In staffing firms, gross margins and customer satisfaction are metrics that are often tracked as indicators of good business performance. While these are important information to have, having a staffing firm gives you access to a plethora of data just waiting to be discovered. With access to all this information, leveraging data to gain insight on the performance of your business is sure to give you an edge.
Here are some other metrics that your firm should be tracking:
Time-to-fill is the number of days that a job is left open and unfilled after the job is posted. A low time-to-fill rate could indicate poor performance that could potentially cause your firm to be wasting money. Other than gauging business performance, the time-to-fill metric can also be used to give your clients a realistic timeline for hiring. Providing accurate timelines go a long way in making clients happy knowing that your communicated targets are accomplished.
While it is basic practice to give importance to client satisfaction, candidate satisfaction must also be taken into consideration. With social media being a tool for airing out complaints about just about anything, scrimping on a positive candidate experience could lead to PR problems and decreased referrals for your firm. By measuring candidate satisfaction, you can see what areas need to be improved on such as consistent communication with candidates. This can help lessen the disconnect between recruiters and candidates.
Offer Acceptance Rate
The offer acceptance rate shows the number of offers accepted by candidates within a period of time, or the number of offers given to a candidate before he or she accepts. A higher offer acceptance rate shows higher productivity by recruiters. If your firm’s offer acceptance is low, it could be time to reevaluate recruiting strategies. The offer acceptance rate can be measured for the company as a whole, and individually for recruiters. This gives you insight on which recruiters are performing well or poorly, and also if you should create adjustments on your processes as a whole.
Any business must always keep striving to improve and most of the time, the information you need to do this is right under your nose. All this data is readily available and it’s what you do with it that counts. You’ll be surprised that tracking these metrics can help by leaps and bounds when it comes to improving your staffing firm’s business performance.