Time to Fill Metrics: A Data-Driven Approach to Talent Acquisition
As with any complex business process, timely and accurate information is an essential element of an optimized talent acquisition program. In previous posts, we have discussed the importance of analytics in talent acquisition. Today, we will focus on a single metric, Time to Fill, and discuss in detail how this metric can help your organization optimize the talent recruiting process and deliver better business results.
A data-driven approach to talent acquisition can yield important insights into the recruiting pipeline, identify challenges, and pinpoint opportunities for improvement and ensure an enhanced return on investment. HR leaders can analyze metrics in detail and evaluate the efficiency of the process at every stage, identifying the most time-consuming stages and build strategies to optimize the entire process.
So, what should you measure?
The following Time to Fill metrics can deliver a range of valuable business insights:
- Process strategies
- Process gaps
- Strategic budget planning
- Resource allocation
- Quantifiable results
- Cost per hire
- Opportunities to optimize
- Calculate ROI
In addition to Time to Fill metrics, we also need to consider the following variables as part of the calculation:
- When does the relevant time period start and end?
- Should the time period include weekends and holidays?
- What are the appropriate categories for location, department, and employee type?
- Is Date of Offer or Employee Start Date the correct variable?
Once these variables have been determined, we can evaluate the efficiencies of individual stages of the program. It is essential that organizations be able to configure the analytics to their own unique process and recruiting stages. Those stages include:
- Promote job opening
- Evaluate candidates
- Interview candidates
- Select candidate
- Extend offer
- Candidate response
- Offer finalized
- Begin onboarding
With all the above components, HR leaders can now calculate, measure and track their Time to Fill recruiting metrics and gain detailed insights about their current process. With this information, they can make more informed decisions to find opportunities to optimize their current process and increase the return on investment in talent acquisition.
To learn more about calculating the return on investment of a talent acquisition strategy, download the Calculating the ROI of Recruiting Technology white paper.
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