Time to Hire (TtH) is a metric used to measure the amount of time it takes for a company to fill an open position, from the date the position is posted to the date the candidate accepts the job offer. It is used to measure the efficiency of the recruitment process and to identify areas where improvements can be made.
The formula for Time to Hire is:
Time to Hire = (Date of Job Offer Acceptance – Date of Job Posting)
It is calculated by measuring the amount of time in days or weeks between the date the position is posted and the date the candidate accepts the job offer.
For example, if a position was posted on January 1st and the candidate accepted the job offer on February 15th, the Time to Hire would be 45 days.
It’s important to track the Time to Hire over time, compare it against industry benchmarks and historical data, to identify areas where the recruitment process can be improved. It’s also important to track the Time to Hire by different segments, such as by different teams, positions, or locations, in order to identify where the problem is and take action to reduce the Time to Hire.
Time to Hire is an important metric for companies, as it allows them to evaluate the efficiency of their recruitment process and make decisions about recruitment strategies, budgets, and partnerships.
It’s also important to keep in mind that the Time to Hire should be aligned with the business requirements and the needs of the end-users, a short Time to Hire can indicate a strong recruitment process, but it can also mean that the company is not investing enough in finding the right employees or not investing in the recruitment process.
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