In addition to the costs to hire, you should also track the time required tofill positions.
If your costs are reasonable but your time to fill takes months instead ofdays — you’re losing the battle. The ‘time to fill’ metric show theaverage number of days from the date a requisition is received until an offer isaccepted.
This measure is an important indicator of the efficiency and success of thestaffing process. It has been shown that by increasing your hiring speed youincrease your number of high performing “quality” hires — since mostgreat candidates are only on the market for a very short time.
In a very tight labor market companies are competing with competitors forthat top talent. If you don’t get there first, your competitor surely will.Revenue will also suffer — when positions are left vacant, productivity, andthus revenue, are greatly reduced. Savvy staffing professionals can plan moreefficient job fulfillment when time and source metrics are known.
Total time to fill
The total time to fill for both external and internal new hires is nowaveraging 52 days. For exempt employees, it’s averaging 60 days and for nonexempt,43 days.
The time required to fill exempt external hires is 67 days. The highs arehitting around 90+ days for exempt and 60+ days for nonexempt.