Time to hire it is the time that your company takes to filter and select the candidates until the conclusion of the selection process – the moment when the professional accepts the opportunity, therefore. The more agile HR specialists are, the better for the company that obtains efficiency and productivity in less time invested.
If your organization is not aware of the relevance of recruitment metrics, we have news for you: it is possible that your HR is generating material and intangible losses – and without being aware of it.
A good example of this will be discussed throughout this article. O time to hire it is an elementary metric that helps to monitor the effectiveness of your selection processes and the time invested for that.
Continue reading the next topics to understand and learn the value of time to hire applied in the routine of your industry. recruitment and selection!
What is time to hire?
Metrics are essential to assess even what we are not monitoring. For example: through time to hire it is possible to assess the time that your HR team takes to select the appropriate curricula to start the selection process – from receiving materials to the “yes” of the selected candidate.
When you have this data in hand, you can diagnose any bottlenecks in the production flow, in addition to observing the accuracy and efficiency of the selected candidates, as well as the profile aligned with that of the company that acquired the lead against its competitors.
And the relevance of this metric?
O time to hire can be constantly mixed with the concept of time to fill which focuses specifically on the total time to fill the position.
Therefore, both have a well-defined objective in the evaluation of their selection process – although they are distinct, but complementary.
For example: the time to hire is to check how quickly your team has identified potential candidates (and the most suitable) with the profile to fill open positions.
And this has a direct impact on the productivity of your HR sector. The faster this analysis is carried out, the less the hiring cycle in the company lasts.
Not to mention, of course, that many professionals tend to abandon a lengthy selection process (especially those who are widely active in the labor market). Added to this is the fact that eight out of ten candidates do not usually attend job interviews.
In other words: the selection must be precise and the selection process as organized as it is agile to hook and retain the interest of the talents identified by its human resources specialists.
>> We produce a digital book that features a step by step to produce an assertive recruitment and selection plan. Click here and access now!
How to measure your company's time to hire?
The formula for time to hire calculation It's simple:
TIME TO HIRE = day the candidate accepted the proposal – day the candidate entered the selection process pipeline
An example to illustrate better: imagine that on the 1st of July your team posted a job opportunity. On the 25th of the same month, he notified the selected candidate that the position is his, considering that his application to the selection process was registered on 10 July.
Based on the above formula we have: 25 – 10 = 15. Fifteen days, therefore, to fill the position in question.
Now, if you want to produce an average for the general filling of the open pits in your company, just add the result of each one of them to indicate the middle ground.
For example: after five selection processes, you have identified the following time to hire: 10, 20, 25, 35 and 40 days, respectively.
To do this, just add them (total of 130 days) and divide by the number of recruitments made in that period (5), therefore, the average is 26 days per admission fulfilled.
Are there other elements to consider?
The final factor (the time to hire) can be impacted by a number of elements. After all, a selection process requires steps that, if accumulated, result in a process that is sometimes long and pluralized.
It is worth noting, then, whether the time it takes for your team to identify an ideal candidate for company positions is impacted individually, by one of these factors, or not.
Next, we will evaluate the main ones so that you can diagnose them within the examples that you live with in your daily life:
- monitor the time of each stage of the selection process. This helps to verify which has taken much longer than expected to be completed;
- distinguish the time for each position and / or department of the company;
- evaluate the relevance of the CVs received and the average of suitable profiles with what was stipulated in the opportunity disclosed.
This way, you can specify which stages of the selection process need more adjustments until they are aligned with the other parts that already flow with more quality.
How to improve time to hire?
To conclude, we have put together some specific tips for you to qualify the selection process and, consequently, improve the time to hire of your company!
And the first tip is to develop a job description that accurately undertakes the job demand and expectations for filling the opportunity.
Then align the desired professional profile with the company's culture and DNA. This all helps to compose a more selective selection process fast and accurate. Not to mention that you can compose a bank of résumés constantly updated and completely focused on the requirements and needs of the company.
Finally, count on a management software that helps to automate and generate predetermined filters to facilitate the search. This all reduces the hiring cycle and can reduce both the time to hire as the already mentioned time to fill – improving, as a consequence, the data exposed in their HR reporting.
Meet the Human Resources platform and how it can help your company optimize the functions of the HR department. With the HR Consultant UK your company will have access to benefits such as:
- reduce the time in your employee dismissal admission processes;
- have a clearer and safer process;
- avoid penalties, fines or any risk related to legal issues and information management of the company.
THE HR Consultant UK is the only one that delivers an incredible experience and still solves the real problem that the customer has. Talk to an expert and find out how to reduce your HR costs by 30%.
There are still many other opportunities to develop your HR sector – and that go beyond tips to improve your time to hire.
For that, we invite you to like our Facebook page and follow us on Instagram, Twitter and LinkedIn. There, we constantly post some tips and news about your industry, and that can help in the development of your brand, without a doubt!