HireVue's Digital Interview Volume Triples, Reaching Thousands Per Day, as Companies Seek Improved Candidate Experience, Recruiter Productivity and Candidate Job Fit
HireVue, the leading digital recruiting and interaction platform provider, today revealed that thousands of interviews are being completed each day on their platform — according to growth statistics from its fiscal first half 2014. The company found top brands across industries – including 18 of FORTUNE's World's Most Admired Companies — are transforming their hiring processes with digital technology to improve efficiencies when connecting with top talent to fill open positions.
"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 leveling 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 everyday to provide companies with the opportunity to connect with more talent, in a more personalized, scalable, and effective way. We owe it to every candidate in the world."
As the demand for better and faster hiring solutions continues to grow, businesses are transforming their strategies through the use of modern technology, including mobile, video and big data. HireVue, whose client roster includes GE, Hilton Worldwide, JP Morgan Chase and Red Bull, recently launched an addition to their digital interaction platform, HireVue Insights™. The first of its kind 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 analyze a unique data set of interactions, feedback and performance outcomes that never before existed. Iris analyzes over 15,000 attributes and their correlation to the organization's current top performers to predict success. HireVue Insights will be one of just six solutions featured in the highly anticipated Awesome New Technologies Showcase at the 2014 HR Tech Conference in Las Vegas, from October 7-10.
In addition to building a smarter, more-effective workforce, digital recruiting companies are recognizing significant productivity improvements and operating efficiencies. An independent study by Nucleus Research found that companies who used HireVue:
Reduce turnover by 29 percent
Increase the number of "top performers" by 13 percent
Reduce overall cost per hire by 23.6 percent
Reduce external recruitment spend by 44 percent
Increase recruiter productivity by 75 percent
Reduce the average vacancy time by 25 percent
"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. "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."
Under Armour's director of HRIS, Troy Barnett will be featured during this years HR Tech conference in Las Vegas. Barnett will share how Under Armour Builds the "Biggest, Baddest Brand, Bar None" With Digital Recruiting.
Business highlights from HireVue's fiscal first half 2014 include:
Signed 80 new clients, including: Delta Air Lines, Grant Thornton, Kohl's, Kraft, McDonald's, Qualtrics, Ralph Lauren, REI, Scott's Miracle-Gro, Vodafone UK, and Walgreens, amongst others.
Ranked #10 on the Forbes America's Most Promising Companies list
Ranked at #335 on Inc. 500 list of the fastest growing private companies
Ranked at #5 of Top Salt Lake City Metro Area companies by Inc. Magazine
Ranked at #11 of Top Utah Companies by Inc. Magazine
Founder and CEO, Mark Newman, honored as a finalist for the Ernst & Young Entrepreneur of the Year award
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 as demand for digital recruiting accelerates at a global level.
Carl Coe, a seasoned software and technology sales leader, joined HireVue as the Vice President of Worldwide Sales. In his role, Coe is responsible for global sales, alliances and go-to-market initiatives. He brings over 20 years of leadership experience in software and business services, and joined the company from PTC where he was most recently Senior Vice President of America Sales.
