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Gather Your Inputs
First, identify the vacancy start dates and fill dates for each open position. Make sure to have the exact dates for accurate calculations. For example, if you have three vacancies with the following dates: Vacancy 1 - start date: 2022-01-01, fill date: 2022-01-20; Vacancy 2 - start date: 2022-01-15, fill date: 2022-02-01; Vacancy 3 - start date: 2022-02-01, fill date: 2022-02-15.
Calculate Days Open for Each Vacancy
Next, calculate the number of days each vacancy was open by subtracting the start date from the fill date. Using the example from Step 1: Vacancy 1 - 20 days (2022-01-20 - 2022-01-01); Vacancy 2 - 17 days (2022-02-01 - 2022-01-15); Vacancy 3 - 14 days (2022-02-15 - 2022-02-01).
Sum Up the Days and Calculate the Average
Then, sum up the total number of days all vacancies were open and divide by the number of vacancies to find the average Time To Fill. Continuing the example: Total days = 20 + 17 + 14 = 51 days; Number of vacancies = 3. Average Time To Fill = Total days / Number of vacancies = 51 / 3 = 17 days.
Calculate the Cost of Vacancy (Optional)
If you want to calculate the cost of vacancy, you need to know the average daily cost of having a position open. This can vary greatly depending on the position and industry. Once you have this figure, you can multiply it by the average Time To Fill to find the total cost of vacancy for the period. For example, if the average daily cost is $100, then the total cost for the three vacancies would be 17 days * $100 = $1,700.
Avoiding Common Mistakes
Common mistakes to avoid include incorrect date calculations, forgetting to include all vacancies, and not accounting for any days when the hiring process was put on hold. Double-check your dates and ensure all relevant vacancies are included in your calculation.
Using the Calculator for Convenience
While manual calculation is useful for understanding the process, using a Time To Fill calculator can save time and reduce errors, especially when dealing with a large number of vacancies. These calculators can also provide additional insights, such as the cost of vacancy and suggestions for improving the hiring process.
Introduction to Time To Fill Calculator
The Time To Fill Calculator is a useful tool for HR professionals and hiring managers to calculate the average time it takes to fill open positions. This guide will walk you through the steps to calculate the Time To Fill by hand, including the formula, a worked example, and common pitfalls to avoid.
Understanding the Formula
The Time To Fill formula is calculated as follows: (Total number of days vacancies were open) / (Number of vacancies). To calculate the total number of days vacancies were open, you need to subtract the vacancy start date from the fill date for each vacancy and then sum up these days.
Step-by-Step Calculation
The following steps will guide you through the calculation process: