29 September 2014

Digital recruiting gains ground: HireVue

HireVue, the digital recruiting and interaction platform provider, has shared that thousands of interviews are completed each day on their platform.
Source: HireVue website.
"There are over 200 million professional people unemployed across the globe, yet companies have millions of open positions and complain about not being able to find talented candidates," said Mark Newman, Founder and CEO of HireVue. "We believe this disconnect is unacceptable and are working to make a difference by removing any friction from meeting candidates and levelling the playing field for everyone regardless of their resume or profile. We want to give candidates a chance to tell their story, demonstrate their true skills, and ultimately, get hired. We work every day to provide companies with the opportunity to connect with more talent, in a more personalised, scalable, and effective way. We owe it to every candidate in the world."

HireVue, whose client roster includes GE, Hilton Worldwide, JP Morgan Chase and Red Bull, recently launched an addition to their digital interaction platform called HireVue Insights™. The solution predicts candidates who will become top performers and identifies which interviewers make the best hiring decisions. It uses a patented deep learning analytics engine, HireVue Iris™, to analyse a unique data set of interactions, feedback and performance outcomes.

In addition to building a smarter, more-effective workforce, digital recruiting companies are recognising significant productivity improvements and operating efficiencies. An independent study by Nucleus Research found that companies which use HireVue:

  • Reduce turnover by 29%
  • Increase the number of "top performers" by 13% 
  • Reduce overall cost per hire by 23.6%
  • Reduce external recruitment spend by 44% 
  • Increase recruiter productivity by 75%
  • Reduce the average vacancy time by 25% 
"HireVue has been a valuable tool in developing more efficient, effective and relevant hiring processes," said Lee Ann Fallon, Senior Director of Retail Stores and Operations at Under Armour, which ships to 16 countries in Asia Pacific. "It has streamlined the initial phase of hiring to quickly identify qualified candidates and get them in the process faster, while also relating digitally to today's hires. We are excited to leverage this technology to capture the strongest possible candidate pool."

HireVue also launched European operations during the first quarter with an EMEA headquarters based in London, UK. The company has since welcomed several international clients.