One of the most common recruiting metrics is time-to-fill. It’s basically the number of days it takes to fill a position from the time the opening occurs (i.e. the requisition is opened) to the time the candidate accepts the job offer. According to the last Society for Human Resource Management (SHRM) Talent Acquisition Benchmarking Report, the average time-to-fill is 36 days. On the surface, you might say, “That’s not too bad.”

However, in the article “12 Recruiting Statistics that Will Change the Way You Hire”, the average length of the job interview process is 24 days (23.8 to be exact). If we use both of these numbers, this means the rest of the entire recruiting process is 12 days. Twelve days to plan, source, select, background check, etc. Maybe it’s me but that doesn’t seem like a very long time.

Especially when it comes to selection.

If the company spends two-thirds of their time interviewing candidates, it seems like they should dedicate a comparable amount of time to making the right decision. Not necessarily equal, but comparable given how long it takes to interview. Because getting the selection part of the hiring process wrong can be costly.

Turnover is expensive
I don’t have to tell anyone the negative impact that turnover has on the organization. Depending on the report you’re looking at, the cost of a bad hire can range from 1-3 times annual salary, depending on the position. And that doesn’t even take into account employee morale and engagement, knowledge management, etc.

Source - Read More at: www.hrbartender.com