We know that a speedy hiring process is crucial for a positive candidate experience. From an HR practitioner’s standpoint, that means good “time to hire” and “time to fill” rates. But what exactly does that mean?
Recently, I was in Las Vegas moderating a conference breakout session about culture and belonging. I spoke to two people who are intimately involved in shaping the talent life cycle at Dayforce: Katie Meyers, vice president of global talent management and development, and Steve Knox, vice president of global talent acquisition.
We chatted a bit about the HCM company being a digital-first workplace and I learned that it can be a blessing and a curse. Being fully remote means you get the pick of the best talent across the globe, but with this approach, there come distinct hiring challenges.
Knox said he aims for 50 days for time to hire. But in certain cultural contexts, it may be 50 days, plus two to three months. For example, Knox spoke about hiring workers based in India.
In the U.S., a two-week notice is common courtesy, whereas, in India, notice is typically given two to three months in advance. In that time, a new hire may be interviewing with other companies and decide to go with another offer — starting the time-to-fill clock over again.
What is ‘time to hire’?
Time to hire is “the day that the requisition becomes open, to the day by which you make the offer,” according to Amy Cappellanti-Wolf, chief people officer and executive vice president of Dayforce.
This differs from “time to fill,” which ends “when that person’s butt is in the seat, so [when] they actually join the company,” Cappellanti-Wolf told me.
For Rick Hermanns, CEO of global staffing company HireQuest, time to hire is “how long it takes for a hiring decision maker to make a final decision after they have selected a finalist.”
“This is critical in the recruitment process because too much time can diminish an opportunity for hire,” Hermanns told me via email.
Setting up expectations across the board is crucial, he said, “to ensure a smooth process.”
“It is delicate, as you can lose out on top talent due to a hiring decision,” he continued.
Within the MRINetwork, the recruiting arm of HireQuest, “time to fill” is also known as “time to present” — as in, the “time from taking the original job order, to the time we ultimately present the candidate [that] the company winds up hiring.”
Why it matters
“Tracking ‘time to fill’ and ‘time to hire’ helps organizations assess their recruitment strategies,” Hermanns said. “Both metrics involve tracking the duration of specific stages within the recruitment life cycle.
Cappellanti-Wolf said it’s important because “the shorter the time, the better the performance.” In short, managers don’t want to be left asking, “Where’s my hire? You’re getting in the way of my ability to build or sell product.”