By Jessica Roberts, Lead Analyst, Employment Technologies
Time-to-hire is a critical metric in the recruitment process, measuring the number of days from when a job candidate enters the hiring pipeline until they accept a job offer. This timeframe provides valuable insights into the efficiency of a company’s hiring process – impacting overall productivity, cost, and the ability to attract top talent.
A shorter time-to-hire often indicates a streamlined recruitment process, enabling a company to quickly secure qualified candidates. This is particularly crucial in competitive job markets where high-caliber talent is snapped up fast. Conversely, a lengthy time-to-hire can lead to increased hiring costs, prolonged job vacancies, and potential loss of candidates to competing offers.
To calculate time-to-hire, follow these simple steps:
Typically, this is when a candidate submits their application or is identified by a recruiter.
This is usually when the candidate accepts the job offer.
Count the days between the start and end points.
Ensure consistent definitions of the start and end points across the organization to maintain uniformity in measurement.
For the greatest precision, use an ATS or HRIS to accurately record timestamps and track each stage of the hiring process.
Break down the process into stages (e.g., application review, interview, offer negotiation) to identify bottlenecks.
Recognize that different roles may have different time-to-hire metrics due to varying complexities and market demands.
Distinguish between internal and external hires, as internal moves often have a shorter time-to-hire.
To reduce time-to-hire, companies can streamline their recruitment processes by leveraging technology, enhancing communication between hiring teams, and maintaining a ready pool of qualified candidates. Regularly reviewing and optimizing each stage of the hiring process can help address inefficiencies and improve overall recruitment performance.
By monitoring and optimizing time-to-hire, organizations can enhance their ability to attract and retain top talent, thereby supporting their long-term growth and success.
Decoding Cost-Per-Hire: A Vital Recruitment Metric
Understanding Turnover Rates: A Comprehensive Guide
HireData: Optimizing Your Candidate Journey
For more than 30 years, Employment Technologies has been helping organizations hire, develop, and retain the very best talent. A five-time national Top HR Product of the Year award winner, we offer job-relevant tools for each phase of the hiring and development process – proven to reduce time and cost to hire, boost performance and retention, and deliver game-changing results.
Looking for new ways to streamline your recruiting process, drive better hiring decisions, improve engagement and retention, or boost bottom-line results? Reach out to talk with our team of HR Experts about how new technologies and best practices can address your unique needs and challenges.
Get your questions answered with NO OBLIGATION. Schedule your free consultation today.