Time-to-hire means identifying the length of each stage in the hiring process, from engaging a candidate to them accepting an offer.
Why’s it so important?
This timeline shows how your hiring process stacks up against the competition. A shorter time-to-hire will be more successful in attracting strong candidates, which means you get the employees you need ASAP.
While some external process steps take a certain amount of time regardless (i.e. background checks, drug screenings, etc.), other internal process steps are controllable, like resume reviews and interview feedback, both of which can be made more efficient — but only if you can identify what’s slowing down the process.
For this reason, it’s vital to log accurate information for each step of the hiring process, from start to finish, in order to identify where there are opportunities to trim time.
Increased demand in the labor market continues to rise, so it’s no surprise emphasis is being placed on quickening the pace of time-to-hire.
Technology improvements in everyday life increase the expectation for rapid feedback, which makes the contrast to a long process even more glaring. Candidates who have multiple offers and choices to make will often get turned off by waiting. Frustrations can mount when you lose great candidates, invest important time in those lost candidates, and have to start the arduous process all over again.
Time-to-hire in action…
Shortening your time-to-hire will allow you to attract, convert and hire the best talent. Tracking and identifying inefficiencies is a critical piece in re-evaluating your process, but it’s time consuming – especially if you’re logging everything manually.
Monitoring time-to-hire is our specialty, and our automated system makes it easy. We offer clients actionable insights to improve this key metric. We also have access to generalized data to accurately benchmark your hiring process to those that are similar.
Check out our consulting in action below. Together with our client we were able to implement recommended process improvements to knock off 12.1 days from their hiring timeline. They went from an average of 17.1 days to 5.1 days – a reduction of 335%. This shows the power of combining data insights, industry best practices, and a desire to make improvements to create a solution where everyone wins.