Let’s talk about what Time-to-Hire is, how to calculate it and why it is an important metric to measure. Onwards!
Time-to-Hire is a common recruiting metric. It measures the time it takes from when a candidate first sends their CV to the moment they accept your job offer! The hiring funnel can be full of bottlenecks and delays, and if you work out how long it takes you to hire someone, you have a great chance to fix some of these sore spots. It also means there’s less chance a rival company will steal your hire!
Here’s how you do it: Use either an ATS or a project management tool like Notion or Trello to look at the date candidates enter your hiring process and then the date of offer acceptance. Then break it down into sections to understand and gauge the total time a candidate is in play.
Time-to-Hire also depends on the specific functions you are hiring for. For example, software engineer positions require additional technical skill assessment which adds time to the recruiting process.
If you are hiring for different roles with different hiring steps, a solution would be calculating the average Time-to-Hire by adding the time it took to hire for open positions and dividing them by the number of roles.
Time-to-Hire helps you measure the efficiency of your hiring process. If it takes too long to assess your candidate’s job fit and extend an offer, you risk losing talented candidates to your competitors.
Additionally, a long hiring process impacts candidate experience negatively and could result in dropouts and offer rejections.
In a highly competitive market (recession or not, high-quality talent will always be in demand!), being able to look at your hiring process holistically allows you to see where you might have glaring differences compared to the market and help jolt you and the hiring team into action.
And if you don’t know it yet: The HiPeople Hiring Intelligence Platform automates your entire hiring process, from gathering references to collecting and analyzing assessment data. It frees your teams from manual work and saves up to four hours per candidate. Give it a try today.