Regardless of the outcome, employers may wish to include an opportunity for further comment on their survey to better understand what is driving satisfaction or dissatisfaction. An eNPS of below ten is considered indicative of more serious workplace satisfaction issues. However it’s defined, time to hire is distinct from “time to fill,” which begins when a company makes an initial job request and ends when a candidate accepts your job offer.Ī score of 40 to 50 is considered excellent and any score above 20 is still good, while the ten to 20 range is fair. Some use first contact between the candidate and employer while others use the submission of a candidate’s application, which are sometimes different events. Many HR resources are vague or inconsistent in defining what exactly marks the start of the time-to-hire period. Regardless, it’s a sign prospective employees aren’t being sufficiently engaged and may be lost to competitors or turned off by the company’s hiring process. Investigating a lengthy time to hire may point to poor reach ( job posting or advertising) or to underperformance of the hiring teams in charge of filtering candidates.
Similar to cost per hire, this is expressed as a per-person average and is used to assess the efficiency of the “talent acquisition” process. The SHRM estimates that in 2021, American organizations spent on average nearly $4,700 per hire and over $28,000 per executive-level hire.Īnother essential metric for HR, “time to hire” measures the time from a prospective employee engaging with the recruiting process to their acceptance of a position. Included are rather obvious costs such as paying for recruiting staff, recruiting software and advertising, but the list also includes expenses such as health screenings, drug tests, sign-on bonuses and relocation fees the company must cover while preparing for a new hire. While this may seem counterintuitive, it’s less variable and more illuminating of cost-effectiveness, not to mention much more practical to calculate.įor consistency in comparison, the Society for Human Resource Management (SHRM) and the American National Standards Institute have created standardized definitions for what internal and external costs are to be included in the calculation. Importantly, this metric includes the costs incurred by outreach to all prospective employees, including those not ultimately hired.
HR departments have long relied on CPH as one way to gauge the efficiency of the hiring process, as it’s more descriptive than simply adding up expenses.
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