Your team’s time to hire is the amount of time that passes between a candidate applying for a position and accepting a job offer. This is one metric used to determine your team’s hiring success.
The faster your time to hire, the better the candidate experience. This positively impacts your employer brand.
As a result, understanding your team’s time to hire is important. It helps you evaluate and improve your hiring process. This lets you add more high-quality members to your team and improve your bottom line.
Implement these tips to improve your team’s time to hire.
Determine Your Average Time to Hire
Calculate your time to hire by subtracting the day a candidate accepted a job offer from the day the candidate entered your hiring process. For instance, assume the day you posted the job is Day 1. A candidate applied on Day 6 and accepted a job offer on Day 31. Your team’s time to hire would be 25 days (31 – 6 = 25.)
Next, assume you hire five candidates whose times to hire are 26 days, 25 days, 23 days, 11 days, and 30 days. Add up each time to hire and divide by the number of candidates to determine your team’s average time to hire. Your team’s average time to hire would be 23 days (26 + 25 + 23 + 11 + 30 = 115; 115/5 = 23.)
A low average time to hire shows your hiring process is effective. Candidates are likely to remain engaged for as long as they are able to advance.
Track the Steps of Your Hiring Process
Use an Excel sheet or applicant tracking system (ATS) to track the efficiency of each step in your hiring process. This uncovers any issues that may lead to inefficiencies and impact the cost-effectiveness of your hiring process.
- Focus on how candidates identify job openings with your team. This may be through LinkedIn or other social media platforms, your company’s blog, employee referrals, or employer review sites. Pay attention to which sources maximize your reach and provide high-quality candidates.
- Ask follow-up questions during interviews to understand how much interaction and connection a candidate had with your company. Include whether the candidate visited your careers page to look for opportunities or interacted with a video or other element of the job posting.
- Determine how much your company interacted with a candidate after they applied for a position. This includes sending general information about your organization or the role, providing updates on the hiring process, and answering questions.
- Consider how long a candidate had to wait between the end of the interview process and receiving a response. Candidates need to know as soon as possible whether you want to hire them. Otherwise, they are likely to accept a job offer elsewhere.
Partner with Morris Bixby
Improve your team’s time to hire by including Morris Bixby Group in your hiring process. Get started today.