Do you believe in the saying, Time is money? This is especially true when it comes to hiring.

It takes an arduous 44 days on average to fill a position. It is noteworthy that talent acquisition specialists devote about one-third of their workweek, or roughly 13 hours, to finding applicants for a single position.

Among these figures is time-to-hire, a crucial indicator that guides recruiters toward effective talent acquisition.

Continue reading to discover more about this measure, the formula used to determine time-to-hire, its significance, and how comprehending it may help you reduce time-to-fill and create an incredibly effective hiring process!

What Is The Time To Hire?

Time to hire is a metric that encapsulates the essence of recruitment efficiency. It measures the duration from the moment a candidate submits their application to the day they accept an official job offer. But it’s more than just a number; it’s a window into the health of your recruitment process. 

Every candidate’s journey through your hiring pipeline is underpinned by the ticking clock of time to hire. A prolonged hiring process can deter top talent, leading to lost opportunities and diminished candidate experiences. Embracing swift hiring not only enhances candidate satisfaction but also directly impacts organizational success. 

62% of professionals have revealed that they lose interest in a job if they don’t receive communication from the employer within two weeks (or 10 business days) after the initial interview. Since this figure jumps to a whopping 77% if there is no status update within three weeks, it’s clear that in the race to secure the best talent, time is a recruiter’s most precious resource. 

Hence, the formula for calculating time-to-hire is refreshingly straightforward. Just count the number of days taken for the candidate, from applying for the job to accepting the offer. 

The average time to hire a new employee is 44 days, which provides insights into your recruitment process’s efficiency. It represents the typical duration it takes to go from posting a job vacancy to welcoming a new team member on their first day. Learning the average time-to-hire formula is vital because it directly reflects your ability to secure top talent quickly. 

To calculate the average time-to-hire, add up the days each candidate spends in your recruitment process from application to job offer, then divide this total by the number of positions filled in that cycle. This gives you the average time to hire. This formula is more than just arithmetic; it’s a gateway to insights.

It reveals how efficiently your recruitment engine is running, allowing you to fine-tune your strategies. Industry statistics show that organizations with a shorter time-to-hire have a competitive edge in acquiring top talent, as top-tier candidates are typically snapped up within a mere 10 days.

Why Is Keeping Track Of Time-To-Hire Essential For An Optimized Recruitment Process?

Keeping track of time-to-hire is essential for an optimized recruitment process because it provides valuable insights into the efficiency of your hiring pipeline. Monitoring this metric allows you to identify bottlenecks, streamline workflows, and pinpoint areas where delays occur, ensuring a smoother process from application to offer acceptance. 

A shorter time-to-hire not only improves the candidate experience and satisfaction but also helps reduce the risk of losing top talent to competitors who move faster. 

Additionally, tracking this metric allows you to set benchmarks, optimize resource allocation, and make data-driven decisions to enhance overall recruitment performance, which ultimately contributes to organizational success by securing high-quality candidates more quickly.

How Can You Reduce Time-To-Tire?

Reducing time-to-hire can be efficiently achieved with the right tools that streamline and automate key parts of the recruitment process. One such tool is EasySource, designed to meet the toughest recruitment challenges, from entry-level to executive positions. EasySource optimizes sourcing, screening, and candidate engagement, helping you reduce the time it takes to hire the best talent.

With EasySource’s Candidate Discovery Module, you can effortlessly source candidates by simply entering a job description or prompts. It searches both active and hidden talent pools, providing candidates who are genuinely interested in your organization, thus speeding up the sourcing phase.

The Persona-based Candidate Screening Module helps you quickly screen applicants by analyzing qualitative and quantitative traits beyond the job description, allowing you to focus only on the most qualified candidates. This dramatically reduces the time spent manually sorting through resumes and identifying top talent.

For candidate engagement, EasySource’s Candidate Engagement Module automates outreach by creating personalized messages that are aligned with each candidate’s profile. This not only saves recruiters time but also ensures that candidates receive tailored communication, increasing engagement and speeding up the response rate.

Moreover, EasySource helps you rediscover talent from your internal pool by integrating easily with your existing database, screening candidates against your criteria, and sending personalized messages. This helps you quickly tap into internal candidates, often reducing the need for external sourcing.

By automating and optimizing sourcing, screening, engagement, and talent rediscovery, EasySource significantly reduces time-to-hire, helping you secure the right talent more efficiently.

Conclusion

In conclusion, time-to-hire is a critical metric that not only reflects the efficiency of your recruitment process but also directly impacts your ability to secure top talent. By closely tracking this metric; you gain insights into areas that may need improvement, allowing you to streamline your hiring pipeline, reduce delays, and enhance candidate satisfaction.

Embracing, EasySource can also significantly accelerate the process by automating key tasks such as candidate sourcing, screening, and engagement, ultimately helping you reduce time-to-hire. In today’s competitive talent market, a swift and efficient hiring process is essential for securing the best candidates before they’re snapped up by competitors.

By optimizing time-to-hire, you can improve your recruitment performance, reduce costs, and ensure your organization attracts and retains top-tier talent quickly and effectively.