What is time to hire?
Time to hire is a common recruiting metric. It measures the number of days between a candidate applying for a job role and accepting a job offer. This means that time to hire provides information about two important recruiting processes, recruiting efficiency and candidate experience.
For instance -
There is a job opening posted on Monday. This is Day 1. They start working their magic and their best candidate accepts their job offer on Day 15 while he or she applied on day 7.
Your time to hire is 15 – 7 = 8.
Time to hire vs time to fill
Where time to hire measures the efficiency of the recruitment process, time to fill is a great source for measuring the quality of business planning; it offers managers a practical view of the time it will take to attract a replacement for an employee who resigned or left.If the main function of time to fill is to inform practical business planning, then the time to hire metric is about measuring the speed with which good candidates flow through your hiring process once they’ve already been sourced or have applied.Time to hire is the efficiency metric, it gives senior management a sharp picture of how the recruiting team is performing.Time to hire is estimated from sourcing until their offer is acknowledged, not when they start their position, on the grounds that there are various muddling factors.
Why should you measure time to hire?
Estimating time to hire can assist you with recognizing shaky areas in your enrollment cycle and actualize enhancements. It can help you answer addresses, for example, the ones underneath. There are three major reasons to why you should gauge time to hire
Time-to-hire tracking are most useful when they track each step in the recruiting timeline. This allows us to understand which workflows slow things down. Is it during the resume review phase? Does scheduling the interviews take longer than it should? Does it take the applicant too long to complete the skills assessment?
Improve The Candidate Experience
A log complicated hiring process leads to hassle in the application process. Jobseekers lose interest in a company if they believe the hiring process takes too long. The ‘too long’ is a subjective evaluation
Improve Your Recruiting Processes
Companies who want to reduce their time-to-hire curate a plan. A good plan will highlight the problems faced the hiring process. Issues cant be identified without tracking time-to-hire.
How to improve time to hire?
By keeping real-time tabs on time-to-hire metrics, HR managers can adopt some of the below mentioned measures
Attractive job opening advertisement
Failing to write an attractive job advert could discourage people from applying to the roles. And No hires would be made if no applications are received! So it is necessary to keep it concise and engaging.
Invest in the right tools
Once the job opening advertisement is perfected, next step is to plan where to publish it. Using the right tools can speed up the time to hire.
Using technology to schedule interviews, chatbots to engage with candidates and AI to screen CVs and applications.The fact of the matter is, technology can never replace the human element of hiring. So, why not consider how it can help you to reduce your time to hire?
Encouraging your employees to refer friends or family members to work for your company is another great way to reduce your time to hire. After all, there are no better advocates for your organization than your existing and happy employees, so why not make the most of this?