Time To Hire – Definition
TTH sands for Time To Hire. Time To Hire is an important HR metric which helps you calculate the time to recruit an employee for an open position.
It is the number of days to between a position opening up and recruiting the candidate by signing the job contract or accepting the offer.
This metric helps to evaluate the efficiency of the recruitment process and also provides insights into which kind of position takes more time to fill.
How to Calculate Time To Hire (TTH)?
The formula to calculate Time To Hire as follows:
Date on which a job position is open/approved – Date on which the Candidate Signs the Contract
If there are multiple job opening then it will be calculated in the following way:
- Calculate the number of days for each position.
- Add the number of days for all positions.
- Divide the total of days by the number of positions.
3 Factors Which Affect Time To Hire (TTH)
Below-mentioned three factors play a big role in the recruitment process and also increase or decrease the Time To Hire:
- The time you take to find the right candidate.
- The time you take to take action when you find the right candidate.
- Your Company’s hiring process
1. The time you take to find the right candidate
Sometimes it is tough and time-consuming to get the right candidate for an open position due to the location of your office or distance to reach your office.
Candidates avoid traveling a long distance or have security issues while commuting to such areas, especially women. In such a scenario, it is better to choose a location that is easily accessible, public transport is easily available and has a secure premise for women.
2. The time you take to take action when you find the right candidate
An action is mandatory when you find the right candidate. The inefficiency of HR personnel to take early action will lead to the loss of the right candidate and will eventually increase Time To Hire.
3. Your Company’s Hiring Process
Some companies have very odd policies like signing bonds, unorganized annual leaves etc. Thus, result in the rejection of the offer by the candidate which in turn will increase the Time To Hire.
In addition to the above, you can also download many templates in the following categories:
- HR and Payroll Templates
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