Using recruitment analytics to reduce time-to-hire

As an HR leader, it’s safe to assume you’re aware of and have perhaps even experienced first-hand how analytics and reporting can help with recruitment.

Recruitment analytics and reports can be used as valuable recruitment strategies, helping analyze hiring processes and identifying areas that may need improvement. Additionally, they can highlight what is working well and should be continued.

To access recruitment analytics for analysis, most companies use an applicant tracking system (ATS) of some sort. Using an ATS, first, you extract the data and then create reports to ultimately gain insights that can help you make data-driven decisions.

The data and information accessible from your ATS can be helpful in many areas of your recruitment, but their ability to help reduce time-to-hire is one of the most valued among HR professionals. 

Why time-to-hire is important

Time-to-hire refers to the total time it takes for a prospective candidate to apply for a job until the moment they accept the job offer. 

Essentially, your time-to-hire can be measured by looking at the day a candidate accepts an offer minus the days the candidate entered your recruitment pipeline.

So, what is the average time-to-hire?

According to a recent study, it takes employers 44 days on average to make a hire. In the war for talent, time-to-hire can make the difference between securing your dream candidate or losing talent to the competition. Yet, as Alva Labs reports, only 30 percent of companies can fill a role within 30 days, while the remaining take anywhere between one to four months to recruit. 

UK hospitality–tech company Sessions is a great example of a company that has used an ATS to great effect. The company has reduced its time-to-hire to just 20 days and reduced its costs.

Your recruitment pipeline

When considering your time-to-hire, Teamtailor’s recruitment software includes a recruitment funnel or recruitment pipeline that offers invaluable hiring insights.

For the best pipeline insights, we recommend you first get familiar with the different stage types. In brief, your recruitment pipeline can be broken down into the following stages: inbox, screening, interview, offer, and hired.

By analyzing your recruitment pipeline analytics, you can see how long it takes to find the right candidate. In other words, you can analyze your recruitment efforts. Additionally, you can see how long it takes you to move candidates through the recruitment process.

Used as recruitment metrics, analytics can show you whether your hiring team is responding quickly enough, identify bottlenecks, and suggest how to speed up the process to avoid losing candidates. 

Track your candidates' progress with a pipeline overview report. The system takes a snapshot of your pipeline once a day to see where the candidate is at that moment. This information can then be compiled into a report in which you can see how many candidates are in each stage type on any given day. 

Time-to-hire reporting

When it comes to recruiting, time (read: speed) is of the essence. The Pipeline Speed report gives you an overview of the time spent at every step of the recruitment process. You can also see the average number of days it took your team to hire and reject candidates.  

Understanding your Pipeline Conversion report can give you insight into your candidates' journey through your recruitment process, including how they move through the process, and where they drop off. In a job market where 57% of applicants lose interest if the recruiting process is too long, maintaining a quick-moving and efficient and recruitment process is essential.

Want to see how you can reduce your time-to-hire using Teamtailor’s analytics and reporting?