In 2022, the global Interview Preparation Tools industry was valued at $1.2 billion and is expected to grow at a compound annual growth rate (CAGR) of 14.8 from 2024 to 2030, thus expected to reach $3 billion. This is a great indicator of how the interview industry is going through an evolution of its own. And today, the traditional interview method faces a stiff challenge from a new kid on the block. The interview as a service (IaaS) industry was valued at $1.73 billion in 202 and is expected to reach $3.2 billion by 2032.
This is why companies are now altering their recruitment process by incorporating such IaaS tools. These tools help in scheduling interviews and provide mock interview training and video interviewing platforms. However, before we go into the debate of whether IaaS is better than the
traditional interview approach, let’s first understand what IaaS does.
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What is Interview as a Service?
Interview as a service is a hiring solution that makes the recruitment process more efficient. Some IaaS tools offer end-to-end solutions, while others are useful only for specific stages of the hiring process.
The rise in demand for IaaS also shows us the changing landscapes of recruitment teams. Now, companies want their human resources department to not only hire candidates but also be involved in policy-making. The reason for this is that companies now want employees who not only have good technical skills but whose values align with those of the company.
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Types of IaaS
End-to-End IaaS Platforms
These types of IaaS tools provide solutions for the entire hiring process. Companies that want their recruitment process to be more efficient rely on such tools. These tools can handle every aspect of the hiring process, including scheduling, conducting, and evaluating interviews.
Tools that offer end-to-end hiring solutions act as an efficient assistants to the interviewer. Some important features of end-to-end hiring platforms are seamless integration with any application tracker system (ATS), a pool of expert interviewers who conduct unbiased interviews, and accurate assessments. On top of that, these tools should also be able to help the interviewer identify soft skills as well as the core technical skills of the candidate.
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Interview Conducting Platforms
These types of IaaS tools are only focused on helping companies improve their interview process and offer no services for other stages of recruitment. These platforms offer scheduling services, expert interviewers, and a structured interview format. Some of these tools also offer video-based interviews, which candidates can use to prepare for the interview.
The demand for such tools has increased in recent times. Companies now want employees who are not only technically competent but also align with their personality and values. Hiring employees who fit the company’s profile helps create an environment where employees feel valued.
Some tools that provide such services are eTeki and InterviewDesk.
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AI-Powered Assessment Platforms
With the recent rise in the use of Artificial Intelligence, the world of hiring has also been transformed. Now, some tools harness the power of AI to evaluate candidates in a hiring process based on their behaviors and responses. Such tools help reduce bias, thus improving the recruitment process.
These tools also have a feature that helps generate reports, post interviews, and rate every candidate using digital scorecards. Examples of AI-powered assessment platforms are HireVue, Modern Hire, Pymetrics, Vervoe, and Sapia.ai.
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Technical Interview Platforms
Companies use these platforms only to test the technical capabilities of the candidate. One of the widest use cases of such tools is found in software development, data sciences, and data visualization, where such coding tools are used to judge coding skills. These tools provide features such as live coding tests, automated evaluations, and AI-driven insights.
In the live coding test, these tools use Artificial Intelligence to create a set of questions that mimic real-life coding problems. Following the test, the tool also has an automated process that rates the candidate on certain benchmarks.
Advantages of IaaS over traditional interviews
Time efficiency
A good recruitment process demands time and money. Before IaaS arrived, recruiters had to spend hours going through countless CVs and resumes before selecting the best candidates for interviews. Then, they would spend countless hours interviewing before finally deciding on the candidates. Other factors, such as scheduling and a lack of recruiting manpower, also hindered the process.
However, IaaS solves most of this problem. Firstly, it takes over the boring and monotonous parts of the recruiting process, such as scheduling interviews and sorting CVs. This frees up the recruiter to focus solely on the candidates during the interview. End-to-end IaaS tools also help recruiters set up a thorough questionnaire within minutes, which earlier would have taken several hours for a recruiter.
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Scalability
Traditional interview methods had one grave Achilles heel: They were greatly limited by manpower. At the end of the day, there’s only so much that a human can do. The recruiter in this method was responsible for sorting CVs, selecting them, and interviewing them before selecting them. They had to be extremely focused on each part of the recruitment to ensure that the quality of hiring never went down. This became extremely difficult when the company had to scale up hiring.
However, with IaaS, scalability is almost never an issue, as it is software that can be easily deployed on a large scale. Since it takes over the boring and mundane tasks, companies only need a minimal increase in manpower to cope with the rise in demand.
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Interviewer Bias
Bias remains one of the biggest challenges organizations face. While it is easy to recognize and correct conscious bias, it is not the case when the bias is subconscious and unconscious. In a traditional interview setup, it was very challenging to detect such bias, which greatly affected the hiring quality.
This is not the issue with IaaS; they create questions following the structured interview format system. This means that every candidate is asked the same questions, leaving no room for any biases to creep into the process. Moreover, end-to-end hiring IaaS platforms also have additional features where the entire interview is being transcribed and recorded which can be later used for analysis to find any deficiencies in the recruitment process.
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Integration with ATS
Under the traditional interview format, most aspects of the recruitment process were manual, requiring a lot of time and manpower. This was solved to some extent with the use of an Application Tracking System (ATS). With this, every aspect of the recruitment process was digitized, but still, it required a lot of manual intervention to keep the system running.
However, IaaS tools are now designed to be easily integrated with the ATS. This solves two problems: first, it improves the system, and second, recruiters do not need to undergo additional training.
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Expertise & Consistency
Companies had to rely on their own recruiters in the traditional interview format. However, not every recruiter may have the skills to conduct interviews for every role in a company. This is where IaaS becomes an important tool. These tools provide companies with a pool of expert interviewees who have years of experience recruiting talent for the exact role.
Thus, companies may have to pay extra, but it greatly helps in the long run, as they will have a pool of employees who will create an environment of growth and inclusivity.
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Data & Analytics
It is said that data is the new oil , and with good measure. However, data has to be collected and cleaned before being analyzed to draw conclusions. This is where IaaS tools offer great opportunities. With features such as transcription and recording, organizations can now conduct deep research to search for patterns that might reveal the pros and cons of the recruitment process.
This also allows them to see how their own recruiters are performing and compare their output to specific industry benchmarks.
At the end of the day, the IaaS platform is no more a luxury but a necessity. One such platform is BarRaiser, a state-of-the-art AI-based interview assistant that will take the quality of your hiring to the next level. With BarRaiser, recruiters can create a detailed interview plan for candidates. The interviewer can give specific instructions to our AI bot to create an interview, such as:
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- The questions for the interview
- The number of rounds for the interview
- The duration of the interview and its specific sub-parts
- The number of parts that the interview must be divided into and their durations
- Must have questions
- The number of experience required for the job posting
- Must have skills
- Additional Skills
Using these instructions, our tool will create a structured interview format to ensure an unbiased candidate selection process.
After this, our AI Interview Copilot assists the interviewer, giving them specific instructions. For example, if the interview exceeds the time limit, the AI bot will alert the recruiter to speed up the process. In addition, we are also committed to making our process as unbiased as possible. This is why our AI transcribes and records every interview and immediately raises an alert if the recruiter uses language that might be considered discriminatory to the candidate.
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After the interview, the AI asks for a detailed review of the candidate from the interviewer. We believe that our tool is an assistant and not the decision maker, so it formulates answers only after receiving instructions from the interviewer. While this is happening, the AI is also creating another report that measures the recruiter’s effectiveness and their performance. This report acts as a check and balance to ensure accountability for every stakeholder involved in the recruitment process.
Experience top-tier interview quality with us
Using BarRaiser, we guarantee quality hiring that will bolster diversity and inclusion. BarRaiser is the best AI interview platform that features structured interviews and tools to ensure quality hiring while eliminating recruitment bias. With BarRaiser’s support, you’ll be well-equipped to build a strong team of sales associates who will drive sales and deliver exceptional customer service.