One of them is the time to fill, a value that measures the time that elapses from the start of a new staff search (accepting that there is a vacancy to fill) to the recruitment of the chosen person, this value takes into account, Also, everything that happens before starting the selection of candidates.
As you can see time to fill is a key metric to save money and time, for this reason we focus today’s article on talking about this value: what it is, how to calculate it and how to reduce it.
What is it and how is time to fill calculated?
This metric can provide you with valuable information to determine which sourcing methods and recruitment strategies can get you quality candidates faster.
Do we have a good time to fill?
The average time to fill in all industries is 42 days, according to the Society of Human Resource Management (SHRM). However, it can last between 14 and 63 days, depending on many factors; for example, the overall average time to fill for engineering profiles is 62 days.
As you can see, the time to fill can vary a lot, according to the data of LinkedIn 2017 global survey, the selection processes can last from a few days to 4 months.
Time to fill average: Europe & World
Why is it important to reduce time to fill?
- Every selection process you open costs money, no matter if you’re using LinkedIn, Facebook or some type of job exchange, you must pay to keep your job ad active. The longer you keep the vacancy open the more money is costing you the selection process.
- While you have the vacancy open you are working without an important profile in your team. Imagine now that you have a SaaS company and you are without a developer for more than two months, that represents for the company a serious problem of time and money. The sooner the position is filled, the less money and productivity your business will lose in the long run.
- 70% of candidates lose interest in a selection process if they do not receive news from the contracting company within a week (after having made the contact: send CV, interview, call,…). In other words, if your selection process takes too long you may lose the interest of very good and potential candidates.
How to improve your time to fill
1. Analyze your selection process well
Divide the entire selection process by length, so you can find out which steps take you the longest. For example, you may find that it takes too long to find good candidates or that you could make your interview process much shorter.
It is also important that you know your Candidate Persona in detail, this will save you a lot of time both in curricular screening and in the interview stage. If you know the characteristics that your ideal candidate should have, you will be faster when it comes to detecting it among all the applicants; also, you will know in which channels it moves and you can better focus your strategy.
If you want to know more about this topic, we recommend you read our article Steps to follow to create the profile of your ideal candidate.
2. Invest the necessary time
If you’re using resumes for hiring, it’s interesting to know that reviewing resumes spends 23% of a hiring process. You should not postpone the task, we know that reviewing and screening resumes is a heavy job, but instead of leaving free 15 minutes each day to see and screen the resumes of your candidates, you plan a calendar to which you dedicate an hour daily, In a few days you will make a lot of progress with the selection process.
Also, if you’re just in time, we recommend that you use recruitment software (ATS). An ATM will allow you to have all the information of the candidates centralized in the same platform, you will go much faster when screening the resumes and, consequently, the selection process will reduce the time to fill.
If you want to know more about HTM and what are the best on the market, we recommend you read the articles Everything you need to know about ATS y Discover which are the best ATM on the market.
3. Leverage candidates from previous processes
Surely you have taken more than one process, and you have worked several previous selection processes that you have now in hand. Take advantage of it! A candidate who did not fit 100% in an earlier position may be the ideal candidate for the current one. Check the resumes of good candidates who have been left behind in previous selection processes you’ve worked on and see if they fit the profile you’re looking for now.
You can find great opportunities and candidates will have had time to get more experience.
4. Contact with passive candidates
Many times we do not give the importance it deserves to passive candidates, but we make a big mistake if we do not contemplate these profiles.
Passive candidates are those who are not looking for work, but that a good proposal can convince them to change jobs. They usually do not make efforts to track job offers because they are already working, and are satisfied in their respective workplaces.
Surely you’re wondering: why are passive candidates so important? A study conducted by LinkedIn in 2011 gives us some clues. This research concludes that passive candidates have the following characteristics compared to assets:
- They are 120% more likely to want to make an impact on the company.
- They are 17% less likely to need skills development training.
As you can see, hiring a passive candidate can have many positive effects on your business. If you want to know how to reach them, we recommend reading the article The importance of passive candidates.
Now that you know how important it is for your business to reduce the time to fill we recommend you start working on it. A quick and very effective solution is to outsource your selection processes and leave the most difficult (IT/technological) positions to fill and have a longer time to fill to recruiters who are experts in this type of vacancy.
TalentFY has an extensive network of recruiters specialized in IT and technology profiles, those positions that always get stuck and end up taking more time than you thought. As we have shown you before, the time to fill with TalentFY is 30 working days, taking into account the average time to fill in Europe for this type of profile (56-57 working days), with TalentFY you can reduce your time to fill up to 26 days.
If you want to know us better do not hesitate to read our article Why find talent through TalentFY?
Did you know the Time to fill? Do you know the difference between this metric and time to hire?
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