Time-to-Hire, RPO, Momentum, Higgins

Time-to-Hire's Bottom Line Impact

Time-to-Hire – How does it impact your bottom line?

By Jessica Higgins
Momentum, A Volt Information Sciences Company

Time-to-Hire: Beyond Averages
Many HR professionals today believe they have a good understanding of the current hiring metrics for their organizations; that is, the cost per hire and/or cycle-time for their open positions.   The question is, do they really?  Are they basing business decisions and financial analysis upon average cycle times, or are they reviewing detailed statistical analysis.  Averages are the typical answer, and the true cost to their organization is hidden in the process variance – where costs can be astounding.

It is common to hear the word “average” used in the market place to describe the effectiveness of an organization’s recruitment process in filling positions.  For example, an HR professional might talk about an average cycle-time of 45 days for engineering positions and 55 days for IT skills.  The problem with this is that when you are looking at an average, you are looking at only one piece of a puzzle.  Without seeing how the rest of the pieces fall into place, you have no way to truly benchmark your company’s hiring performance, and to know what your current process is costing your organization. 

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