The Recruiting Metric That Matters the Most
Metrics in recruiting are absolutely critical to measuring success and identifying areas of improvement. Without an understanding of these specific metrics, it is impossible to know how you’re doing. Sorry, guesses and gut feelings, don’t count here.
One of the most useful metrics in hiring is Time to Hire.
Time to hire represents the number of days between the moment a candidate is approached and the moment the candidate accepts the job. In other words, it measures the time it takes for someone to move through the hiring process once they’ve applied, been referred, etc.
This particular metric is exactly what you need to identify potential deficiencies in the process and the candidate experience. Time to Hire begins when a candidate applies and ends when the candidate accepts the job.
Understanding your Time to hire can help you identify key areas of improvement, such as delays in getting interviews scheduled, multiple interviews happening with the same candidate, or delays in gathering feedback from key decision-makers and hiring managers.
Individual Time to Hire vs. Average Time to Hire
Another key point to understand is the difference in Individual Time to Hire vs. Average Time to Hire. The Individual Time to Hire is the time it takes one candidate to apply, be referred, etc. through the date when they accept the job offer. The Average Time to Hire is the average amount of time that passes between a candidate applying, being referred, etc. through when they accept the job offer (calculated over multiple jobs or multiple candidates going through the same process).
It’s helpful to understand both because while you need to know the issues associated with a specific job or hiring team, also understanding the differences in the Average Time to Hire can help you further bring to light additional issues important for successful hiring across the board.
Here is how to calculate both.
How to Calculate Time to Hire:
Calculate the number of days between:
- A candidate entering your hiring process (by responding to a job opening or being referred) and
- A candidate accepting your offer
How to Calculate the Average Time to Hire:
- Find the sum of your time-to-hire for each role (for a month, quarter, year, etc.)
- Divide it by the number of hires you made in that same time period
- The result is your average time-to-hire in days
Empowered Partnerships LLC provides temporary, contract, and contract-to-hire personnel to healthcare and dental employers from coast to coast. We have a wide variety of skilled specialty staff ready to work for you.
No matter if you are looking for temporary/contract workers, contract-to-hire personnel, direct hire staff, sourcing support, retained recruitment assistance, or recruitment process outsourcing (RPO) services, we offer many different options to help employers hire and continue to grow.
If you are interested in learning more about temporary, and contractor staffing options, please contact us at email@example.com or view more information about our services on our Employer’s Recruitment Support page.
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