28 days. That’s how long it takes to hire a new candidate.
Taking too long to fill openings moreover leads to missing out on potential candidates, not to mention the increasing cost per hire. Being aware of risking top talent, experienced hiring managers leave no stones unturned in tracing the time to hire metric. It's worth noting - time to fill and time to hire are not the same metrics.
Time-to-fill answers, "How long until you fill a new opening from start to finish?"
Time-to-hire answers, “How long until you hire someone after he/she has applied for the opening?
A job post may be open for several weeks before a candidate applies. And so, 'time to fill' is usually greater than the average 'time to hire'. Even though its effect on your business profit margin might not be as clear, it's beneficial to improve your average time to hire - in order to increase recruiting efficiency, minimize expenses, and produce a better candidate experience.
Top 5 ways to reduce time to hire
1. Know your data
And gather the right one. This indicates how quickly you identified and advanced your potential candidate through the recruitment funnel. Let's name the day you opened a specific position "Day 1" for the sake of calculating the time to hire formula. If your candidate applied on Day 15, and accepted your job offer on Day 30, your time to hire will be 30-15, i.e. 15.
To reduce it, begin by identifying the areas of recruitment that are taking longer than expected. Below is a survey report by Yello which highlights the average duration for each stage in the recruitment process.
A good alternative would be to automate manual tasks in the process. For instance; our client Ardy Alam - CEO of Garasi.Id, spoke to peopleHum about its "ability to track the process of candidates right from screening resumes, recording interview tests scores for each candidate, ....and being able to leave comments as feedback after each interview". This is then passed onto the next interviewer, aiding in collective decision-making and finally the offer process.
2. Outline a well-defined plan for the hiring process
Hiring a candidate entails knowing what you require in the long run. If a recruiting strategy is not in place, you might find yourself in the middle of sweet nothings. Without a structure, you tend to set a fewer grounds for your recruitment efforts and time. So, sketch out a roadmap of your strategic recruitment to reduce your time to hire. This plan may include:
- One, the objectives of your recruitment.
- Second, the qualities of ideal candidate for workforce planning.
- Third, your value proposition and marketing approach to source candidates.
- Next, your company's decision-making and onboarding procedure.
- The use of technology. And finally,
- Your budget for the recruitment.
3. Create an effective talent pipeline
A well-built talent pipeline strangles the worries of advertising a job opening, grunt work of candidate sourcing and infinite background checks. As illustrated in the report, posting new jobs take about 40% of the time. Building a talent pipeline eliminates the wait, thereby reducing your time to hire. Automation of sourcing gives your recruiting strategy a further push.
For instance, when we integrated our Hire module with Green Africa; as per the talent manager, the automation was much preferred instead of "posting jobs online yourself." It becomes much easier to "have the candidates come to you and having the power to say - I don't need to open every CV that comes to me. I can just see it from the (peopleHum) dashboard."
Want to know the top 5 recruitment metrics you should be measuring? Read more here
4. Promote your employer brand image
Candidates often visit the career section of your website at least twice during the hiring process: once when they learn about your job opportunity and again when they are contemplating your job offer. This number can certainly be more than twice. If your career’s website does not persuade candidates to apply for your jobs, they might either decide against applying or reject the offer.
For instance, our system sends a candidate survey to measure the candidate's net promoter score (NPS), i.e. a gauge of how job seekers felt about their experience with your hiring process, how they were handled, and so forth. This creates a smooth workflow of candidate engagement, further promoting your talent brand.
5. Choose a suitable application tracking system (ATS)
About 75-88% of resumes received are unqualified for the position. Screening candidates consumes the most time in a recruitment process as seen in the Yello's report.
94% of recruiters say their ATS or recruiting software has positively impacted their hiring process, as per a survey on Capterra. The entire process is completed in rather seconds than hours by using a resume parser that eliminates the manual uploading & advertising on job boards, and later screening out the unnecessary applications.
A smart choice would be to generate a steady stream of qualified candidate referrals with the help of an ideal recruiting software, further reducing the requirement for cold calls. It helps you to assess a candidate's cultural fit long before the first interview.
peopleHum's integrated recruitment software assist employers in keeping track of candidates at various phases of the process, with a modern applicant tracking system (ATS) and much more. We streamline the entire, end-to-end recruiting process. Come have a look at our free demo to see how the system operates and enhances candidate experience.