
Ben Schwencke
Ben is responsible for client delivery work at Test Partnership and usually serves as the main client of contact. He holds an MSc in Occupational Psychology and is a registered test user of ability and personality testing.
Hiring velocity is a metric that measures the speed and efficiency of a company's hiring process. It is calculated by dividing the number of hires made in a given period by the total time it takes to fill those positions. The result is a measurement of how quickly a company is able to hire new employees.
For example, if a company hires 5 new employees over a period of 2 months, and the average time to hire for those was 40 days, the hiring velocity would be:
Hiring Velocity = 5 / 40 = 0.125
The goal of hiring velocity is to minimise the time it takes to fill a position, which can help companies achieve better results, faster. By monitoring hiring velocity, companies can identify areas for improvement in their hiring process and make adjustments to increase efficiency and effectiveness. In this article, we will outline why hiring velocity is important, and what organisations can do to maximise it.
"Candidates are looking for a new job right now, and if a decision can't be made quickly enough, they will likely look elsewhere."
Put simply, hiring velocity is essential in recruitment as time is of the essence for job candidates. Candidates are looking for a new job right now, and if a decision can't be made quickly enough, they will likely look elsewhere. This results in a leaky recruitment funnel, causing the organization to miss out on high-potential applicants unnecessarily. Increasing hiring velocity shows proper respect for the candidate's time, either offering them a position quickly or reducing the time required to deselect them, allowing them to look elsewhere for work.
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