What is 'Time to Fill'?
In talent acquisition, efficiency is key. 'Time to Fill' is a metric that tracks the number of days from job requisition approval to candidate offer acceptance. It’s a crucial indicator of how swiftly your recruitment process moves.
'Time to Hire' vs 'Time to Fill'
While 'Time to Hire' focuses on the candidate’s journey from application to offer acceptance, 'Time to Fill' measures the entire duration from when a job opening is posted until a candidate accepts the offer. Essentially, 'Time to Hire' is a subset of 'Time to Fill', offering a more focused view of the candidate experience and recruitment process.
Read more about 'Time to Hire' here.
How to Measure 'Time to Fill'
Measuring 'Time to Fill' is straightforward:
Time to Fill = Date of Offer Acceptance – Date Job Requisition Was Approved
For instance, if a job is approved on January 1st and filled on January 20th, the 'Time to Fill' is 20 days. You can measure this for individual roles or average it across multiple roles to gauge overall efficiency.
What is a Good 'Time to Fill'?
What constitutes a good 'Time to Fill' can depend on several metrics such as how specialist a role is, the priority in terms of hiring, and the location/package of the vacancy.
The Society of Human Resource Management (SHRM) reports an average 'Time to Fill' of 47.5 days. From speaking to many of our clients, the data we see suggests the actual average time within the life sciences is slightly longer than this, at around 60 days.
Why 'Time to Fill' Matters
'Time to Fill' has significant implications:
- Cost Efficiency: Shorter 'Time to Fill' reduces costs from unfilled roles, like lost productivity.
- Competitive Advantage: A faster process helps you secure top talent before competitors do.
- Candidate Experience: A lengthy process can cause candidate disengagement, leading to offer declines.
- Team Impact: Unfilled roles can strain current employees, affecting morale and productivity.
Strategies to Improve 'Time to Fill'
Refine Job Descriptions
- Clarity: Make job descriptions clear and concise to attract the right candidates, reducing time spent screening.
- Realistic Requirements: Focus on essential qualifications to widen the candidate pool.
Checkout our guide on the Ultimate Job Posting here.
Streamline the Application Process
- User-Friendly Systems: Use an Applicant Tracking System (ATS) that’s easy to navigate. A complex application process can deter candidates.
- Mobile Optimisation: Ensure the process works well on mobile devices to prevent drop-offs.
Leverage Pre-Screening Tools
- Automated Screening: Implement tools that quickly assess candidate qualifications within CVs, saving time on initial reviews.
- Initial contact: Having used technology to filter the most suitable candidates, a thorough screening call can then highlight key strengths and areas of consideration that can be further evaluated in the interview stages.
Improve Collaboration Between HR and Hiring Managers
- Align Expectations: Ensure HR and hiring managers agree on qualifications, timelines, and processes to avoid delays.
- Regular Communication: Hold frequent check-ins to address roadblocks and keep the process moving.
Optimise the Interview Process
- Structured Interviews: Use standardised questions to speed up the interview process and improve consistency.
- Panel Interviews: Conduct panel interviews to reduce the number of interview rounds and accelerate decisions.
Utilise a Talent Pipeline
- Build a Talent Pool: Maintain a list of pre-qualified candidates to approach soon as a position opens, there are many ways to build a talent pool but a good place to start is by creating a general application on key platforms.
- Engage Passive Candidates: Keep in touch with potential hires who aren’t actively looking but might be interested in the future.
Expedite the Offer Process
- Pre-Negotiation: Discuss salary expectations early to avoid delays and surprises at the offer stage.
- Quick Turnaround: Extend offers promptly to prevent losing candidates to other opportunities.
Use Data to Drive Decisions
- Analyse Trends: Regularly review 'Time to Fill' data to spot bottlenecks and make adjustments.
- Benchmark: Compare your 'Time to Fill' with industry standards to identify improvement areas.
Conclusion
Reducing 'Time to Fill' is key to improving recruitment efficiency. By refining job descriptions, streamlining processes, leveraging technology, and fostering better communication, you can fill positions faster. This not only helps secure top talent but also enhances your overall recruitment strategy, leading to better business outcomes. Continuously monitor and optimise your recruitment processes to keep your organisation competitive and agile.
