In today’s post, we will focus our attention on one of the most important and relevant recruiting metrics – namely the average time to find a hire. Business owners, recruiters, and entrepreneurs depend on this data as it points actionable insights.
It’s as simple as this: the purpose of these recruiting metrics is to answer quintessential questions regarding your business’ operation. In regard to the average time to find a hire metric, this sheds some light on your company’s hiring process, outlining the way in which your recruiting team manages this.
Defining the Time to Find a Hire Metric
The hiring process can last between a couple of days and a couple of months. Effectively, the industry in which your firm operates will widely influence this metric, of course, as there are particular specifications for every industry. That being said, the time to find a hire represents the time it takes for your recruiting team to find the perfect candidate for a position.
At the same time, this metric outlines how fast you move when you pinpoint you’ve found the right person – as this matters just as much.
Some people use this metric interchangeably with another equally important metric – namely the time to fill. In this view, we could define the time to find a hire as a specific number of days between a position has been opened and the job offer has been extended.
On the other hand, other people separate the time to find a hire from the time to fill, pointing that the time to hire timeline commences when your best candidate applies or gets sourced. To that end, this would portray how quickly your hiring team operates after having identified the best potential candidate.
What Does This Metric Display?
So, what should your aim be: to have a short or long hiring process? Where are the advantages of drawbacks linked to each?
Now, in the case in which your hiring process is too short, this would mean that your screening for the right candidates isn’t thorough enough. Additionally, this increases the risk of making unsuitable hires. This is why, every now and then, you should analyze your quality of hire trends against the time to hire. You should pinpoint whether there are specific correlations between hiring qualified people and hiring people right away.
In the case in which a shorter hiring time seems to negatively impact the quality of your hiring, then, you might consider incorporating an additional screening stage, such as an assessment of skills. On the other hand, some companies take too much time until they make a hire. More specifically, the best candidates might be secured by your competition, not to mention that a long hiring experience could influence the candidate experience on the whole.
In order to have a balanced time to find a hire for your industry, you should aim at making the hiring process as efficient as possible. At the same time, it might be a good idea to invest in hiring tools, which could bring positive results.