Average Time to Hire
Lower is better
How is Average Time to Hire calculated?
To calculate the average to hire a candidate, you'll want to take the total time hired candidates spent in the hiring pipeline (this can include initial outreach, interviewing, offer, etc.) within a given period of time and divide that by the number of candidates hired during the same time period.
What is Average Time to Hire?
This metric is great to monitor the quality of your recruiting pipeline. Candidates typically prefer a fast process, even if it results in no offer, so that they can continue to explore other opportunities or compare offers from multiple companies. In general, the longer time a candidate spends in the recruiting pipeline after they have initiated the process, the worse the candidate experience becomes. If your organization has a long time to hire, consider revisiting the processes surrounding your candidate experience and recruiting pipeline. Ideally, you'll want a candidate to walk away from their interview experience with a positive view of your business, even if they receive no offer.
Why is Average Time to Hire important?
This KPI is a good indicator of how candidates will perceive your business as they're going through your hiring pipeline. A negative candidate experience will hinder future growth efforts since they may spread negative word-of-mouth about your brand or company.
Start tracking your Average Time to Hire
Create a KPI for Average Time to Hire to monitor it over time and an OKR to track your impact against it in Commonality.