Time per hire. Why it’s so important?

The time per hire metric is an essential measure for organizations in the recruitment process. It measures the duration between the time a job vacancy is posted and the time the successful candidate is hired. The importance of this metric cannot be overemphasized as it impacts the organization’s efficiency and bottom line.

Firstly, the time per hire metric provides insight into the effectiveness of an organization’s recruitment process. A lengthy hiring process can result in increased costs and loss of productivity for the organization. The longer it takes to fill a vacancy, the more resources an organization will spend on advertising, screening, and interviewing candidates. By measuring the time per hire, organizations can identify bottlenecks in the recruitment process and take appropriate action to streamline it, thereby reducing the time and cost of recruitment.

Secondly, the time per hire metric affects the quality of the hire. When organizations take too long to fill a vacancy, they run the risk of losing top talent to competitors who may offer faster hiring processes. A prolonged hiring process can also lead to frustration and disengagement on the part of the candidate. This can negatively impact their perception of the organization, leading to a less enthusiastic and less productive workforce. By keeping the time per hire metric at an acceptable level, organizations can attract and retain top talent, leading to improved performance and a competitive edge in the marketplace.

Thirdly, the time per hire metric is an essential tool for measuring the performance of recruiters and hiring managers. This metric helps to identify how quickly recruiters are sourcing and screening candidates, as well as how efficient hiring managers are in making hiring decisions. By setting benchmarks for the time per hire, organizations can hold recruiters and hiring managers accountable for their performance, and provide training or coaching where necessary to improve their efficiency.

In conclusion, the time per hire metric is a crucial metric for organizations in measuring the effectiveness of their recruitment process, attracting and retaining top talent, and improving the performance of recruiters and hiring managers. Organizations should regularly measure and analyze this metric to identify areas for improvement and take action to optimize their recruitment processes.