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    « PODCAST - #HRHappyHour 253 - Introducing Research on the Rocks | Main | Where workforce planning, talent attraction, and facilities strategy meet »
    Monday
    Aug082016

    You might not like 'Time to Fill' as a recruiting metric, but it matters to candidates

    A few weeks ago I wrote about how the latest data shows that in the US it has never taken longer, (in terms of business days), to fill the average open position. Here's the chart backing up that statement, in case you want a little bit of a refresher.

    After I ran the post I got a couple of emails and a few comments on Twitter that more or less said the same thing - 'Time to fill' doesn't matter. It is not important to the C-suite, and is getting less important to hiring managers'. Most of the comments ended up saying something along the lines of 'It is better to take longer to find the 'right' hire' than simply trying to find the 'fast' hire - the kind of strategy that would negatively impact time to fill.

    And while I do grant that there is probably some truth in those sentiments, I also think that like most of the reasonably difficult challenges in the talent game, the real truth is somewhere between the extremes. Does 'time to fill' matter in all cases? Certainly not. But are there some circumstances where it matters a lot? Absolutely. 

    Let me share some details from a recent piece from the BBC about how giant consultancy KPMG is adapting their recruiting practices, at least in one important area, all around the idea and realization that their recruiting process has to move more quickly, thus reducing time to fill measures.

    From the piece:

    Accountancy firm KPMG has changed its graduate recruitment process to suit people born between 1980 and 2000 - the so-called millennial generation.

    Instead of conducting three separate assessments over several weeks, it will now combine the process into one day.

    The firm says the change will mean applicants will find out if they have got a job within two working days.

    It made the change following research suggesting millennials were frustrated by lengthy recruitment processes.

    KPMG said its survey- conducted among 400 of this summer's new graduates applying for a graduate job at a UK firm - found that more than one-third were annoyed about how long they had to wait to hear the outcome of an interview, and how long the recruitment process took.

    At first read the changes that KPMG are implementing seem totally aimed at improving the candidate experience and adapting to meet the expectations of the newer generation. And that is definitely part of the story. What was not stated in the BBC piece but what certainly must be true was that KPMG was losing out on desirable new hires because their process was simpy taking too long. 

    In-demand new university graduates likely have lots of options for employment once they leave school, and rather than wait weeks for KPMG to make a decision, some, if not many of them were just moving on to other, more agile companies. By implementing these process changes, KPMG hopes to both improve the overall candidate experience and reduce the number of candidates that 'get away' to competing firms.

    And guess what else happens when the time it takes for KPMG to make offers and execute hires for new university graduates is reduced from weeks to days? 

    Time to fill all of a sudden goes down - way down. And while that metric might not matter to you or to your CEO it means something to the these university graduates who make up the talent pipeline for KPMG. 

    And it means plenty to any candidate who has options. Time to fill is just code for 'Make sure you can move fast enough to not lose out on the most sought-after candidates.'

    Have a great week!

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