Which Recruitment Metrics Are Right For You – Time to Fill?
Would you say that you are proud of the efficiency with which your company approaches the hiring process? Do you get excited about the opportunity to welcome new teammates onboard; or…you can admit it…does it make you cringe just a little bit thinking about how long it will take to get everything ready, round up all the interviewers to be involved and pore through all the applications? It all comes down to Time to Fill. In this second installment of my series about determining which HR KPIs work for your company, we’ll examine this telling metric.
In my previous blog about Cost per Hire, I indicated that there is generally a direct relationship between CPH and Time to Fill…in particular, as it relates to the cost of your staff members’ time to be involved in a drawn out hiring process. Take too much time to hire and the business could suffer due to lower productivity, and rush through the process and risk hiring the wrong candidate which will just negatively impact your turnover metric down the road.
How critical time to fill is relative to other HR metrics for your organization only you can determine, but consider this: just because you are a small or medium-sized organization doesn’t mean that you should get by with fewer steps in a shorter hiring process. Small companies can’t afford to “wing it” as it really can take the whole village to hire and onboard a new employee. Any size company can be diligent in making the many steps involved in the recruiting process turnkey; however.
Where Do You Spend Your Time to Hire?
If you’re like me, you manage by what you measure. And when I’m trying to lose a few pounds you can bet I’m recording my calories on my FitBit app…or if our household wants to save up for the next remodeling project, we’re entering our daily expenses into a spreadsheet. Even if I choose to indulge myself every once in awhile, overall by watching my behavior I change it for the better. Having the data in front of me helps me more intimately consider cause and effect. The same is true for the hiring process. Its easy to let a day turn into days and days into weeks when you are progressing through various milestones such as applicant review and interview scheduling without really monitoring your timeframe closely. That can easily translate into disengaged applicants that pursue other companies…and its a vicious cycle, your process then becomes even longer.
A Well-Oiled Time to Fill Machine
So, in the spirit of hiring introspection, let’s look at some basic hiring process stages and ideas for making them thorough, yet as time sensitive as possible.
|Job description development|
|Post jobs to external boards & social media|
|Review applications and resumes|
Prepare notes & feedback
|Pre-employment testing & assessment|
|Schedule coordination for in-house interviews|
|Collect hiring manager feedback|
|Candidate communication – yays & nays|
Extend conditional offer of employment
|Conduct background and/or reference checks|
|Coordinate onboarding logistics with staff|
Finalize start date details with new hire
If you aren’t already employing many of these tips in your process, before you start consider documenting your average time to fill. Then, once some additional time-saving measures are put into place and in action over a period of a few months, measure your average time to fill metric again and see to what extent your organization’s efficiency has improved on that front. Share the success with your team and your CFO…as quantitative KPI info like this is exactly what you need to justify the cost/time involved with future process improvements. The ROI is there when you can create a turnkey process based on sound fundamentals.
ExactHire’s hiring software applications help small and medium-sized companies automate and improve the recruiting and onboarding processes. For more information on how our tools can impact your time-to-fill KPI, please visit our resources page or contact us.