Time to Hire
Time to hire considers the number of days between the receipt of the successful candidate’s application and their acceptance of the position. Time to hire is similar to time to fill but focusses on the speed at which the recruitment process located the successful candidate. This is an important measure of the recruitment process as job seekers can apply for multiple positions at once. A low time to hire reduces the likelihood that the candidate will have accepted an alternative position.
The formula used in the calculation is:
Time to Hire = Days Between (Date Candidate Applied, Date Candidate Accepted Offer)