You already know that Time to Rent and Time to Fill are fairly related since each measure how lengthy it takes to rent a candidate. However there are specific variations between Time to Rent vs Time to Fill that we’ll break down a bit later on this article.
Since hiring knowledge from eight industries throughout 25 nations tells us that hiring in APAC, EMEA, and LATAM will likely be more difficult and unpredictable than ever earlier than, it’s crucial to enhance your hiring course of. Taking this under consideration, we’ll additionally present you the way to optimize your hiring course of so you’ll be able to enhance these two metrics.
Key Variations between Time to Rent vs Time to Fill
Distinction between Time to Rent and Time to Fill at a look:
| Side | Time to Fill | Time to Rent |
| What It Measures | Complete time to fill a task | Time for a candidate to maneuver by the method |
| Begin Level | Job requisition accepted or posted | Candidate applies or is sourced |
| Finish Level | Candidate accepts the supply | Candidate accepts the supply |
| Focus | Organizational effectivity | Candidate expertise |
| Use Case | Workforce planning, budgeting | Enhancing candidate expertise, decreasing drop-off |
They’re each about how lengthy it takes to rent somebody, however they deal with various things.
Time to Fill is all about how lengthy it takes your organization to fill a selected job opening. You’re wanting on the huge image: how rapidly you may get somebody within the door after the job is posted or accepted.
Time to Rent, however, is in regards to the candidate’s journey. It’s about how lengthy it takes a selected individual to undergo the complete hiring course of, from the second they apply (otherwise you discover them) to once they lastly settle for the job supply.
You could be questioning, “Why do I want to trace each? Isn’t one sufficient?” Nope!
Time to Fill helps you perceive how effectively your organization is hiring on the whole. It helps you:
- Plan your funds
- Work out the place issues are getting slowed down
- Be sure you’re hiring sufficient folks
Time to Rent, however, tells you ways joyful your candidates are with the hiring course of. A fast and simple hiring course of attracts high expertise and makes your organization look good. No one needs to attend without end to listen to again.
By monitoring each, you get the total story. If it takes you without end to fill a task, however you’re tremendous fast with every particular person candidate, you might need an issue discovering certified candidates.
But when it takes ages for candidates to get by your interviews, you want to smoothen that course of.
What’s Time to Fill?
Time to Fill is just how lengthy it takes to seek out somebody for a job opening.
You begin counting from the second the supervisor approves the job or once you first submit it on-line, whichever occurs first. Some locations even begin the clock once they formally add the job to their system.
You cease counting the day somebody really accepts the job supply. Some firms hold counting till their new rent’s first day.
For instance, if the boss approves the job opening on January 1st and somebody accepts the supply on February fifteenth, your Time to Fill can be 45 days.
System to Calculate Time to Fill
Subtract the date the job was posted (or when the boss gave the inexperienced gentle) from the date the fortunate candidate stated ‘sure’ to the supply.
Right here’s the formulation:
Time to Fill = Date Candidate Accepts Supply – Date Job Requisition is Accredited (or Posted)
For instance, for those who posted a job on March 1st and somebody accepted the supply on April 1st, your Time to Fill can be 30 days.
Now, if you wish to get an even bigger image of how lengthy it normally takes you to rent folks, it’s a must to calculate your common Time to Fill.
First, add up the Time to Fill for all the roles you stuffed throughout a sure interval, say 1 / 4 or a yr. Then, divide that whole by the variety of jobs you stuffed.
For instance, say it took 30 days to fill one job, 45 days for one more, and 60 days for the third.
Add these up: 30 + 45 + 60 = 135 days.
Divide that by 3 (because you stuffed 3 jobs): 135 / 3 = 45 days.
So, your common Time to Fill is 45 days.
You possibly can simply monitor these things in a spreadsheet. Simply jot down the beginning and finish dates for every job, and use the above formulation to do the mathematics for you.
However truthfully, the simplest manner is to make use of an Applicant Monitoring System (ATS) like Recruiterflow. Recruiterflow can routinely monitor your Time to Fill for each job opening and provide you with dashboards that present you traits and aid you spot any hiring bottlenecks.
What’s Time to Rent?
It’s simply how lengthy it takes to snag a brand new rent. We’re speaking in regards to the whole variety of days from the second a candidate first exhibits curiosity till they lastly conform to the supply.
