Time to hire is a recruiting metric that measures the number of days it takes to find and hire a new employee. It spans from the day the recruiting manager advertises the job until job acceptance.
The formula for time to hire:
day of job acceptance – day job is advertised = time to hire
Why should HR leaders care about time to hire/time to fill?
Monitoring time to hire and time to fill can boost:
- Efficiency and productivity
- Candidate experience and engagement
Implementing these metrics gives HR leaders the tools to evaluate hiring practices, pinpoint areas for improvement, and delegate a more balanced workload to recruiters.
What can HR leaders do to effectively use the metrics of time to hire/time to fill?
Preparing backstage for a smooth recruitment process will help HR leaders maximize the time to hire and time to fill. Here are five practices to create a more efficient hiring process:
- Form a candidate talent pool. By nurturing relationships with interested and second-choice candidates, HR can prepare a talent reservoir to streamline appropriate job vacancies.
- Track each stage. Measuring the time it takes for employees to move through each stage of the hiring process can enlighten HR professionals on improving the employee experience. Overstretching the hiring process can cause employees to lose interest in the company or spark employer distrust.
- Incorporate a referral program. Integrating an incentive-based, simple, and user-friendly employee referral program can decrease the length of candidate sourcing and screening periods.
- Train hiring managers. Keep hiring professionals in tip-top shape by sharpening their interviewing skills and educating them on effective methods to choose top talent. HR leaders can facilitate routine meetings between hiring and recruiting managers so they can strategically collaborate.
- Consider the variables. When measuring metrics against benchmarks, HR leaders should remember that certain positions require a longer time to fill. For instance, sourcing and hiring a software engineer will naturally take longer than hiring a customer service representative.
How can HR use time to hire/time to fill to improve company culture?
Time to hire and time to fill can contribute to efficient hiring practices that increase new-hire productivity, candidate engagement, and a smoother candidate experience. These metrics are building blocks that help support a dynamic company culture of motivated and engaged employees.