Most seasoned high volume recruiters understand that Time to Hire is the single most important hiring metric. Time to Hire in itself is important as business always need candidates like yesterday. Most high volume recruiters are in businesses where either you have a large field workforce and if you do not have enough people on the field at any given point of time your ability to sell or service is limited or you are a services business where your resources are billed to the end customer and if you do not have enough resources on payroll you are loosing revenue.
But Time to Hire is important not just by itself, it also impacts all other key hiring metrics- Quality of Hire, Candidate Experience and Cost per Hire. We will discuss each of these below.
Quality of Hire: A good candidate today is available in the market only for 10 days. If you have a 2 months long hiring process your ability to hire to hire the best candidates is significantly limited.
Candidate Experience: 6 out of 10 candidates who drop of the funnel attribute that to a long hiring process.
Cost of Hire: It costs an average of USD 4000 for every new hire. The cost increases with the time you spent.
Meanwhile, the working class demographic is undergoing a massive transformation with digitally native Millennials entering the workforce. Statistics show that Millennials will constitute to 75% of the working demographic in the United States by 2030. As far a the Indian market is concerned, the gig economy is expected to account for 43% of the workforce by 2020. 52% of the private workforce has spent time as independent workers at some point in 2018.