KPI Benchmarks : Interview-to-Offer Cycle Time
- Benchmark Range
- Benchmark Average 13.5
- Benchmark Sample Size (n) 20
* Is High or Low Best: Lower is Better
KPI Details : Interview-to-Offer Cycle Time
Interview-to-Offer Cycle Time measures the number of business days required to extend a job offer to a candidate after interviews are completed, from the time the candidate selected for the position was first interviewed until when the job offer is extended to that candidate. A relatively high value for this metric is typically related to a few common factors, including inefficient interview processes (i.e., letting the candidate know what is expected during and after an interview, not providing the candidate with relevant information during the interview process, etc.), long cycle times dedicated to hiring decisions, and sub-par Recruiting & Hiring employee training and performance. Each of these factors can lead to longer interview and offer submission cycle times and increased candidate frustration which can vastly increase the chance that the candidate reject the offer put forth by the company and instead accept a position in another company.
KPI Best Practices : Interview-to-Offer Cycle Time
KPI Calculation Instructions Interview-to-Offer Cycle Time?
The calendar dates/times of two events are used to derive this KPI: (1) the time the candidate selected for the position was first interviewed, and (2) the date that the offer was extended by the employer to the selected candidate (typically in the form of a formal offer letter). Job offer letters are considered to be a formal written document sent by an employer to a job candidate selected for employment and typically contains the job description, salary, benefits, paid time-off information, work schedule, reporting structure, etc. Job offer letters must be signed and returned in order to illustrate a formal acceptance of the position.
KPI Formula :
(Sum of Time to Extend a Job Offer After Interview) / Total Number of Offers Extended
Cost per Hire
The total cost of recruiting and hiring (labor, job postings, travel costs, etc.) for all open positions (front-line or entry-level staff, managers, directors and executives) divided by the...
KPI Type : Cost
Formula : Total Recruiting Costs / Number of Open Positions Filled
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