Video Recruit eliminates time wasted interviewing unsuitable candidates, and not just in the recruitment space. VR exponentially enhances the early stages of any volume screening process offering multiple benefits for both sides. Distance, time and expense all present barriers to interviewees while interviewers face the challenge of sifting large numbers of applications often missing best-fit candidates. Multiple verticals can benefit: recruitment, casting, market research, university admissions, dating. Video Recruit has the right ingredients to be a big success: it is attacking a big market with a compelling value proposition powered by a diverse (by gender, nationality, experience) and multi lingual team.
Key differentiator: Based in Prague, we are a multinational, senior and experienced team well positioned to face the cultural and linguistic challenges of selling across Europe. We currently support 14 languages, which has attracted MNCs such as Orange, Deutsche Telekom and Oracle in CEE and SEE regions.
Our location gives us access to one of the world’s best talent pools of developers and allows us to operate at a lower cost base than our western European and US competitors. Consequently, our pricing strategy is aggressively competitive, supporting our goal of becoming a leading provider of video interviewing within the next 3 years.
Source of inspiration: After many years as hiring managers for different corporates, it was clear that the recruitment process was painfully time-consuming and inefficient. Job portals provided access to more candidates, but no efficient way of screening them; recruitment agencies and internal recruitment staff often presented unsuitable candidate; CVs inaccurately represented candidates; face-to-face interviews were often a waste of valuable time; hires were made under time-pressure without knowing whether the best candidate had really been selected. With the rapid rise in Internet bandwidth and penetration, and video fast becoming the preferred Internet media, it was clearly time for a tool like video interviewing.
Spotlight Award to us means: The Spotlight Award will ensure that the Video Recruiting platform and its process will be recognized by the HR Industry as being a recruiting technology that provides a host of tangible benefits to companies.
Biggest challenges & key learnings: The two biggest challenges we faced were building a product suitable for the B2B market with limited funding and convincing investors to invest into an innovative product despite a slow revenue build-up.
Key learnings were many but the importance of each person (skills, team-fit and commitment) in our small team has been one of them, and the importance of networking, the other. With the limited resources that all start-ups begin with, building and reaching out to your network for advice has been one of the most influential elements in getting our start-up to the stage it is today.
Future of technology in HR: HR Tech is today in the spotlight – not only amongst recruiters, but also amongst investors and innovators. With the global recruitment market alone being worth approximately €220bn each year and the average cost of hire being over €2 700 it is no wonder why. As companies are under pressure to reduce costs, and as the awareness of the importance of employees to a company’s success rises, HR is looking to technology for solutions.
Message for the HR community: Embrace technology and leverage it to its maximum.