Time to Hire
Time
The average duration taken from the day a job vacancy is announced to the day a successful candidate is selected. It encompasses the entirety of the recruitment process, from posting the job to interviewing and final selection.
A prolonged hiring process can lead to missed opportunities, as top candidates might get other offers. Additionally, it could indicate inefficiencies in the recruitment process or challenges related to specific roles. Being agile in hiring ensures that business functions aren't left understaffed for extended periods.
Formula
(Total days to fill all positions / Number of positions filled)
Example
If it takes on average 30 days to fill a position, the time to hire is 30 days.