The business of recruiting tends to be a balancing act between the “people” aspect and the data-driven aspect. On the data side, time-to-hire may be the most commonly looked at metric amongst recruiting teams, hiring managers, and executives alike – but what if there was a metric that has long been overlooked?
The analysts at Woo looked at data from companies who made hires on Woo and discovered this surprising stat: Time-to-reach turns out to be the metric to make or break your recruiting process. When thinking about time-to-reach, we are referring to the time between when a candidate shows interest and when a company starts the process with that candidate.
The results from Woo’s data show a clear trend of hires having a tendency to have a quick Time To Reach. 48.6% of 2018 hires were a result of a reach that happened in under 48 hours and 85.7% of 2018 hires were a result of a reach that happened in under 2 weeks.
So, why should your organization bring on another metric into your OKRs or KPIs? Having a shorter time-to-reach will not only improve your time-to-hire metrics, but will also enable you to beat out your competitors with speed! The quicker you move, the less competition you will face. There are a lot of candidates out there who will not turn down a great opportunity and a “sure thing” for another company who is moving exponentially slower. Your chances of hiring are highest in the first 7 days. At 14 days your chances reduce by 30% and then continue to drop over time, so every day is critical.
How do you decrease TTR?
First, never have more than 7 days between stages when possible and remember to prioritize your reach outs with candidates who are fulfilling critical roles or have other offers.
Decrease the number of stages – do a thorough audit into your process to determine which stages are necessary, and what can be eliminated; although a potentially time consuming project, it is one that is well worth the time and money saved down the line.
Get feedback in from interviews ASAP – never let 48 hours pass between an interview and getting feedback from internal employees. Not only will the information be more accurate, but getting the results in faster will help you get back to the candidate within a shorter time frame.
Use platforms like Woo.io – using platforms like Woo.io will not only strengthen your outreach metrics, but it will also help decrease your TTR!
Metrics are an important indicator whether a recruiting process is successful, or needs improvement. Only when we dig deeper can we determine which metrics should no longer be overlooked. Using TTR for guidance will not only keep you competitive in landing talent, but will also keep your TTH low, and your hiring managers happy.