Time to Hire
Time to hire refers to the time it takes from making initial contact with a candidate to them accepting a final offer. To calculate your average time to hire, first subtract the date a candidate accepted an offer from the date they applied. Do this for every candidate, and add those numbers together. Then divide that number by the total number of candidates. Here’s an example with just three candidates: Candidate 1 time to hire: Day 45 - Day 2 = 43 Candidate 2 time to hire: Day 66 - Day 34 = 32 Candidate 3 time to hire: Day 107 - Day 59 = 48 Average time to hire = (43 + 32 + 48) / 3 = 41 days Time to hire is a key metric for HR departments because it showcases the efficiency (or inefficiency) of the hiring process. When HR monitors their time to hire, blockers or issues during the sourcing, screening, interview, or negotiation process will immediately become clear. Therefore, it’s a good idea to track time to hire continuously, rather than just measuring it at the end of every quarter or year. That way, you can catch any hiccups in the process and fix them before they impact your candidate NPS score.
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