“Time to Hire” refers to the amount of time it takes to bring a new hire on board from the moment that you first publicize the open position. It is important to distinguish that this means the time until a new hire’s first day on the job, not the day they accept the offer.
This is probably the most important recruiting metric to focus on as it relies on the efficiency of the recruiters and the sourcing channels used, but also determines the success of your overall recruiting strategy. Job vacancies within an organization can mean a loss of productivity until that position is filled, so the longer the time to hire, the longer your organization is lacking in that area.
Of course, the time to fill is going to vary based on the job level and perhaps the skill set that is required. As time goes on, however, HR should be able to determine an average time frame across all positions, and work towards reducing that time.
To get a clearer picture of how to improve this time, this metric can be further broken down into intervals of time between each of the steps between the job posting and the first day on the job – from when a candidate was sourced, to when they were screened, to when they were interviewed, etc.
Ultimately, companies who have a strong talent management strategy will have a shorter time to hire than those with a weak or non-existent strategy
Here are basic definitions for the eight most commonly recognized intelligences that cover the potential of most humans, prioritized by applicability to the entrepreneurial role:
1. Word-smarts (linguistic intelligence)
People with a high linguistic intelligence display a high facility for word usage and languages. They are typically good at communicating ideas, reading, writing, and telling stories. Good entrepreneurs need these skills to lead a team, sell ideas to customers and investors, and write business plans.
2. People-smarts (interpersonal intelligence)
These attributes are the embodiment of social skills. Entrepreneurs with high social skills interact more effectively with all their constituents. They are able to sense the feelings, motivations, and temperaments of others; to enlist support; and negotiate effectively. They love working with people.
3. Self-smarts (intra-personal intelligence)
Intra-personal intelligence is the capacity to understand your own strengths, weaknesses, and motivations, and to capitalize on these insights in planning and strategy. Good entrepreneurs must be able to surround themselves with advisors and partners who complement their skills in order to find satisfaction and happiness.
4. Number-smarts (logical-reasoning intelligence)
Logical-mathematical intelligence is the ability to calculate, quantify, and think logically. Entrepreneurs use strengths in this area to balance their passion for a specific solution and to develop the specific steps and financial resources required for building, rolling out, and scaling the business to success.
5. Nature-smarts (naturalist intelligence)
This sort of environmental and cultural insight is deeply rooted in a sensitive, ethical, and holistic understanding of the world and its complexities. I believe that good entrepreneurs use this to see new markets first, predict world trends, and devise effective marketing campaigns and demographics for focus.
6. Picture-smarts (spatial intelligence)
Spatial intelligence is the ability to think in three dimensions and the ability to visualize with the mind’s eye. Core capacities include mental imagery, spatial reasoning and an active imagination. It’s easy to see how this is important for entrepreneurs in marketing, solution design and product branding.
7. Body-smarts (kinesthetic intelligence)
This intelligence involves a sense of timing and the perfection of skills through mind-body coordination. Business entrepreneurs who are also good at invention and building innovative new products are especially strong in this area. Strengths here also lead to leadership presence and public-speaking prowess.
8. Music-smarts (musical intelligence)
Musical intelligence is the capacity to discern pitch, rhythm, timbre, and tone. In addition to being key to any business directly or indirectly related to music, this skill help entrepreneurs to be better listeners, orchestrate events, and develop marketing programs. Music-smart people also tend to be logical.
In addition to looking at intelligence, every aspiring entrepreneur needs to look at mindset. The mindset that works best is one that sees challenges as exciting rather than threatening, setbacks as learning opportunities, and a conviction that effort and perseverance will overcome any obstacle.
If you have that mindset and even a few strengths among the multiple intelligence described above, don’t let anyone, including yourself, tell you that you aren’t smart enough to be an entrepreneur.