Time to hire: What you need to know

What is time to hire?

Time to hire is the number of days from when a candidate applies for a job to the day they are hired.

• It measures the speed of your hiring process.
• It helps you spot delays and bottlenecks.
• A faster process helps you win top talent.

As an employer, time matters a lot when you hire. You might lose strong candidates if hiring drags on too long.

Studies show that 54% of candidates walk away from a hiring process due to poor communication. A long process and slow replies can push applicants to lose interest. So a quick, clear process keeps them engaged.

Looking at your time to hire is a smart move. As a result, you can see if your recruitment process still works well.

Why time to hire matters

Simply put, time to hire is the span from when a candidate applies to when they are hired.

This metric tells you a lot about your hiring strategy. It applies to rank and file roles and even leadership hiring.

By tracking time to hire, you can spot delays in your process. So you can fix the slow areas and move faster. Many teams pair this with a review of common recruitment challenges.

Why should you measure time to hire?

For example, measuring time to hire brings a few key benefits:

• It helps you spot waste in your hiring process and find areas to improve.
• It boosts your chances of hiring top talent.

The faster you find and hire quality people, the more competitive you become. So speed gives you a clear edge.

Time to hire vs. Time to fill

It helps to note that time to hire is not the same as time to fill.

Time to fill is the span it takes to fill a job opening from the point it was created. Depending on the company, it may start from job approval to the new hire’s first day.

Meanwhile, time to hire tracks the span from when a candidate enters the process to when they are hired. So the two metrics measure different things.

Average time to hire

Average time to hire varies a lot by industry, role, and location. Still, research shows that hiring keeps getting harder.

According to a 2023 report by The Josh Bersin Company, the average time to hire reached 44 days. Energy and defense firms even take up to 67 days to hire.

That said, you must keep a healthy balance. So aim for quick hiring, but do not rush the choice.

In the race to beat rivals with a faster time to hire, quality still matters most. So do not risk poor hiring decisions just for speed.

How to calculate the time to hire

Computing time to hire is simple. First, you count the days between when a candidate applies and when they are hired.

Here is how to do it:

1. Determine the start date. The start date is when the job opening goes live on your website or a job board.

2. Note the date the candidate applied. This is the day the candidate first sent their application.

3. Calculate the end date. The end date is the day the candidate is hired and starts work.

4. Subtract the start date from the end date. This gives you the number of days it took to hire. A clear end-to-end recruitment process makes this easy to track.

5 ways to improve time to hire

Time to hire is a key metric to watch when you refine hiring. Measure it, then take real steps to improve it. As a result, you save time and money and still land the right person.

Is your time to hire higher than expected? Then try these steps to improve it:

1. Structure hiring process

One of the best moves is to streamline the hiring process. For example, make sure the job description is clear, accurate, and lists the right skills. Strong talent acquisition best practices help here.

2. Improve careers page

Take a close look at your company’s careers page. Remember, this page is often the first stop for job seekers.

So check that it is easy to use. Also make sure the job post is clear about the role and the candidates you want.

3. Consider using an ATS

Recruitment technology like an applicant tracking system (ATS) can speed up hiring. So it saves you valuable time.

For example, an ATS helps you manage resumes and sort candidates by set criteria. For smaller teams, an applicant tracking system for small business is a good place to start.

4. Create compelling listings

Clear, strong job listings make a big difference in your candidate pool. So describe the role well and reflect the real requirements.

Also, show what makes your company unique. As a result, you can quickly attract the right candidate.

5. Utilize video interviews

Also, video interviews save time. They let hiring managers screen candidates faster. They also show more about a candidate’s personality and comfort with tech. For this, reliable video interview software makes the process smooth.

Frequently asked questions (FAQs)

What is a good time to hire?

It varies by industry and role. Still, many firms aim for under 44 days. So faster than the average gives you an edge.

What is the difference between time to hire and time to fill?

Time to hire counts days from application to offer accepted. Time to fill counts the whole span from job approval. So one tracks the candidate, the other tracks the opening.

How can you reduce time to hire?

Streamline your process and improve your careers page. Also use an ATS and video interviews. As a result, you move faster without losing quality.

Does a faster time to hire lower quality?

Not if you keep a balance. So move quickly, but still vet each candidate well. In short, speed and quality can work together.

Key takeaways

• Time to hire counts the days from application to the day a candidate is hired.
• Slow hiring can cost you strong candidates.
• Time to hire and time to fill measure different things.
• An ATS, clear listings, and video interviews all cut time to hire.
• Always balance a fast process with a quality hiring decision.