Still optimizing for time to hire? It's time to stop!

As a talented recruiter, you know all too well that recruitment scheduling can be a difficult task. Passive candidates take longer to commit than active ones, teams have different budgets and expectations, etc. - and just when you thought you had everything aligned, the finance manager comes and asks you about the time-to-hire.

Many factors influence the time it takes to fill an open position, so it's not an accurate measure of a recruiting team's performance.

Time-to-hire vs. hiring speed

time-to-hire considers the total time between a vacancy and a filled position, while hiring speed defines the total time taken by the candidate from the first contact to the acceptance of the offer in the hiring process. Looking at the candidate lifecycle is important primarily because it is the stage where the recruiting team can have the greatest impact.

A fast setting is more indicative of the efficiency of recruitment, this:

• takes into account how quickly candidates are invited for an interview
• illustrates a streamlined process for creating and negotiating bids
• reduces the likelihood of losing top talent to competing offers

Optimizing the setting speed

At the end of the hiring process, it is possible to save time by summarizing steps. For example, start immediately after a candidate reaches the final rounds of interviews by contacting him or her and informing them of the next steps. These calls can sometimes drag on - this head start can mean that you need a few days less time for the hire. Use these conversations also for additional advertising for your company and to weigh the likelihood of acceptance - this will help your interview team in the final assessment of candidates.

Set reasonable deadlines for offer evaluation in order to further reduce time to hire. Simply ask your candidate how long they believe it will take to make a decision. Do not keep offers in limbo and reach an agreement with the candidate within 3-5 days.

It is important to be proactive when discussing the offer evaluation so that you can make necessary adjustments and, in some cases, realize that the customer has already made their decision.

When should time-to-hire be applied?

It is important to always stay on top of metrics, as this can provide some organizational insights. For example, forecasts for the number of employees in your finance team are important. In addition, the time-to-hire is a good measure of how strategic your team is when it comes to new challenges. Open positions should also be filled as quickly as possible. If the requirements are not met for a long time, there is probably a misalignment of priorities.