The average hire time is one of the most important recruiting metrics for driving organizational performance and lowering recruitment costs. Investing the time to measure it can yield eye-opening insights about your overall recruitment process and its specific components, even though it can be a challenge.
Vacant positions cost your business more money to fill and decrease your revenue due to reduced productivity. Your talent acquisition team should therefore strive to reduce the time to hire.
There’s a screening system before hiring a new role which is called Pre-employment Screening Uk.
What Is Time to Hire and Why Does It Matter?
When a candidate enters your talent pipeline and when they accept an offer, time to hire is a key performance indicator. When a candidate applies on July 1 and accepts your offer on July 25, it will take 24 days to hire that candidate (which is much faster than the national average).
The time to hire is different from time to fill, which measures how long a vacant position is before a hire is made. It may take several weeks before the winning candidate applies, so the average time to fill is typically longer than the average time to hire. In contrast to time to load, time to hire focuses on the specific candidate.
Why is it good to reduce the hiring time? In several ways, hiring too slowly can be detrimental:
- Each week, recruitment marketing and job board fees increase, increasing your average cost per hire
- A vacant position costs the organization lost productivity
- Top candidates may drop out of the running or be hired by a competitor
- It leads to a less favourable candidate experience
7 Steps for Reducing Time to Hire
1. Build an ongoing talent pipeline
It’s much more efficient to rely on both sourced candidates and applicants when you have an open position, even in a candidate’s market. Usually, sourced candidates hire twice as fast as candidates who apply independently, which holds regardless of the company’s size. Your recruiting department could save a lot of money by cutting hiring time by nearly half.
You should track where you find the best candidates for these roles and maintain an active presence within these channels, even if you do not have an open position. Stay in touch with strong candidates, even if they don’t get hired. A strong talent pipeline takes years to build, and those relationships will serve you well later.
Last but not least, internal candidates are an essential part of your talent pipeline. Because internal candidates are the quickest to hire and cost less to recruit than external candidates, it makes sense to market your open positions internally even before you begin advertising them externally.
2. Improve your job listings
One way to reduce the time to hire has nothing to do with your recruitment process; instead, improving your job listings can enhance the quality of the candidates who apply.
You should also provide a salary range for the role, which can minimize the amount of back and forth in salary negotiations.
Encourage applications by setting a timely closing date for your job posting. When hiring for similar positions, rewrite your job listings periodically to avoid them feeling stale.
3. Follow the data
Recruiting metrics can be helpful, from making accurate hiring projections to controlling costs. We can use their data to speed up the hiring process in our case.
Identifying trends begins with tracking key metrics over time. If you notice any anomaly, follow the data to see where it leads. You know there’s a breakdown at the screening and interview phase if your candidate dropoff rate spikes. Likely, the spot is also the source of delays.
4. Provide training to hiring managers/recruiters:
Hiring managers and recruiters are often nervous and uncertain about conducting compelling interviews, leading to ineffective, delayed or postponed discussions. They must receive comprehensive training in interviewing and be provided with the right tools for hiring. Research shows that decisive hiring managers hire 10% more high-quality candidates and 11% fewer low-quality candidates. Time to hire is also reduced by 17% when they are assertive.
5. Map, Measure & Monitor
Make a map of your current hiring process. You can streamline the process and cut out unnecessary steps by eliminating bottlenecks and removing duplicate activities.
Goal metrics for time-to-interview and time-to-fill. Make sure you communicate your hiring objectives to the people responsible for hiring for each role.
When there is a vacancy, ask the responsible team to monitor and measure their performance against pre-defined benchmarks. These figures can identify what factors are contributing to a slow hiring process over time.
6. Mobilize an Interview Panel in Advance
Additional preparation will be needed if you use an interview panel. To secure the right candidate, you must plan and prepare for the interview.
7. Agree on a Salary Range in Advance
Candidates often reject job offers because of salary issues. According to Berkley’s research, 63% of job seekers say a low salary is their biggest deal-breaker.