Calculating Recruitment Turnaround Time
Recruitment turnaround time can be calculated from the moment the position is opened to the consultants/partners until it is closed by offering the offer letter. Usually, the turnaround time is longer due to late feedback from the line manager/functional head, non-availability of panel members, the position progressing slowly, and other external factors. This can be tracked by highlighting the date profiles are shared, the date feedback is shared, and the date the position is closed.
Ideal Turnaround Time
The best and ideal turnaround time to close one position in a company is 20 days. A turnaround time of less than 20 days can serve as a benchmark for TAT.
Measuring Consultancy Efficiency
The efficiency of consultancies can be measured by determining the hit rate. The hit rate can be calculated based on:
• Number of profiles received.
• Number of profiles shortlisted for interview.
• Number of candidates shortlisted.
The overall hit rate will be calculated by:
Hit Rate = Number of profiles received / Number of candidates selected.
Regards