The 3 Best Strategies To Reduce Time To Fill

 

One of the most important hiring metrics to track, measure, and optimize is time to fill. The time to fill metric is defined as the number of calendar days it takes to hire new candidates from the time your job opening is approved to the time an offer is accepted.

Although organizations can easily measure the time to fill their open positions, it is difficult for them to put strategies in place that focus on reducing the time to fill. Reducing time to fill can have a major impact on the organization’s overall effectiveness, business performance, and financial results.

Below we provide three strategies that you can use to reduce your time to fill. Each strategy we provide includes a visualization and example to show its impact in action.

1. Optimize Recruiting Budget Allocation

The first strategy you can implement to reduce your time to fill is to optimize your recruiting budget allocation. This strategy works well if you have a multi-faceted recruiting strategy that includes job boards, referrals, and other recruiting methods. To optimize your recruiting budget allocation, you need to identify the time to fill rates across the different strategies. You can then use this information to reallocate your budgets accordingly. 

In the below example, you’ll see the time to fill rate by channel for a customer service role vs. their recruiting source. You’ll notice that the two best sources for faster time to fill rates are referrals and Glassdoor, while Indeed and ZipRecruiter produce less quality hires. Knowing that referrals and Glassdoor are better sources, you can reallocate more budget to those areas. This can help you speed up the hiring process, as you are investing resources into the channels that are producing the best outcomes.

Figure 1 Reduce Hiring Costs

2. Build Ideal Candidate Profiles Based on KPIs

Another strategy that you can implement to reduce your time to fill rate is to build Ideal Candidate Profiles based on KPIs. Most roles that you have within your company have a set of important KPIs (usually 1 or 2) that define success in a given position. Additionally, what drives success within a role comes down to certain characteristics and behaviors. With this information, you can build ideal candidate profiles based on a combination of performance data and behavioral data so you attract the best candidates for the role. The more high quality candidates you attract for a role, the more likely you are to reduce time to fill. 

 

For example, let’s say your organization is hiring for a Sales Associate position. For this organization, the most important KPI for the Sales Associates position is revenue. By knowing that revenue is the most important KPI, we can then assess their behaviors and see what correlates to performance. In the graph below, you’ll notice that impatience is an indicator of success in this sales role based on quality hire rate. You can then take this information to create a more robust Ideal Candidate Profile that includes keywords related to impatience so you attract the right candidates for the role.

Figure 2 Reduce Hiring Costs

3. Empower Hiring Managers With Interview Guides

The last strategy you can use to help reduce your time to fill rate is to create interview guides for hiring managers. The reason this helps reduce your time to fill is it prevents hiring managers from being indecisive when making decisions on candidates. Indecision can lead to delays and greatly impact your time to fill rate. By creating formal interview guides, you can provide hiring managers a set strategy for how to interview candidates. You can develop interview guides tailored to each role, incorporating key performance metrics, behavioral indicators, and job-specific competencies.

In the example below, you’ll notice the time to fill rates for a marketing position before and after they start using interview guides. Before interview guides, the marketing role time to fill rate was 85 days, while after using interview guides it was 63 days. By being more decisive about which candidates are and are not a fit, you can speed up the interviewing process and lower your time to fill rate.

Figure 3 Reduce Hiring Costs

Ready to reduce your time to fill? Contact Us to learn more about how we can help.