Recruiting metrics are valuable measurements that show how well your hiring process is doing. This data helps recruiters, like you, properly evaluate hiring processes, by illuminating the bigger picture. Today, we’ll discuss two important recruiting metrics: time to fill and time to hire. Whether you’re new to the industry or a seasoned professional, it’s worth while to know how you can boost your recruiting metrics with an ATS software.
What is Time to Fill?
Time to fill is the amount of time it takes you to fill a position. Not only does this recruiting metric help you plan your hiring process better, it can also show you if the process is taking longer than it should. According to Society for Human Resource Management, the average time it takes to fill a position is 42 days.
Wondering how to calculate this metric? First, it’s important to define the time period you’ll be measuring. For example, you might start measuring the time to fill for a particular position right at the moment when:
- A hiring manager submits the job opening for approval
- HR approves the job opening
- A recruiter advertises the job opening
The end of your time to fill is usually the day a candidate accepts the job offer. It’s up to you to decide which option makes the most sense for your business.
How to Reduce Time to Fill
Tip #1: Build and tap into your candidate database
There’s no need to start from scratch if you’ve been actively updating your applicant tracking system database—your ATS should have many qualified candidates. Candidates who weren’t the exact fit for another position may be perfect for a current opening. Your ATS software gives you easy access to this talent pool. It allows you to review the communications and documents you received from candidates so you can quickly remember what you discussed and what their skills and qualifications are.
Tip #2: Refer to your candidate match list
When you create a new job order in Mindscope, a candidate match list is automatically generated. You’ll see a list of qualified candidates whose skills and qualifications fit the job requirements. The match list is organized by rank, so you’ll see the best-matched candidates at the top of your list.
This feature lets you match and place top candidates to jobs with ease. This is just one valuable feature that encourages more efficient candidate sourcing—Mindscope offers several ATS features and tools that help recruiters build their talent pool and make more placements.
Tip #3: Analyze your time to fill
Your time to fill is comprised of many factors: the time it takes to interview candidates, complete phone screening, review assessments and more. By viewing the breakdown of each stage on your recruiter CRM dashboard within Mindscope, you can see how long each one takes. Once you pinpoint which stage typically causes a lag, you can strategize in a way that will continue to improve your recruiting processes. For example, do you rarely hear back from your emails to potential candidates? Then why not try texting them?
Why you Should Reduce your Time to Hire
Time to hire measures the time between the moment your eventual hire entered your pipeline and the moment they accepted your offer. This metric measures how fast a quality candidate was spotted and moved along the job’s pipeline and strongly influences your recruiting reputation.
In general, time to hire has steadily increased. This is due to employers adding additional measures when screening and interviewing clients. Steps such as background checks, personality tests, presentations and group interviews make the time to hire even longer.
While these measures reassure employers they’re making the right hire, a lengthy interviewing process may deter candidates. According to a Robert Half survey, 39% of surveyed candidates said that a hiring process that spans 7-14 days is too long. The same survey revealed that 57% of job seekers lose interest in the job when they go through a lengthy hiring process.
Today’s candidates are quick to pursue other opportunities, so it’s important for recruiters and hiring managers to move fast during the hiring process. Keeping candidates engaged with consistent communication is part of this process. In your ATS software, you can send automated e-mails to candidates in each stage of the hiring process so they know what to expect at all times. Consider mentioning the timeframe for when you expect to make a hiring decision, as this is a common question that candidates ask.
Better yet, you could send text messages to candidates within Mindscope to build a good rapport. Since text messages have a 93% open rate, you’ll keep your candidates engaged and informed at a time-sensitive stage. By trying out these methods, you might very well see an improvement in your recruiting metrics.
Do you want to learn more about how our recruitment software can improve your recruiting metrics? Book your free demo today.