Time to fill is one of, if not the most, common metrics that recruiting teams use to measure success. Let’s take a deeper look into what decreasing it can do for your company!
What is Time to Fill?
Courtesy of SHRM: “Time to fill captures the time for the entire hiring process, from job requisition to job acceptance.”
Ultimately, the time to fill is the number of calendar days it takes to hire someone for an open position. Different teams have different rules about the start and end date, but for many teams, it’s when the job becomes publicly available to when an offer is accepted.
The average across all industries is 42 days. But remember: different industries have different averages depending on the hiring process required for the job.
Why Is It Important To Track?
Time to fill is one of the few KPIs that hiring managers have an invested interest in. When hiring managers are faced with an open position, they are left shorthanded at work. Therefore, the shorter the time to fill the happier they’ll be. Also, the cost that is required to keep a job open (job ads, recruiter cost, etc.) can become incredibly high incredibly fast. Keeping it short helps to keep up a positive candidate experience as qualified or dispositioned candidates will hear back quicker.
How Do You Measure It?
First and foremost, your team must decide what events constitute the start of the period and what the endpoint is. For example, the start is the day that the recruiter first advertises the job and the end date is the day that an offer is accepted. Your time to fill would be the number of calendar days between the day that the recruiter first advertises the job or begins to reach out to candidates and the day that a job offer is accepted.
How Does It Affect Your Business?
Understanding your team’s time to fill is incredibly important for a number of tasks:
- Showing you how many requisitions your team can comfortably handle at one time
- Contextualizing the efficiency of your team
- Decoding the strength of your recruiting processes
- Highlighting the accuracy of your data or search process
- And more!
Get in touch so we can show you exactly how we can change the way you recruit!