For instance, if somebody applies for a job on March 1st and accepts the supply on March twentieth, your Time to Rent is nineteen days.
System to Calculate Time to Rent
First, it’s a must to know when the candidate entered your hiring course of. Was it once they utilized? Or did a recruiter discover them on LinkedIn or another job web site?
As soon as that, it’s basic math: simply subtract the date they entered the method from the date they accepted the supply.
Right here’s the formulation:
Time to Rent = Date Candidate Accepts Supply – Date Candidate Enters the Hiring Course of (Utility or Sourcing Date)
For instance, if somebody utilized on April 1st and accepted the supply on April fifteenth, your Time to Rent can be 14 days.
Now, it’s time to see how we will calculate your common Time to Rent. Right here’s how:
- Add up the Time to Rent for all of the roles you employed in a selected interval (e.g., 1 / 4 or yr).
- Then, divide that whole time it took to rent by the variety of roles you stuffed.
For instance:
First function: 15 days
Second function: 20 days
Third function: 25 days
Complete Time to Rent = 60 days
Variety of Roles = 3
Common Time to Rent = 60 / 3 = 20 days
Learn how to Enhance the Time to Fill and Time to Rent?
So, you need to know the way to really enhance these Time to Fill and Time to Rent numbers, proper? First issues first, it’s a must to perceive precisely how your hiring course of works.
1. Map out your hiring course of
Create a easy flowchart. Visualize each single step, from the second you approve a brand new job opening to when the brand new rent lastly begins.
Or higher but, use a visible software like Recruiterflow to map out your hiring course of. Merely add every step of your course of as a stage within the hiring pipeline (e.g., “Sourced”, “Screened”, “Interviewed”, “Supply Despatched”, “Employed”). You possibly can even use one thing like a Kanban view to trace candidates as they transfer by every stage.
After getting your pipeline arrange, it’s time to seek out the bottlenecks. Have a look at every step carefully. The place are issues getting caught? Is it taking without end to display screen resumes? Are interviews dragging on for weeks? Are selections getting delayed as a result of everybody is just too busy?
When you’ve mapped out your hiring course of, you’ll be able to simply spot these roadblocks and work out the way to repair them.
Additionally learn: RecOps 101: Optimizing Your Finish-to-Finish Recruiting Course of
2. Simplify your job posting course of
Each day that goes by and not using a job posting is a day you’re lacking out on potential candidates.
Use templates: Create some pre-made job descriptions for widespread roles. This protects you and your hiring managers a ton of time.
Degree up with AI: RF GPT can generate job descriptions from scratch or aid you rewrite present ones. It does so after fastidiously analyzing the important thing job particulars like abilities and expertise.
Automate approvals: When you want a number of folks to log out on a job posting, arrange an automatic workflow. This eliminates the back-and-forth emails and will get issues transferring sooner.
Publish in the proper locations: Don’t simply blast your job posting all over the place. Give attention to the platforms the place your preferrred candidates really hang around. LinkedIn is nice for skilled roles, whereas Certainly is sweet for reaching a wider viewers.
Professional tip: Instruments like Recruiterflow can routinely submit your job to a number of platforms directly. It’s an actual time-saver!
3. Optimize your sourcing technique
Are you having hassle discovering candidates rapidly? That normally means you want to beef up your sourcing technique.
Use AI to your benefit: Recruiterflow has AI that may discover certified candidates in a flash. It’s like having a search engine that is aware of precisely the highest candidates you’re on the lookout for.
Construct a expertise pipeline: Don’t let good candidates slip by the cracks! Keep in contact with folks you’ve interviewed previously, even when they didn’t get the job. Recruiterflow helps you retain monitor of everybody and even sends out automated emails or texts to remain linked.
Get your crew concerned: Encourage your staff to refer their pals and connections. Folks they know are sometimes a fantastic match, they usually’re normally extra prone to stick round. Use Recruiterflow’s referral software to make it straightforward to your staff to submit referrals and so that you can monitor them.
4. Shorten the appliance course of
You know the way irritating it’s to fill out a kind of tremendous lengthy job purposes? Nicely, lots of people really feel the identical manner. A examine says that 60% of job seekers simply surrender if the appliance is just too sophisticated.
Make it mobile-friendly: Most individuals use their telephones to search for jobs. In case your utility course of is a ache to navigate on a telephone, you’re going to lose numerous potential candidates.
