We all know that having a vacancy sitting empty isn’t good for business. But why? And more importantly, what can you do about it? The time-to-fill a position can vary, from 20 days to nearly 70, depending on the industry you work in. On average it takes 44 days for US businesses to fill open roles. A long time to fill can be caused by a range of factors including a lengthy application and interview process, poor candidate engagement, and a shortage of qualified candidates. By actively working to reduce your time-to-fill, you can significantly enhance your company’s operational efficiency, productivity, and overall success at attracting and retaining talent.
Faster recruitment translates to quicker onboarding. Enabling new hires to contribute to projects and goals without unnecessary delays and ensuring that workload pressures don’t fall disproportionately on existing team members. Most importantly in a competitive job market, candidates are more likely to be drawn to companies that demonstrate a fast and efficient hiring process.
Understanding Time-to-Fill vs. Time-to-Hire
Both time-to-fill and time-to-hire are important metrics to track if you want to understand your hiring process and improve your recruitment strategy. Which is why it’s important to understand the difference.
Time to hire measures the duration between your first contact with a candidate and the candidate’s acceptance of your job offer. Tracking it can help you improve areas of candidate engagement and decision-making for a faster hire.
Time-to-fill is much wider in focus. It measures the entire span of the hiring process; from the moment you identified a vacancy to the point that your new employee is onboarded and working in the role. Understanding how long the whole recruitment process takes allows you to identify specific areas that may be causing delays or inefficiencies within the process and take strategic action to address them. It also allows you to set more realistic and accurate expectations for both hiring managers and candidates, contributing to a more efficient, effective, and competitive hiring strategy.
Strategies to Reduce Your Time-to-Fill
While the exact time it takes to fill a vacancy will be unique to the challenges and opportunities facing your organization, there are some pain points that are commonly experienced. Here are four simple strategies to address those pain points and start reducing your time-to-fill:
1. Improve Your Job Adverts
Poorly crafted job ads can significantly increase time to fill by deterring qualified candidates and creating confusion in the hiring process. Vague language, lack of essential information, or overuse of technical jargon can lead to unqualified applicants and prolonged searches. To write compelling job descriptions that attract top talent, start by:
- Using specific and relevant keywords to ensure your post appears in searches
- Highlight key responsibilities and qualifications focusing on must-have skills
- Avoid jargon and excessive technical terms that could alienate potential candidates
- Incorporate information about company culture and values
2. Use Technology Strategically
Technology can play an important role in reducing time-to-fill by streamlining the recruitment process and enhancing candidate engagement. Embrace innovative platforms and solutions for quicker hiring outcomes and improved efficiency:
- Applicant Tracking Systems (ATS) manage applications and ensure no one gets lost
- AI-powered chatbots can speed up communication making a positive first impression
- Automated scheduling and communication can free up hiring teams and create a smoother experience for candidates
- Skill assessment tools screen candidates efficiently and provide data-driven insights into their suitability for the role
3. Streamline the Candidate Experience
Creating a streamlined candidate experience and conducting well-structured interviews can reduce time-to-fill without compromising the quality of hire. A candidate-centric approach enhances efficiency while ensuring that the right candidates are selected. Achieve this through:
- Pre-screening, ensuring that only suitable candidates move forward
- Implementing panel interviews to minimize scheduling delays
- Incorporating competency-based interview questions to assess candidate skills and behaviors directly related to the job requirements
- Facilitating cross-team collaboration for faster decision-making
4. Build a Strong Talent Pipeline
Focusing on building a large talent pipeline can expedite time-to-fill by establishing a ready pool of qualified candidates for future openings. Nurturing relationships and engaging with potential candidates makes your recruitment process more efficient while ensuring a faster and more strategic hiring cycle. Establish and maintain a strong talent pipeline by:
- Engagement with potential candidates through networking events and social media
- Building relationships with passive candidates makes hiring faster when a suitable opportunity arises
- Using candidate relationship management (CRM) tools to deliver seamless communication and personalized engagement
- Creating strong employer branding to attract candidates proactively
In the competitive landscape of recruitment, a shorter time-to-fill not only improves the candidate experience, showcasing your organization’s respect for their time and commitment but also enables you to quickly access top-tier talent before competitors do. This accelerated process reduces productivity gaps, improves team morale, and reinforces your employer brand.
Partner with an industry-leading RPO provider like Pierpoint to reduce your hiring times. Our expertise in implementing cutting-edge strategies and technology can change your recruitment process, resulting in enhanced efficiency and effectiveness. When you connect with Pierpoint, you’ll unlock the potential to secure the best candidates promptly, fueling your company’s growth and success in today’s dynamic talent market. Talk to an expert today.