Recruitment in the financial and investment sectors is becoming increasingly difficult due to the shortage of top talent within the industry. While in-person interviews were the gold standard for recruitment processes worldwide, it is no longer the case. With the changing global landscape, leading finance and investment firms have started shifting to virtual interviews that make the recruitment process faster, more efficient, and easier, not only for candidates but also for recruiters and hiring managers.
Some of the leading financial institutions around the world rely on video interview software like Interview Stream to recruit top talent from around the globe. While the process of recruiting financial talent was difficult in the past, it has been made significantly easier, thanks to all the on-demand interviews that can be conducted remotely and globally.
Impact of COVID-19
The onset of the global COVID-19 pandemic has brought with it a lot of changes to the way industries function around the world. More and more industries are shifting to virtual mediums, and this change is expected to last beyond the culmination of the global pandemic. Video interviews constitute one such type of change to the recruitment process in various industries that have revolutionized the way recruitment works.
Due to global travel restrictions, most leading financial and investment firms shifted to virtual interviews for hiring new talent. These are not only convenient for the candidates who no longer have to travel to attend in-person interviews amid the pandemic but also equally convenient for hiring managers and financial firms, who save significant resources due to the shift to the digital medium.
Advantages of Using Video Interview Software
There are multiple essential ways video interviews can help grow your finance firm:
Low Cost-Per-Hire
Each hire in the financial sector is associated with a high cost due to in-person interviews that require candidates to be flown in from their respective cities. On the contrary, video interviews do not require candidates to be physically present at the site. Therefore, by eliminating the cost of travel and hotel stay for each prospective candidate, these virtual options can help your financial firm save up to 50 percent per hire.
Wider Candidate Pool
Video interviews attract a wider candidate pool than in-person. Due to the virtual medium, candidates from all around the world can apply for vacant positions at your financial firm. Due to this global outreach, you can potentially attract a lot of new business, helping your company grow.
Saving Time
If there are any mid or high-level finance positions at your firm, you can expect at least one month or more to fill them with suitable candidates. Using a finance interview software, you can reduce the time taken to fill each spot by up to 80 percent or more. According to most statistics, candidates usually record their interviews and submit them within 24 hours, not only helping you save time but also connecting you and your financial firm with more med and high-level finance professionals in a relatively short amount of time.
Enhanced Brand Recognition
In the increasingly competitive financial sector, brand recognition can go a long way in helping you grow your financial firm. By using top video interview software to recruit new hires, you not only increase your firm’s competitiveness but also significantly increase the global interest in your brand. Increased international recognition can drive more business to your firm, therefore contributing to its success.
Better Interviews
Video interviews for financial positions allow candidates to present a well-rounded, holistic view of their personal and professional persona. Unlike physical documents, for example, resumes, virtual interviews convey a better view of a candidate’s soft skills, including interview skills, communication, critical thinking, and more. This personal introduction by a candidate allows you to get a better overview of their abilities and talents, helping you make the right decision each time.
Conclusion
On-demand video interviews are increasingly becoming the standard for recruitment processes worldwide. Using competitive video interview software to hire suitable candidates for vacant positions at your financial firm can help you save time, money, and other valuable resources that can help your business grow. These virtual applications help you streamline the recruitment process and makes it convenient not only for recruiters but also candidates, helping you recruit the top talent in the finance industry.