Staffing and recruiting firms, along with their client companies, recognize the importance of tracking metrics for finding ways to save time and money. Tracking metrics is necessary for measuring the success of recruiting efforts and for identifying areas that need improvement. In the staffing and recruiting industry, tracking metrics can lead to a whole range of benefits, like helping to improve the relationship between recruiters and hiring managers, align objectives, and allow staffing agencies to prove credibility to current and potential clients.
However, according to CareerBuilder’s most recent Staffing & Recruiting Pulse Survey, only 14 percent of staffing firms track ‘source of candidates’ and ‘candidates hired’. Also, less than 10 percent track mobile traffic, percentage of candidates redeployed, and candidate and client satisfaction levels!
The Metrics That Are Being Tracked
A 2013 CareerBuilder survey of more than 200 staffing company employees found that the most highly tracked staffing metric among clients is the number of open requisitions. Findings from the survey reveal that staffing firms place little emphasis on long-term analytics, with 45 percent never checking their market share. More importantly, nearly a third of staffing firms never check their client Net Promoter Score® (NPS), a measurement of client and candidate satisfaction levels.
Of candidate metrics, the source of candidate is the most frequently monitored metric by staffing firms, with 41 percent checking it quarterly.
What Metrics are Staffing Companies Checking Every Day?
Top Metrics for Staffing Companies to Focus On
According to Ere.net, there are three time periods that staffing metrics should cover. The first is historical metrics, which measure the events and data accrued in the previous year. These metrics should not be used for real-time decision-making but rather for trend analysis. The second is real-time metrics, which allow staffing professionals to see what is happening currently. And finally, the third time period is predictive metrics. These metrics are rarely used in the staffing industry but are important to determine what challenges might arise in the future or to identify opportunities.
Source of Candidates and Source of Candidates Hired
Keeping track of where the candidates who are placed come from provides insight into the effectiveness of the tools and software being used and the productivity levels of recruiters. It also helps staffing agencies gain a better understanding of the best sources of high-quality candidates so that resources can be allocated to areas where they will be most effective.
Client and Candidate Satisfaction or Net Promoter Score® (NPS)
Tracking the level of satisfaction of clients and placed candidates helps in judging the quality and value being provided by the staffing firm. These scores also help to identify opportunities to improve the quality of service provided.
Number of Positions Filled
This metric tracks the number of candidate applications accepted for a position by the client in a defined time period. It helps recruiting firms determine employee turnover and total costs spent annually on new workers.
Percentage of Candidate Redeployed
Knowing how many candidates are reassigned after their initial placement helps to identify the need to follow-up during a placement and at the end of the assignment.
Position Vacancy Rates
Companies often turn to staffing and recruiting companies to find candidates to fill a position faster and cheaper than internal human resource offices. Tracking the amount of time a position is vacant allows staffing companies to ensure that they are providing value to clients. Creating a standard vacancy rate allows recruiters to have goals and benchmarks to measure their performance against.
Mobile Traffic to Firm’s Website
According to Inavero’s 2014 Opportunities in Staffing study, 71 percent of candidates have searched for a job using their mobile phone, and 89 percent have searched using a tablet. If a good portion of a firm’s website traffic is generated from mobile phones and tablets, it is worth ensuring that the site is mobile-optimized.
Response Time Response time measures how quickly a staffing company responds to customer inquiries or orders. Customers highly value rapid responses, especially in the case of last-minute or urgent staffing needs, so setting response goals and tracking them is important to ensuring customer satisfaction.