HireVue Customers Consider 50% More Candidates, Hire 13% More Top Performers and See 28% Less Turnover Than Before, According to Benchmark Report by Nucleus Research
SALT LAKE CITY – March 27, 2014 – Leading Talent Interaction Platform™ provider HireVue, today announced the results of a breakthrough “before and after” benchmark report, “Quantifying HireVue’s Impact on Recruiting,” conducted by Nucleus Research, a global research provider registered by the National Association of State Boards of Accountancy. The quantitative study found that since deploying HireVue’s video, social and mobile enabled recruiting tools, customers realize measurable improvements in quality of hire, recruiter productivity and candidate experience – in addition to significant time and cost savings.
Nucleus Research surveyed HireVue’s global customer base and conducted in depth one on one interviews with customers to analyze recruiting metrics before and after HireVue. According to the findings, HireVue customers report:
Improved Candidate Reach
– Recruiters report an increase in overall productivity of 75% and source 37% more candidates
– Hiring managers are able to consider 50% more candidates
– HireVue customers consider an average of 9.2 candidates (per requisition) per day, almost double the 5.1 candidates considered previously
Reductions in Recruiting Time
– HireVue customers reduce interview cycle time 40% and overall vacancy time by 25%
– HireVue customers reduce time candidates spend “in manager review” by 50%
– HireVue customers reduce recruiter time spent on interview coordination and scheduling by 31%
Increased Quality of Hire
– HireVue customers hire 13% more “top performers”
– HireVue customers hire 17% less “poor performers”
– HireVue customers reduce turnover by 29%
Lower Recruiting Costs
– HireVue customers save an average of $2,888.00 per hire
– HireVue customers reduce overall recruiting costs by 24%
“Increasing top performers by 13 percent sets a new bar in talent acquisition and HR technology,” said Mark Newman, Founder and CEO, HireVue. “Every CEO in the world tasks their talent organization with finding more top performers and reducing turnover. Now leading organizations have a partner who can deliver those measurable results. The quantified improvements in quality of hire, productivity and candidate experience our customers are achieving explain the rapid adoption of HireVue’s Talent Interaction Platform.”
“HireVue has become a business essential for us,” said Robert Mader, senior manager of recruitment, The North West Company. “Since using HireVue, we’ve been able to greatly expand our sourcing reach and keep a much more consistent and continual pipeline of qualified candidates. HireVue has helped us reinvent and modernize the way we’ve traditionally approached talent acquisition.”
This new benchmark report augments previous research conducted by Nucleus Research in January 2011 that found that HireVue enabled organizations to reduce hiring-related costs such as travel, job boards, employee time, and interview redundancy.
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Matt Lafata, HRchitect