Finding the right fit for a job can be difficult, but recruiting into a technical role is even harder. Even worse, the hiring process isn’t cheap. From publicizing your job posting to onboarding candidates, recruitment is undoubtedly a rollercoaster.
Amidst the hiring costs and hurdles, cost-saving strategies can increase efficiency and allow you to channel money into other important business processes. One of these strategies is integrating a recruitment testing platform like Vervoe into your hiring to save time, effort, and money.
In this article, we will explore the financial impact of traditional hiring for technical roles and explain how Vervoe reduces this impact, empowering you to shortlist candidates more efficiently.
The financial impact of traditional hiring for technical roles
Traditional hiring strategies, like using recruitment agencies and heavily relying on interviews, have been a huge part of recruitment for decades. While they might have been effective in earlier times, they can make hiring difficult in today’s world.
For one thing, traditional hiring practices cost significantly more than modern ones. A perfect example of this is seen with companies that use a recruitment agency to find candidates. According to PEEQ Content, recruitment agencies can charge up to 30% of a candidate’s first-year salary for placing the candidate with a client for permanent roles.
Combining this cost with advertising, setting up interviews, and training the recruits for their technical roles can amount to exorbitant hiring expenses.
Furthermore, traditional hiring practices are unreliable because they mostly rely on unproven experience and degrees. These practices, at their core, use candidate resumes to validate skills based on their past roles. However, these resumes are subject to modifications to make the candidate look more promising than they really are.
A 2022 survey from StandOut CV showed that over 64% of candidates have lied on their resumes at least once. In essence, this means there’s at least a 64% chance of hiring a candidate with fake experience when relying solely on CVs, which ultimately can affect the quality of your hiring.
Of course, this also translates to a high chance of a bad hire when you do the math. According to research by CareerBuilder, this cost can be up to $17,000 per hire. When hiring into technical roles, this cost could be higher, specifically because of the added cost of training and equipment.
Ultimately, traditional hiring practices, while they have their benefits, aren’t the best option for hiring, especially for technical roles. So, it’s always best to adopt modern hiring strategies that can help you boost hiring efficiency while saving costs.
How Vervoe automates the shortlisting process
A hiring process aims to identify talented individuals fit for specific roles. Companies can achieve this goal by shortlisting candidates to reduce the number of eligible individuals as hiring progresses. This means that the further into hiring you get, the fewer the candidates are, and the more your focus zeroes in on the skilled candidates. Vervoe is purpose built for great technical hiring.
Vervoe is a dynamic pre-employment testing platform designed to simplify the shortlisting process and give both you and your candidates an exceptional experience. The following are some of the ways it automates the shortlisting process to boost hiring efficiency:
- AI candidate scoring: Vervoe’s AI is designed to score candidates’ performance across skill tests objectively. This feature allows it to focus solely on the candidate’s response to various questions, compare it with the pre-determined requirements for the role, and grade it accordingly.
- Personalized grading: Vervoe also allows you to train its AI to spot right and wrong answers based on your own criteria and company requirements. This way, you can have a more personalized assessment that places your needs at the forefront of your hiring.
- Scoresheet comparison: At the end of each assessment, Vervoe organizes a scoresheet for each candidate. This feature lets you compare candidates’ performance across various technical skill tests so you can accurately predict their strengths and weaknesses.
- Candidate ranking: Vervoe also ranks the candidates based on their performance. This organized data allows you to see the best fit for the role based on their results at first glance.
- Custom assessments: In addition to its exceptional features, Vervoe has a library of over 300 skill assessments designed to assess skills required for any role. You can customize the assessments to your needs and standards whenever you want by choosing from our bank of 300,000+ questions or creating questions of your own.
- Applicant tracking system integration: Vervoe seamlessly integrates with Applicant Tracking Systems (ATSs) like Breezy HR, Comeet, and Greenhouse. This allows you to monitor candidates’ progress throughout your hiring process, from the job posting to accepting the offer.
Beyond these core features, Vervoe gives you a platform to screen multiple candidates simultaneously without compromising on efficiency. And the best part is you don’t have to worry about hiring bias or human errors in your screening. So, you can focus on other aspects of your recruitment that demand your attention.
Cost-saving benefits of using Vervoe
Aside from helping you spot talented candidates, Vervoe offers pretty neat cost-saving benefits. Some of them include:
1. Reduced hiring time
With Vervoe, you can filter through numerous candidates and shortlist the best fit for the job in no time. This reduces screening time in comparison to traditional practices like manual resume screening.
