How much are mis-hires costing your business?

Video is considered the most engaging way by many marketing professionals to promote a product, service or event because it connects with the audience quickly, has an extended reach and gets the message across in an unambiguous way.

This has not gone unnoticed by other company departments. Increasingly video is being used on a more general level to convey a company’s culture and long-term vision to a large and varied audience.

One stand-out business area in which the use of video is becoming more prominent is HR (Human Resources); not as part of the interview process, but to promote the company to potential, desirable candidates.

In fact, at Bigtank we speak to just as many HR professionals as marketing executives. The brief is always simple: tell our story, tell it authentically and leave no doubt as to what we’re about as a company.

Why has there been an increase in HR professionals using video?  

There are several underlying reasons:

  • To stand out from the competition
  • To attract high calibre candidates
  • To reach a larger audience
  • To appeal to younger generations
  • To promote the company brand

Whilst these are all valid, the main reason for the increased use of video marketing by HR departments is to improve retention rates because companies lose so much money through mis-hires.

HR professionals understand that to attract the required calibre of applicant, the company must be clear about how it operates and what is on offer. Problems arise when candidates have limited insight, and therefore misjudge the culture, prospects or nature of the work involved. Disillusioned, they leave within a very short space of time.

The cost of mis-hires

According to The Recruitment and Employment Federation, “hiring mistakes are costing UK businesses billions each year”.

MP Squared Ltd identify the following three “terrifying” recruitment statistics:

  • A mis-hire costs more than 5 times the candidate’s salary
  • 20% of all hires are “bad hires” or “regretted decisions” (Gartner)
  • 75% of UK HR Professionals have experienced recruitment difficulties (Chartered Institute of Personnel & Development).

How to use video to avoid mis-hires and improve retention rates

At Bigtank we work with our HR clients by producing videos that avoid the archetypal “MD says how amazing the business is” approach. For potential candidates, this isn’t relatable and is often perceived as forgettable sales patter.

Instead, we interview the employees about their own personal stories; the recruitment process, what is really required to be successful, the true career progression potential, how difficult it may have been in the early days, but also how they’re enjoying the challenge, the prospects, team spirit and overall job satisfaction.

The very fact that employees are given a voice tells potential candidates that it’s a great place to work, but it also gives them an understanding of what is required to make the grade and to really question whether they’re a good match for the role that’s available. They identify with the employees in a way that no amount of written words could accomplish.

None of this works, of course, if the interviewees are not relaxed and comfortable in front of camera, so we invest a lot of pre-production time in getting to know the staff and making sure that by the time the camera starts rolling, they’re ready to tell their story in an engaging and authentic way.

If you’re an HR professional looking to tell your story to potential candidates, get in touch.

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