The Metrics That Really Matter: “Time to Fill”
We talked about using real time data to find the best sourcing spots in our last blog post. Sourcing is a huge factor in our next metric of interest: time to fill. But before we can talk about the numbers, let’s define what time to fill can mean to talent pros.
Time to fill is a measurement of how long a requisition is open once it is approved to fill or posted—all the way until a candidate officially accepts an offer.
However, it is important to recognize that different firms and companies can define this time period’s start and finish differently. Whatever your definition, be sure to communicate that specific window to your team so that they know exactly what is being measured.
Now that we are all on the same page, let’s get down to it.
Yes, the time to fill metric by the above definition refers to a specific interval. But the measurements we take from those start and end dates tell us a lot more than just how long the job was open.
These numbers give us insight into our own practices and the trends that currently govern the talent world.
This leads us to the 2 common issues time to fill can give us insight into:
1) Setting the average - When we estimate how long it will take us to fill a specific position we need to know a few things.
Location, occupation, and time of the year are all huge factors when generating this potential fill date.
By using our own data from past placements, we can get a better idea of how long it should really take to get a candidate signed. Also, having this data allows you to size up the market trends and see where your company stands.
Pro Tip: Use a platform that will work with you to customize your data fields so that you can isolate these factors whenever needed to run your report.
2) Examining the workload - Looking at the time to fill metric by team member allows you to see who lies on each end of the spectrum. One recruiter may be skilled at filling fast, and another may fall behind.
This doesn’t have to mean one is better than the other – we already talked about how certain factors can affect hiring time. Maybe one recruiter keeps getting stuck with the hard to fill positions, or has too many positions to dedicate their time to. The faster recruiter may be hiring less qualified candidates to quickly boost numbers. Either way, time to fill will reveal that there is in fact a discrepancy in the fill time, and it is your mission to find out why.
By using data to run these numbers you can create better workload balance for everyone. You can even use these numbers to identify team members to pair up by strengths and weaknesses for some skill building.
Time to fill isn’t just a metric, it’s a data goldmine for business practice insight
By taking a look at the numbers, we can uncover hidden kinks in our recruiting practices. Even better - we can improve on them before they become detrimental to our companies. There is no limit to what the time to fill metrics can show us.