The 2017 State of Talent Acquisition Technology study found that the majority of respondents (62%) stated that average time to hire is the biggest indicator of success, in relation to hiring the best candidates and improving employee retention.
Reducing time to hire KPIs should be a key part of the recruitment process for businesses. A short time to hire increases the likelihood that your company will secure the most qualified candidates.
Average time to hire is the total amount of time that elapses from when a candidate makes a job application to when the candidate accepts a job offer. According to LinkedIn’s Global Recruiting Trends the average time to hire varies significantly for different industries and can last from a few days up to four months.
Analyzing the time to hire KPI enables you to find out:
Time to fill is another hiring metric that is important for your company to track. Time to fill and time to hire are sometimes used interchangeably. However, there is a difference. Time to fill is the time between when your company posts a job vacancy and when the applicant starts the job. In contrast, time to hire is concerned with when the offer is accepted and not when the candidate starts the job.
Time to hire metrics helps to make recruiting the right candidates simpler and more efficient. Simple and smart hiring includes managing your talent pipeline to ensure that the pool of candidates that are available experience a smooth and predictable process, from application to job acceptance.
Data provided by the Job Openings and Labor Turnover Survey from January to July 2017 provides the following average time to hire for different industries, including:
Fountain’s hiring solution significantly reduces your time to hire. In fact, customers who use Fountain report an average time to hire of less than a week (6 days).
It is time to track your hiring process to assess the effect on your business. A slow time to hire process can have negative effects on your business that include:
To improve your time to hire KPI and avoid the negative consequences of delays in your hiring process, you must recognize the aspects of recruiting that causes delays and bottlenecks.
Here are the typical areas that can result in setbacks in the hiring process. Identifying and managing these bottlenecks can result in reducing your time to hire by 50%.
Hiring managers need to be supported in learning how to reduce the time to hire, while maintaining a high quality of candidates. Let your hiring managers know in practical terms how much slow hiring cost the company. Additionally, provide your hiring managers with the tools to hire simply and efficiently.
Fountain’s hiring platform is easy to use and has a short learning curve, so hiring managers can get to speed in record time. In fact, Turas Group was up and running within two weeks of implementing Fountain.
[Read the case study about how Turas Group has gained incredible results from using Fountain.].
Traditionally, the formal process to fill an open position involved completing long forms and waiting until a senior manager made the time to sign-off the request.
To reduce your overall time to hire, you should consider improving the requisition process by:
Fountain can reduce the time to hire during the requisition process with our customizable workflows. You can standardize, duplicate or merge workflows depending on the positions you are hiring. Fountain also integrates with different software for a complete hiring management experience. For example, we integrate seamlessly with HelloSign which makes it convenient for the relevant managers to approve job requisitions easily and quickly.
A job description should include the necessary details to provide the candidate with enough information to make a decision about whether to apply. However, including too much information in a job description not only wastes management’s time but can also deter applicants from pursuing the role.
Cut down on the time and unnecessary details in job descriptions by:
For more ways to make the most of your application process, download our 5 Ways to Improve Your Application Performance checklist.
Whether you are a small franchise owner or are recruiting for a larger company, posting on different job boards can increase the time to hire because each job board has its own requirements. Additionally, extra time has to be spent monitoring each job board, which reduces hiring simplicity.
The following tips will help you to reduce the time to hire metrics in relation to posting jobs:
Fountain’s Boost is a new feature that removes the need for hiring managers to post to different job boards. With Boost, you simply let us know how many vacancies you want to fill, and we will suggest a budget. We will then post to the relevant job boards for you. All you need to do is to review the candidates, which is done in one dashboard. Boost gives your company the ability to hire fast and reduce the resources required to post on and monitor job boards.
Book your personalized demo to try Boost today.
If you want to hire fast, you must increase effective communication with candidates.
The following tips will help to ensure that your communication contributes to the reduction in time to hire rates, even if you have thousands of applicants at one time:
Fountain helps to reduce time to hire rates by at least 50% by providing the candidate and your company with a mobile-first hiring experience. All of our features are compatible and fully-optimized to work with the most popular browsers. You also have the option to send automated messages at different stages of the hiring process.
There can be a disparity between what is written on the application form and what the candidate is able to do.
Adding an extra step into the hiring process to pre-assess your candidates will reduce your time to hire KPI. This is because unsuitable candidates will be eliminated before you spend time and resources on in-person interviews and pre-employment screening.
Hire faster with the following pre-assessment tips:
Fountain’s video interview feature allows candidates to pre-record a video interview, to help you to assess important attributes, like communication skills.
According to research by Glassdoor, the following industries had the longest interview processes:
The same research found that the industries with the shortest interview process are:
Reduce the delays associated with the interview process by implementing the following suggestions:
Eliminate the need for going back and forth when scheduling interviews – Interview scheduling can create a bottleneck in the hiring process. Hire fast by automating the interview scheduling process.
Fountain’s scheduling toolkit allows you to send candidates an email or SMS with a link to the interview. When a candidate accepts the interview, your calendar is automatically updated. You no longer have to sift through emails and make manual updates to your calendar. Additionally, the candidate gets a notification by SMS message when the interview has been confirmed.
Automation is one of the key aspects of reducing your time to hire rates. Fountain has been designed to automate processes that accelerate sourcing and hiring.
Whether you need to hire contract workers, permanent employees or both, Fountain is here to help you to reduce the single most important recruitment metric – time to hire.
Request a personalized demo today to find out why we are the recruitment platform of choice for companies, like Safeway, Deliveroo and UberEats.
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