The commitment that employees have toward their employers, and vice versa, is essential to accomplishing business goals while ensuring a healthy and productive workplace. Businesses can evaluate their time to fill and time to commitment metrics to streamline their hiring processes and fill open positions faster.
In this post, we’ll discuss how your business can improve hiring practices to help achieve your business goals and increase your new hire commitment.
Why New Employee Commitment Matters
New employee commitment is essential to establish a healthy company brand and a thriving culture where your employees can succeed and reach their potential. Some important metrics to keep track of as you dive into filling open positions are your company’s time to fill and time to commitment.
Below we’ll look at the difference between time-to-fill and time-to-commitment and how each metric will provide unique insights into your hiring process.
What is time to fill vs time to commitment
Time to fill correlates directly to the number of days it takes for your company to fill an open position. The first step to determining your company’s time to fill is by defining a start point, whether it be the day the job is posted or the day the job opening was approved. The number of days between your start point and when your candidate accepts your job offer defines your time to fill.
To calculate your company’s average time to fill, simply add up the days from your determined start point, such as the day the job was posted, to the day the candidate accepted the position, then divide by the number of jobs you’ve filled. This metric will lend valuable insights into how efficient your hiring process is. It’s important not to include positions that your company is always looking to fill. These positions will inflate your time to fill and mislead your hiring team.
Time to commitment is the amount of time between posting your job and offering it to your candidate. This metric is crucial in a tight-labor market. Issuing a quick job offer will keep a candidate from exploring competitive offers. This is especially tricky in entry-level positions where companies experience high turnovers and incentives such as hiring bonuses.
Time to commitment is crucial when trying to fill entry-level jobs where qualified candidates are interested predominately in job security and salary. Therefore measuring your time to commitment, will shed light on bottlenecks in your hiring process. In a tight labor market, a controlled time to commitment can be the difference between filling open-positions and losing a quality candidate to a competing offer.
How to reduce time to fill and time to commitment
Thankfully the solutions to reduce your company’s time to fill and time to commitment are right here so you can reduce both efficiently. Below are some ways in which you can accomplish ideal time to fill and time to commitment metrics:
Use applicant tracking software in order to have a qualified applicant pool the day you have a job posting.
Source actively when you aren’t hiring by creating connections with passive candidates for possible future hires.
Referral programs are key to finding top-quality hires that help create a unified company culture.
Automating the selection process where possible is an easy way to reduce your company’s time to commitment. By investing in software that helps you analyze recruitment data saves your business time and money before the interview even begins.
Utilizing and customizing your talent matching software will allow you to find the best match employee from the start.
Self scheduling is a great way to see who is cut out for your organization before you bring them in to interview. Additionally, it’s a great way to reduce time to commitment with the top-quality employees by getting them faster to their interview.
Centralize recruitment data so that every hiring executive has the same access to top-quality candidates so that you have the strongest workforce possible.
There are many ways in which a business may hit the ideal time to commit and time to fill metrics. But a successful business that wants to fill open-positions quickly will use a variety of these techniques.
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