As you can see, shortening the time needed to hire an employee has a lot of advantages. The next concern is how to shorten the hiring process.
Here are 10 ways your business can start enhancing time-to-hire metrics so you can benefit from them:
Utilize data to develop and carry out initiatives.
You must gather enough information about your hiring process to determine what needs to be improved before you can shorten your company’s time to hire. This information will help you establish a baseline and identify the tactics you may use to shorten the time candidates spend in the recruiting process.
In addition to your average time to recruit, other important metrics to take into account are as follows:
- The industry average for time to recruit – How does your business compare to others in the same sector? This will shed light on how societal, political, or other national or international events are affecting the workforce.
- How long does it typically take your company to fill a vacancy once it has been advertised?
- The time between stages – How long do applicants wait in your hiring funnel between each stage before moving on to the next?
- Application completion rate – You can determine how effective your existing application procedure is by looking at the application completion rate.
- How many candidates do you see submitting applications via sites like Indeed, ZipRecruiter, and LinkedIn as opposed to your career page?
- Response rate: How quickly do applicants respond to emails and other types of communication?
- How many interviews do you do before selecting a candidate to whom you will extend an offer letter?
- hiring quality – In a sea of applications, can you locate quality candidates? Is this procedure automated, or is there personnel specifically assigned to it? How much turnover do new recruits typically experience?
- Cost per hire: Are you spending too many or not enough resources to successfully complete the hiring process?
Once you’ve gathered these crucial hiring metrics, you can start using the techniques that will benefit your organization the most to shorten the time it takes to acquire new employees.