Benefits to Using Time to Fill Metrics

Many recruiters in different companies use the time to fill when it comes to hiring new people. You can know more about this metric on this site here. This metric determines the days a vacant position is open and until the right applicant fills it. The events can involve the start of hiring advertisements and the successful closure of the post.

Different businesses may choose other starting points when it comes to hiring people. As an example, it can begin on the day the hiring manager receives a job requisition, the approval from all the stakeholders involved, or it’s when the job posts are all over the internet.

Similarly, a specific role’s successful closure can mean that the candidate is being onboarded into the employment system, or it’s the day the person signed and accepted the job offer.

When to Start and End

It’s recommended to start on the day the manager received a request for job requisition, and the end date will be the onboarding of the new employee into the workforce. This is when the time to fill metrics should be used so that more accurate data can be obtained. The requisition process lets everyone know that a job vacancy needs to be filled, and the company needs help from sources like referrals or internal hiring.

Onboarding is also critical because this will show the people who are serious about employment. Many have changed their minds after accepting the offer because they received a better one from a competitor, and there are those employees who tend to postpone their joining dates because of emergencies.

If you are the hiring manager, you must note the average time it takes to fill your company and track every requisition that you’re receiving every year. As an example, you may have a company that has hired a total of five employees for the whole year. The time to fill the position was 20, 12, 25, 15, and 10 days. You can add the numbers and divide them by the number of requisitions. You may discover that the average time to fill is about 16.4 days.

Advantages of Tracking the Time Metrics

Many enterprises may decide to separate these metrics into buckets depending on the department and location. The data can provide more in-depth insights about how the whole company is operating and the hiring efficiency of each one. Here are other reasons why many businesses use the metrics.

1. Filter Out the People and Systems that Don’t Work

When you regularly measure the time to fill, you can change strategies for talent sourcing. You’ll know the people who are performing well, and which methods are falling short. As an example, there are sites like LinkedIn that are perfect for marketing professionals, but you may not see a lot of technical talents out there. With these kinds of insights, you can reduce your investments in these channels and focus on areas that can produce better ROIs.

2. Planning Better Pipeline Acquisition

There are scenarios where one of your valuable talents has given the notice to quit, and he is currently serving his 1-month notice. When you have data, you’ll have an idea of how many days it will take to hire a candidate with similar talents, skills, and knowledge.

You will be able to better plan the talent pipeline, and you can get requisitions at the right time. Read more info about requisitions here: https://www.investopedia.com/terms/r/requisition.asp. You can obtain approvals and publish the suitable ads that will attract the people that you need. This way, the vacancy can be effectively filled in when the old one is leaving.

3. Highlight the Issues in hiring Candidates

It can be a lengthy process to hire, and it will cause a loss of interest of the right people. When you have proper time measurements to hire, you can identify the problems and take corrective steps accordingly.

For example, the giant company Google once realized that it takes about 6 to 9 months before they can fill a position. The process can include 10 to 25 interviews, and it has slowed down the workforce considerably. Since then, they were able to align their strategies where the interviewers often look for attributes like leadership, cognitive abilities, and domain knowledge to select the right person.

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