Want to hire top talent for less money? Reduce your time to fill!

Time-to-hire is one of the key recruiting and hiring metrics.

Time to fill metric measures how quickly a company can find and hire the best candidate. In a time of war for talent, many companies use this metric as their north star. Why is that?

There are 2 main reasons:

1. Longer time to hire costs more money
2. Loner time to hire causes you to lose the best candidates.

Did you know that a whopping 57% of job seekers lose interest in a job if the hiring process is lengthy (Source:  Robert Half's research).

So without further ado, let’s take a look at the 9 ways to reduce your time to fill, improve your candidate experience and hire top talent for less money!

How can you reduce your time to fill?

Here are 7 effective ways to reduce your time to fill:

1. Start using a recruitment software

One of the best ways to reduce your time-to-hire is to use a modern recruitment software. Modern recruitment software has many benefits, and one of the key ones is reducing time to fill. According to research, 86% of recruiting professionals say that using an ATS has helped them hire faster.

2. Track and measure

Track and measure your hiring process to find bottlenecks and resolve them. With modern recruitment software you can automatically track and measure your time to fill. That way you can get an insight into how long does it take to hire for a particular job opening and make changes accordingly.

3. Automate your communication with candidates

In order to save time, you should automate your communication with candidates. Use the latest technological solutions such as recruitment chatbots and modern recruitment software. Modern recruitment software has ready-to-use recruiting email templates you can personalize and send in bulk.

4. Automate interview scheduling

With a modern recruitment software, you can send automated emails with an interview appointment that automatically sync with your work calendar. That way you’ll save valuable time going back and forth to arrange a suitable time slot for all your candidates.

5. Automate resume parsing and screening

Once candidates apply, a modern recruitment software will parse and screen their resumes and create their rich profiles in the system automatically. That way you’ll save the time needed to go through all received applications and organize them in order to find the best candidates.

6. Conduct group interviews

Conducting group interviews can save you a lot of time in the most consuming phase of the hiring process - interviewing. If you’ve never conducted group interviews before, don’t worry - we’ve got you covered! In our Guide for conducting group interview you’ll find everything you need to know to learn how to plan, prepare and conduct effective group interviews.

7. Build a talent pool

Having a pool of great candidates eager to work for your company is the best way to reduce your time to hire. Every time you have a new job opening, you can simply choose the best ones from your talent pool! Learn how to build a talent pool from scratch and how to segment it for maximum benefits!

8. Source candidates

Don’t wait for candidates to come to you - go out there and find them! Luckily, today’s technology offers effective sourcing tools, which can perform complex web search scans millions of online profiles to retrieve passive and active candidates’ details including email addresses, resumes and more.

9. Implement an employee referral program

Asking your current employees to recommend great candidates is another way to reduce your time to fill. Implement an employee referral program and promote it regularly. Also. make sure to offer attractive and creative employee referral rewards which will motivate your employees to actively engage in helping you find new employees.