Perhaps it’s best to sort this out right away. What’s the difference between the two?
Now that we know the basic difference, let’s get back to the main topic.
It reflects how good or bad your hiring process is. How long it takes your hiring team to fill in a new position, what improvements can be made to keep the candidates interested…
This metric will give you the answers to those questions, and many more. It all depends on what result you are after.
Define the period you want to measure, set a starting point first. It can be the moment when a recruiter posts the job online or all the way back when the job opening is first proposed. It’s a matter of choice.
The ending point is, well, when the candidate gets hired. Once you define the period, you should remain consistent with it. In other words, it should be the same for other teams and positions if you want optimal results.
If you want to know what your average time to fill is, there’s a simple way to do it. Choose a time length of one year, for example. Calculate the total number of how many days it took you to fill all the opened positions during that time. Then, divide that number by the number of accepted offers, and there it is - the average time to fill.
According to the reports of The Society of Human Resource Management (SHRM), it takes an average of forty-two days to fill an open position. There are also benchmarks that calculate this number per industry.
If you have a higher time to fill than other companies, it does not necessarily mean that their hiring process is better than yours. Their starting point might be different, or your industries are entirely different. Focus on your metrics and always search for improvement.
Every problem is followed by various solutions and methods. The thing is, problems aren’t unique, so there are no unique solutions either. We’ll try to give you a head start with a few suggestions:
You should always remind yourself about the difference between the time to fill and time to hire. Both metrics are important, but not the same. Try not to compare yourself with the other companies and instead invest your time in improving your hiring process.
ATS tools do wonders for improving your metrics, consider getting one. It’s a small investment compared to the benefits you’ll get.