How Advantis Global Reduces Time-To-Fill Averages to 5 Days
The average job takes 41 days to fill, and when companies experience turnover, backfilling a position can be a costly and time-consuming endeavor. Not only does it create a gap in the team and a reduction in productivity, each day the role goes unfilled costs the company even more money.
With roughly 9.6 million open jobs in America right now, hiring quickly and correctly is critical, especially in competitive markets like tech. Even with layoffs and hiring freezes running rampant in the tech industry, 68% of mid-market companies are still struggling to attract top talent, and workers are still looking for new roles with better pay, improved benefits and perks, and a more comfortable work-life balance. If hiring is a struggle, companies should look closely at their time-to-fill vs. time-to-hire metrics.
Time-To-Fill vs. Time-To-Hire
What Is Time-To-Fill?
Time-to-fill is defined as the number of days it takes to bring on a candidate from the day the job is posted to the day a candidate accepts. This metric encompasses the entire hiring process and is often the average number of days it takes across every single job posting.
What Is Time-To-Hire?
Sometimes, time-to-fill and time-to-hire are used interchangeably, but often, time-to-hire provides a different, unique insight into the hiring process. This metric measures from the moment a candidate enters the pipeline through their application or a recruiter reaches out to the moment they accept the job offer.
Time-to-hire provides insight into how fast top, ideal candidates move through the pipeline. This is important because a slow hiring process can cause top talent to drop out, accept another offer, or simply lose interest.
To calculate time-to-hire, determine what day the candidate entered the pipeline after the job posting. If they applied on Day 7 and accepted a job offer on Day 30, then the time-to-hire for this candidate was 23 days. Again, take this average across all job postings for a company-wide metric.
Why Measure Time-To-Hire and Time-To-Fill?
Both of these metrics provide insight into the hiring and recruitment process; it shows how effective the interview process is and provides transparency into how long it takes managers to fill roles. Ideally, time-to-fill and time-to-hire should be low, and if they’re not, hiring managers and human resources are probably spending too much time screening, interviewing, and vetting candidates. Plus, if using an outsourced recruiting firm, costs can add up, and every day a role goes unfilled, that position’s work isn’t getting completed. This puts a strain on internal teams, leading to burnout and unnecessary stress.
Industry Standards for Time-To-Fill
Industry standards for time-to-fill can vary based on variables such as company size and skills needed for the job. The average time-to-fill is 42 days, but different industries have different standards. For example, healthcare and engineering roles are harder to fill as they require more specific training, certifications, and advanced skills. The construction industry is notoriously easier to hire for, thanks to a lower barrier of entry.
Time-To-Fill By Location
Different countries and cities also have different standards; according to Glassdoor’s 2017 global study, the longest job interview process was in Brazil (39.6 days), and the shortest was in India (16.1 days). In the U.S., the slowest processes took place in Washington, D.C. (33.2 days), and the fastest hiring processes were in Kansas City, Kansas (16.9 days).
How to Calculate Time-To-Fill
To calculate time-to-fill, look at the number of calendar days it takes a company to hire a candidate. Define a consistent starting point, which could look different for every company.
- When a job posting goes live
- When HR approves the budget for a role
- A hiring manager submits a role for approval
No matter what starting point is selected, keep it consistent across every position. Next, count the number of calendar days until a candidate formally accepts a job offer. Again, confirm a consistent end date across hiring efforts.
- When a candidate formally accepts
- When HR processes an offer letter
- When a candidate verbally accepts
Next, look at every position that has been hired. For example, if five new employees were hired across the company, and they each took 20, 30, 40, 50, and 60 days, respectively, the average time-to-fill is 40 days.
(20 + 30 + 40 + 50 + 60 = 200) (200 total days / 5 job postings = 40 days average time-to-fill)
What Is a Good Time-To-Hire?
A good time-to-hire depends on the location, industry, specific job role, company size, and more, but ideally, it’s excellent to be under an industry’s specific average. This gives insight into the companies an organization is competing against for talent.
How Advantis Global Reduces Time-To-Hire
With best-in-class staffing solutions, Advantis Global only takes an astounding five days from a client request to an offer extended. Compared to 8-12 weeks for direct placement and 2-6 weeks for a contract role, this greatly reduced time-to-hire with Advantis Global is a result of our unique 4-part hiring process based on tight communication, clear assignment details, adequate compensation, and expert professional development strategy.
With specialized recruiters well-versed in the latest hiring trends, Advantis Global also offers screening, background checks, and employment verification services, which reduces the likelihood of a bad hire. With a proven track record for leading Fortune 500 technology brands, Advantis Global helps companies scale, optimize contains, and retain and recruit top technology talent.
What Makes Advantis Global Unique
Reducing time-to-fill is only one part of an effective hiring and recruiting process. With Advantis Global, tech recruiting agency provides expert staffing services to a large range of companies from Fortune 50s to start-ups looking for permanent, temporary, and contract skilled tech talent. Not only are our clients top technology companies, but candidates also return to Advantis Global time and time again when seeking a new job. Thanks to the close relationships our tech staffing talent cultivates, we help candidates before, during, and after their contracts or jobs to obtain career advancement, more creative projects, or increased pay. Talk to our team today.
