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We’ve been talking for a while about the growing challenges in finding the best talent. The discussion is starting to yield numbers. There’s a really good article over at TLNT.com titled “Another Sign of Tighter Labor Markets: Time to Fill Rates Getting Longer.”
I’ve always found the time to fill metric useful. Especially when it comes to talking with department managers about employee resignations. For example, if you use the measure found in the TLNT article, the average time to fill is 26 days. If an employee gives their department two-weeks’ notice, that’s 14 days. Meaning there are still 12 days of work that need to be covered. (Of course, this doesn’t take into account new hire onboarding and the time it takes for an employee to become fully productive.)
As the labor market continues to be a challenge, organizations will have to find more effective ways to fill positions. That includes using contingent labor and, like the cartoon says, always being on the lookout for talent.
[Tweet “You Should Always Be #Recruiting”]
At some point, companies might be faced with a difficult decision: Do I hire a very talented person even though I don’t have an opening? OR do I let them go and hope I can find someone when I have an opening? Trust me, it’s a tough decision.