This reduced time prevents you from spending more money on manual screening, leading to faster hires and lower costs. It also allows you to focus on other hiring processes, like interviewing candidates and onboarding.
2. Improved quality of hire
Vervoe uses situation-based assessments and realistic job previews to give the candidates a day-in-the-life experience when screening. This lets them know what to expect from the role while assessing them for the required skills and expertise, thus increasing your chances of hiring the best fit for the role.
As a result, it reduces employee turnover rates, preventing the costs of rehiring and retraining employees to fill skill gaps.
3. Minimized hiring errors
Since Vervoe is a fully automated platform, you don’t have to worry about costly human errors like wrong candidate records. It also helps you to avoid hiring bias, which can lead to hiring the wrong candidate and incurring more costs.
On the candidate’s part, they gain an excellent experience with your company and its hiring process, leading to a reputation of fairness for your company. In turn, this encourages more talent to apply for your future job postings, thus reducing the need for huge expenses spent on adverts and boosting public image.
4. Scalability
With Vervoe, you can assess both a single candidate and numerous candidates without having to compromise the quality of your recruitment process.
This means that companies looking to grow and expand their business don’t have to spend extra money migrating to a new assessment platform. This is especially vital during periods of rapid business expansion.
5. Decreased training costs
Vervoe screens your candidates for all the skills, knowledge, and expertise required for their technical roles. At the end of this process, you’re left with candidates who can actually function effectively if hired.
As a result, you don‘t have to spend a lot on training new hires to function in their roles.
6. Elimination of unnecessary interviews
With Vervioe, you can accept numerous applications and screen them to create a shortlist. Then, you can perform bottom-funnel screening and interviews on the shortlisted candidates, which would reduce the costs of technical hiring.
For example, if you accept 200 applications for a role, you can use Vervoe to shortlist them to 20 candidates. Then, you can focus on interviewing the shortlisted candidates rather than all the applicants, thus saving time and money.
Real-world examples: Vervoe in action
Many companies trust Vervoe to boost their hiring efficiency, save time, and reduce hiring costs. Here are some real-world examples of companies that streamlined their hiring processes to reduce the time and cost to hire while recruiting only the best:
Bluecross
BlueCross, one of the leading names in the healthcare industry in Melbourne, Australia, had a single issue with hiring. Its hiring process was overwhelming, from identifying the best candidates to spending most of the time tending to recruitment issues.
For this company, the goal was simple: relieve a significant portion of the burden off the hiring managers’ shoulders and boost overall hiring efficiency. However, finding the solution was challenging for a company with extensive hiring needs dependent on traditional hiring practices like recruitment agencies.
Fortunately, Vervoe helped BlueCross tackle this issue by streamlining its recruitment process, allowing it to implement modern-day screening practices. Our platform helped the company shortlist the best candidates for the open role.
This reduced the burden on the hiring managers’ shoulders and allowed them to focus fully on candidates who showed potential. In turn, it also saved cost, time, and effort while implementing new, effective technology in their recruitment process.
iSelect
For iSelect, traditional recruitment proved too long and labor-intensive to be sustainable, especially when recruiting large numbers of people. Despite applying a three-step assessment process to its recruitment, the company still found it challenging to determine whether or not candidates had the skills they needed.
To streamline its recruitment process, iSelect needed a fast, reliable, and efficient assessment system. Vervoe stepped in, offering just the solution the company needed. With our platform, iSelect successfully reduced its time to hire by 50% while increasing attendance at assessment centers up to 100% from 50%.
Vervoe empowered the company to stop resume screening and instead focus on improving their hiring strategy according to their company’s needs. It also eliminated bias and assessed candidates based purely on skill.
Why Vervoe is the smart choice for cost-effective hiring
Vervoe’s features are specially tailored to make hiring easier and more cost-effective. From strategies to save time and effort to tools for tracking applicant progress, Vervoe takes skill testing to a whole new level.
Plus, our platform filters through all your candidates, no matter their number, to identify and spotlight only those who best fit the open role. So, you save costs by focusing on fewer candidates and are assured of excellent hire quality at the end of the process. Safe to say, it’s a win-win situation.
Vevoe has the assessments, tools, and resources to make hiring a breeze. So what are you waiting for? Sign up for free, and let’s show you the smarter and cheaper way to hire.