Hold it brief and candy: Don’t make them bounce by 1,000,000 hoops. Restrict the variety of questions and allow them to apply with their LinkedIn profile if attainable.
Give clear directions: No one likes guessing video games. Be certain your job posting tells candidates precisely what to do and what you’re on the lookout for.
You’ll appeal to extra candidates and pace up your hiring with an utility course of that’s candidate-focused. Belief me, it’s a win-win!
5. Clean out candidate screening
Screening candidates can take without end! Right here’s the way to make it sooner and extra environment friendly:
Set some clear guidelines: Determine precisely what you’re on the lookout for in a candidate. What abilities are must-haves? What sort of expertise do they want? Do they match along with your firm tradition?
Use some screening instruments: Give candidates a fast abilities check or a character quiz early on. This helps you weed out the individuals who aren’t a very good match with out losing time on interviews.
Leverage AI: RF GPT can assist you create customized screening questions which might be tremendous related to the job. Recruiterflow additionally enables you to create tailor-made assessments that assess issues like technical abilities, how they suppose, and the way they may behave within the office.
6. Pace up the interview course of
Interviews is usually a actual drag. Scheduling conflicts, back-and-forth emails, it’s a nightmare!
Right here’s the way to make issues simpler:
Video interviews are your pal: Instruments like Zoom or HireVue allow you to interview folks with out everybody having to be in the identical room. No extra journey time or scheduling complications!
Conduct panel interviews: As an alternative of getting candidates meet with every individual individually, deliver everybody collectively for one huge interview. It saves time and will get everybody on the identical web page.
Automate scheduling: Recruiterflow integrates along with your calendar, so you’ll be able to simply schedule interviews and everybody will get computerized reminders. No extra messy e-mail chains!
7. Enhance decision-making pace
You realize that nothing kills momentum sooner than a sluggish hiring course of. And a giant a part of that’s decision-making.
Set deadlines: Don’t let issues drag on. Set clear deadlines for every step of the hiring course of.
Talk successfully: Use instruments like Slack or Groups to maintain everybody on the identical web page and make selections rapidly.
Use scorecards: This helps you examine candidates apples-to-apples. Recruiterflow has scorecards that allow you to price candidates primarily based on completely different standards and even embody suggestions from everybody concerned.
8. Improve communication with candidates
Okay, let’s discuss conserving candidates within the loop. No one likes to really feel ignored, particularly once they’re ready to listen to again a couple of job.
Hold them within the know: Ship them updates all through the method, even when it’s simply to say “We’re nonetheless reviewing purposes.” Recruiterflow can assist you automate these updates so that you don’t neglect.
Give them suggestions: Even when they don’t get the job, allow them to know. Give them some constructive criticism. Inform them what they did properly and the place they might enhance. This exhibits that you simply worth their time and assist them develop.
Once you hold candidates knowledgeable and deal with them with respect, you construct a greater fame to your firm and appeal to high expertise sooner or later.
Additionally learn: 10+ Actionable Tricks to Enhance Your Candidate Expertise
8. Leverage knowledge and analytics
You realize what they are saying: “You possibly can’t enhance what you don’t measure.”
Observe your progress: Use your ATS or Recruiterflow to maintain tabs on issues like Time to Fill and Time to Rent.
Discover the bottlenecks: Have a look at the info and see the place issues are slowing down. Are interviews taking without end? Are you dropping candidates through the screening course of?
Examine your self to the competitors: See how your hiring instances stack up in opposition to different firms in your trade.
See How Recruiterflow Can Assist
Doubling down on monitoring & optimizing your recruiting metrics? Recruiterflow can assist with that.
You possibly can whip up customized studies with its reporting instruments to see precisely the place issues are at in your hiring pipeline. Time-to-fill, crew efficiency, you identify it, it tracks it.
However right here’s the true magic: AI-powered insights. Recruiterflow can really predict future hiring challenges and provide you with some critically sensible recommendation on the way to enhance your sport.
And on high of all that, it additionally helps you optimize all these key metrics to enhance the entire hiring course of. Recruiterflow’s ATS makes use of AI to make your hiring course of far more environment friendly.
It supercharges all of the necessary stuff, like how rapidly you fill roles and the way joyful your candidates are. For instance, one UK-based recruitment agency I do know was in a position to lower their hiring time in half utilizing Recruiterflow
Need to see it in motion?
