Time to Hire: Why You Should Replace it in 2022
Hiring Success GlossaryTable of Contents
- What is time to hire?
- Time to hire vs. Time to fill
- How to calculate time to hire
- Where time to hire falls short
- Hiring velocity
- Time to hire vs. Hiring velocity
- Update your recruiting metrics for 2020
What is time to hire?
Time to hire is the amount of time between when a candidate is sourced or applies to your job posting, and when the candidate accepts the job offer. In today's modern workforce decisions are increasingly backed by data, permitting companies and hiring managers to be confident in the efficacy of their hiring decisions. Recruiting metrics like time to hire provide actionable insights for companies to see where they can improve and optimize their recruitment process for greater hiring success. With a metric like time to hire you can identify bottlenecks in your hiring process and how fast your recruitment team moves when they’ve identified a top talent candidate.Time to hire vs. Time to fill
It might seem as if these are the same metric, but there are key differences that can provide further insight into your hiring process. Time to hire refers to the total amount of time between when a candidate applies until when they accept a job offer. Time to fill tracks the total amount of time a position at your company remains unfilled. It's important to note that time to fill is often measured differently. Time to fill varies on when the HR managers begin measuring the time period. At some companies this starts when a job is submitted for approval, when the job is approved, or when the job begins to be advertised.How to calculate time to hire
You wont need an advanced mathematics degree to measure time to hire, the formula is simple. There are two variables you need to track in order to calculate time to hire.- Simply put: Time to hire = day candidate accepted offer - Day candidate entered pipeline
- For example: You post a job, this is considered day 1. A candidate applied on the 9th. The candidate is hired on the 22nd. Your time to hire is 22-9=13
- Calculating average time to hire is also simple. If you recently hired for 4 roles and the time to hire for those positions was 22,10,24, and 40 days. The equation is (22+10+24+40)/4=24 days.