One of the most essential recruiting questions a company can ask is "How long does it take to fill each open position?" After all, every day a position is left open, the company is either losing money or not addressing a business issue. It stands to reason, the faster recruiters can fill positions, the better they can serve the business as a whole. Metrics like “time-to-fill” and “cost-per-hire” only tell us about the process, not its impact. What matters most is how new hires perform and how much they contribute to your organization’s growth and goals.
Gaining Insight from the Numbers
Once you determine which positions are taking longer to fill, you should then investigate the factors responsible for the slowness. Here are several common situations that typically lead to a drawn-out time-to-hire:
Adddressing these issues can create immediate positive results for your recruiting strategy.
The quality of hire metric can take your team from reporting straight stats to reporting on effectiveness. By simply working with your finance department and CFO, quality of hire metrics can be use to support and make strategic decisions, while supporting HR in the boardroom in ROI-based discussions.
Because of its organizational impact, quality of hire is a more important metric to track than time to fill or cost per hire.Balancing out the metrics your HR and Recruiting department measures can be challenging for any organization. Remember, any metric tied to the bottom-line should be a priority. Here are some ways you can leverage the Quality of Hire metric, to further increase revenue across the enterprise.
You can measure the health and effectiveness of a company’s entire recruiting and hiring process by focusing on making changes to improve the process. If a recruiting leader gets these under control, quality per hire will soar, cost per hire will decline and time-to-fill will shrink. Implementing the suggested changes will not only improve the talent acquisition function, but can ensure organizational success.