Two key recruiting metrics that have been getting a lot of attention lately are time to fill and time to hire.
While they may sound similar on the surface, each metric offers its own set of insights and can influence how you hire more efficiently.
What is Time to Fill? ⏳
Simply put, time to fill is the number of calendar days between advertising a role and the role being filled. When tracked, this metric gives you a comprehensive view of your hiring process. It can help you uncover inefficiencies in how you advertise roles, along with your sourcing, interviewing, and selection processes.
How to Measure Time to Fill:
To calculate your company's average time to fill across multiple roles, you need to count the calendar days between your starting point (most likely posting the job) until someone is hired for each role. Next, you want to divide this number by the total number of hires you made during that same time period.
For example: Let's say you hired three Software Engineers. Their respective time to fills were 20, 30, and 55 days.
(20+30+55)/3 = 35 days
Your average time to fill in this example would be 35 days.
Why Should You Track Time to Fill?
- Time to fill helps identify existing bottlenecks throughout your hiring process.
- Time to fill helps you and your teams better forecast hiring timelines for future openings.
- Slower time to fill can negatively affect overall business productivity and your operational planning.
What is Time to Hire? ⚡
Time to hire zooms in on the candidate's experience, measuring from when they enter your pipeline to offer acceptance. It's all about the efficiency of your internal processes and the overall candidate experience.
How to Measure Time to Hire:
To calculate your time to hire, simply average the days from candidate application/sourcing to offer acceptance across all hires.
For example: Let's say you hired two new sales reps. One of your new sales reps submitted their application on July 1 and accepted the job on July 20. The other applied on July 5 and was hired on August 3.
July 1 - July 20 = 20 days
July 5 - August 3 = 30 days
(20+30)/2 = 25 Days
Your average time to hire in this example would be 25 days.
Why Should You Track Time to Hire?
- Time to hire enhances your candidate experience by spotting delays in interviews or decision-making
- Time to hire provides insights into your sourcing and screening effectiveness
- Time to hire helps you stay competitive in securing top talent, particularly in competitive markets
When to Prioritize One Metric Over the Other 🧐
Lean towards time to fill when:
- You are engaging in high-volume hiring
- You are planning strategic workforce needs
Focus on time to hire when:
- You are competing in particularly tight talent markets
- You are looking to enhance your candidate experience with a focus on minimizing business disruptions
In Closing
Both time to fill and time to hire are valuable metrics to focus on moving forward. Tracking both of them can significantly help you improve your company's overall candidate experience and hiring efficiency.
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