Many Talent Acquisition teams track Time To Fill across their departments and organizations. This term is defined as the time it takes to make a hire after posting a job. It's a key metric that allows teams to forecast hiring and plan more effectively to meet their goals.
It's also an incredible way to measure the return on investment drive by various changes to the talent acquisition tactics. For example, we may see a decrease in Time To Fill after implementing a Talent Community. That said, it can also be difficult to translate changes in the Time To Fill into dollars and cents.
So, we wanted to tackle this problem and lay out the math. We were especially interested in clearing some issues up around how to think about the value an employee brings (revenue/employee for the organization is NOT the right way to think about this problem, sorry other people who've written about this).
Checkout the video explanation below, and of course the excel spreadsheet that allows you to calculate the ROI from your changes in Time To Fill. Enjoy:
If you liked this, you should take a look at other whiteboard sessions we've done :)
Originally published on NextWave Hire