interviewer Behavior
Another important aspect of a successful interview is the right interviewer. While asking the right questions is crucial, the person who asks them can contribute to the outcome significantly. Qualified interviewers can make educated and unbiased hires, thus contributing to the company's success.
Performance management and interviewer behavior tools help you track and manage interviewer behavior. For example, you'll learn the percentage of recommended candidates compared to the interviewed candidates. You can also assess how interviewers adhere to the organization's standard interviewing process.
Additionally, your company’s ability to recruit future candidates can hinge on your current interviewing process. A positive experience, especially for those who weren’t hired, makes recruitment much easier in the future — think of your interviewers as brand ambassadors.
Armed with this organized data, you can make decisions about your interviewing process, evaluate interviews, improve selection algorithms, and much more. Eventually, the performance management solution can help you streamline hires and reduce employee churn.
4. Decision Support
Conducting a successful interview is an integral part of the hiring process, but it’s all for naught if you can’t evaluate interviews in the right manner and make the best hiring decision based on the data. Besides analyzing answers to interview questions via scorecards, the platform can help you evaluate the overall interview process and learn how it fits into your hiring strategy.
By processing vast amounts of data, this machine learning-powered solution can provide a foundation for insight into structuring future interviews based on your experience. From identifying snags in the interviewing process to pinpointing successful approaches that need to be replicated, decision support tools are crucial for optimized hiring.
With the right data, you can run analytics to identify:
- your company’s best practices for the best number of hiring rounds
- specific questions that lead to hiring engaged employees or
- the best way to hire high-potential, entry-level employees destined for management track.
Evaluation options don't just help you make the right hire. They shorten the hiring period, allowing you to catch top talent before they find other opportunities. All the data collected by the system during and after the interview is organized and stored for future use by your team.
Overall, the platform supports your unique hiring process while providing you the right tools to make it faster, easier, and more efficient.
How Modern Interview Platforms Impact Revenue
The right interview platform has a direct impact on your hiring process. By streamlining the interview process and equipping your team members with necessary tools, this solution can also affect your company's revenue.
1. Reduced Turnover
According to Gallup, the cost of replacing one employee ranges from 1.5 to 2 times the employee's annual salary. For a company with 100 employees and an average salary of $50,000, the turnover could cost $2.6 million annually.
Making the right decision about hiring an employee is one of the key aspects of keeping them on the job for a long time. Meanwhile, asking the right questions during an interview gives candidates the full picture of their future position, allows interviewers to assess their true capabilities, and eliminates misunderstandings from both sides.
2. Improved Efficiency
When you choose the right talent for the job, you are likely to shorten the onboarding period. The faster the new employee can start contributing to your company's operation, the faster you can optimize performance and start seeing returns. Meanwhile, your other team members won't need to shift their focus from core tasks to help with onboarding.
Studies show that companies that take advantage of DEI are more productive. Gallup found that the combination of employee engagement and gender diversity results in up to 58% higher financial performance.
Meanwhile, according to a Glassdoor survey, a diverse workplace is one of the main factors candidates consider when deciding whether to accept an offer.
Unfortunately, many diversity initiatives fail. However, a modern interview platform can help your organization make an actionable and demonstrable impact by collecting and providing easy-to-evaluate data with every hire.
Streamline Your Hiring Process With a Modern Interview Platform
The importance of a well-structured hiring process is impossible to overlook. Besides giving you access to top-notch talent and shortening the onboarding period, hiring the right people can have a direct effect on your company's revenue.
With a modern interview platform like interviewIA, you can improve your interviewing process by equipping team members with data collection and analytics powered by machine learning and “Intelligence Amplification.”
Would you like to learn more about the benefits of such a platform? Contact our team at any convenient time to get started.