“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