Of the many reasons people go into the staffing and recruiting industry, tracking metrics is rarely one of them. Despite knowing the importance of tracking metrics, however, the vast majority of staffing firms do not put this belief into practice.
For example, according to CareerBuilder’s most recent Staffing & Recruiting Pulse Survey, a mere 14 percent of staffing firms track source of candidates and candidates hired. Furthermore, less than 10 percent track mobile traffic, percentage of candidates redeployed, and candidate and client satisfaction levels (or Net Promoter Scores®)*.
It’s not a mystery as to why staffing firms tend not to prioritize tracking metrics: it’s time-consuming, it involves in-depth analysis, and – let’s be honest – it’s not the most exciting task in the world. While it’s easy to ignore metrics and tell yourself they don’t matter, the fact remains: They are essential to measuring the success of your efforts. Tracking metrics is the most effective way to save time and money, helping you figure out which areas need improvement and where to allocate your resources for the best results.
Below is a breakdown of some of the most important business metrics every staffing firm should track and why.
Source of candidates/hired.
Do you keep track of where the candidates you place who are hired come from? This information provides insight into the effectiveness of the tools and software you are using and the productivity levels of your recruiters. You also gain a better understanding of where your candidates are coming from, which means you can stop wasting time on low-performing outlets and allocate your resources where they will be most effective.
Mobile traffic to your staffing firm’s website.
Do you know how much traffic your website generates from mobile phones and tablet devices? It may be higher than you realize: According to Inavero’s 2014 Opportunities in Staffing study, 71 percent of candidates have searched for a job using their mobile phones, and 89 percent have done the same from their tablets. If even 10 percent of your traffic is coming from a mobile device, you should make sure your site is mobile-optimized. If, when viewed on a smart phone or tablet, your website is difficult to read, slow to load, or contains broken links and images, your website is not mobile-optimized. As a result, candidates are likely to leave your site – and go to a competitor’s.
Percentage of candidates redeployed.
Do you know how many candidates you are reassigning after the first placement? Knowing this information – along with the sources of these hires (see No. 1, above) – can help you identify the need to increase follow-up during a placement, as well as at the end of an assignment
Candidate/client satisfaction or Net Promoter Score® (NPS).
Do you know your firm’s client satisfaction score? Are you aware of the satisfaction levels of placed candidates? These metrics are influential in helping prospective clients judge the quality of the staffing firm with which they are considering working. These scores can also help you identify opportunities to improve the quality of your service you provide both clients and candidates.
In May 2014, we asked staffing industry professionals the following question based on their current methods: Which of the following metrics are you tracking today? (Select all that apply.)
According to the results, Here’s what staffing professionals are tracking today:
- Candidates placed on assignment: 17.17%
- Number of open requisitions: 16.78%
- Candidates submitted to requisitions: 16.63%
- Candidates interviewed for open requisitions: 15.77%
- Source of candidates/hire: 14.6%
- Candidate/client satisfaction or Net Promoter Score: 7.88%
- Percentage of candidates redeployed: 5.54%
- Mobile traffic to your staffing firm’s website: 4.68%
- None of the above: 0.94%
Tell us: Which metrics does your firm track and why?
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*Net Promoter, NPS and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, and Fred Reichheld. Note: This article originally appeared in CareerBuilder’s 2014 Recruitment Guide.