Time To Hire Calculator is a simple and ready-to-use excel template to calculate Time To Hire HR metrics for a single as well as multiple employees.
What is Time To Hire (TTH)?
Time To Hire is the number of days between a position opening up and signing of a job contract by the candidate or accepting the offer.
It is used to evaluate the efficiency of the recruitment process and also provides insights into which job position takes more time to fill.
Formula To Calculate Time To Hire
The formula to calculate Time To Hire as follows:
Date Of Signing Contract – Date of the job position is opened/approved
If there are multiple job opening then it will be calculated in the following way:
- Calculate the number of days for each position.
- Add the number of days for all positions.
- Divide the total of days by the number of positions.
How To Use Time To Hire Calculator Excel Template?
Time To Hire Calculator consists of 2 sections:
- Time To Hire For Single Employee – As given above, time to hire is nothing but the difference between the date of an opened job posting and the date of contract signing by the candidate.
- Time To Hire for Multiple Employees – When there are multiple job openings in a company like a new start-up or the opening of a new department etc., then this section can be used.
5 Important Things To Reduce Time To Hire
- Determine staffing needs
- Try to reduce notice periods
- Recruit internally
- Write a detailed job description including benefits
- Use application tracking Software or Templates
Download and use Time to hire (TTH) free excel template
To use this free time to hire calculator excel template, you should have Microsoft Office/ Microsoft Excel installed in your system.
Once extracted, you can open the file using Excel and start entering data or customizing the template. You can customize the currency, color scheme, fields in this excel template as per your requirement.