{"id":3658,"date":"2017-02-23T20:48:39","date_gmt":"2017-02-24T01:48:39","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-digit\/submission\/hirevue-a-digital-platform-for-recruiting\/"},"modified":"2017-02-23T21:34:05","modified_gmt":"2017-02-24T02:34:05","slug":"hirevue-a-digital-platform-for-recruiting","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-digit\/submission\/hirevue-a-digital-platform-for-recruiting\/","title":{"rendered":"HireVue: A Digital Platform for Recruiting"},"content":{"rendered":"

Recruiting for a new job is stressful \u2013 certainly for the candidates under evaluation, but also for the HR managers tasked with coordinating the process.\u00a0 For large employers like Delta or Goldman Sachs, the process of hiring can include hosting info sessions, collecting and sorting resumes, coordinating interview schedules, arranging flights and hotels, and monitoring evaluation rubrics for fairness and accuracy.\u00a0 For employers like McKinsey and BCG, who have both rigorous interview processes and<\/em> high turnover, recruiting constitutes the companies\u2019 largest line-item expense outside of compensation.<\/p>\n

\"\"Enter HireVue, a Utah-based digital recruiting platform that is disrupting traditional recruiting processes.\u00a0 Initially, HireVue\u2019s key insight was that, when an interviewer meets with a candidate, oftentimes he or she knows within the first 5 minutes whether or not the candidate is likely to be hired.\u00a0 Even in the case of \u201cquick rejects,\u201d the employer still<\/em> incurs all of the costs of scheduling, airfare, meals, hotels, ground transportation, etc.\u00a0 Perhaps even more annoying, the interviewer typically feels obligated to sit through the entire scheduled duration of the interview, wasting valuable time that might otherwise be spent interviewing more promising candidates.<\/p>\n

HireVue solves this problem by digitally decoupling the interview questions<\/em> from the answers<\/em>.\u00a0 Employers sign-up on the HireVue platform to post job openings, as well as pre-recorded video interview questions (e.g. \u201cTell me about a time when you demonstrated leadership\u201d).\u00a0 Interested candidates then log-in to HireVue and upload their applications, resumes, writing samples, and any other materials the employer may have asked for.\u00a0 The employer then selects candidates to digitally interview.\u00a0 Invited candidates log back in (at a time of their choosing), access the video questions, and use a webcam to answer the questions in a predetermined amount of time (usually 1-5 minutes).\u00a0 Employers then log back in, review the video interview submissions, and efficiently sort through them.\u00a0 Recruiting costs and logistics are kept to a bare minimum.<\/p>\n

HireVue has signed-up hundreds of customers to-date, including Dunkin Donuts, Delta, Red Bull, HBO, Vodafone, and the MLB (sadly, my application to the Red Sox was quickly rejected).\u00a0 The most obvious customers for HireVue are large enterprises who have bulky, programmatic recruiting processes.\u00a0 These companies engage HireVue to streamline the first one or two rounds of interviewing \u2013 which are typically the highest-volume and the most expensive.\u00a0 Many employer clients still fly candidates out for \u201cfinal rounds\u201d or \u201csell weekends,\u201d in which the employer\u2019s primary objective is wooing the candidate, rather than assessing him or her.\u00a0 HireVue is also useful for smaller local employers who want to reach a broader audience of candidates, or want to leverage larger employers\u2019 experience in \u201cwhat to look for\u201d when hiring for a specific position.\"\"<\/p>\n

As HireVue has accumulated tens of thousands of interviews on its platform, it has begun to layer-on artificial intelligence, adding further value to its employer clients, and creating a competitive moat against imitation.\u00a0 Over time, HireVue has tracked the performance reviews of candidates who were hired through its platform.\u00a0 It is now able to match certain audio\/visual cues from candidates\u2019 recorded interviews with traits and characteristics that are predictive of success within a specific company.\u00a0 For example, if Southwest Airlines is hiring for a front-line customer service position, HireVue can pre-screen the video submissions to identify candidates who exhibit warmth and empathy, and weed out those who seem disagreeable or easily perturbed.<\/p>\n

Simultaneously, HireVue is using its platform and accumulated experience to expand into a coaching product for individual candidates and employees.\u00a0 Individuals seeking feedback on their interviewing or sales presentation skills can sign-up and solicit feedback from an AI coach.<\/p>\n

The platform generates both direct<\/em> and indirect<\/em> network effects for both employers and candidates.\u00a0 Every time a new employer uses HireVue for recruiting, not only do individual candidates have access to more job listings, but the platform learns more about what characteristics are predictive of success for that industry and job title \u2013 making the platform \u201csmarter\u201d in the service of its employer clients.\u00a0 Conversely, every time a candidate applies for a job and conducts an interview through HireVue, not only do employers get access to a new candidate, the platform gathers additional data on the correlation between audio\/visual cues and success, enabling a smarter product for both employer clients and individual coaching clients.<\/p>\n

The company\u2019s trajectory and promise has not gone unnoticed.\u00a0 HireVue has attracted investments from Clayton Christensen-founded hedge fund Rose Park Advisors, as well as subsequent investments from Sequoia Capital and Technology Crossover Ventures (TCV), among others.<\/p>\n

 <\/p>\n

Disclosure: The author was an employee of Rose Park Advisors from 2015 to 2016.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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