Measure. Analyze. Act. Rinse. Repeat.
We are in a data-centric world. Luckily, there’s no shortage of data that can influence our decisions -- and our businesses -- for the better.
But, with so much data seemingly at our fingertips, knowing what data to prioritize and which actions to take can be a bit overwhelming.
At Sense, we designed our platform from the ground up to collect the right data to help staffing firms make better decisions and get better results. From NPS scores to candidate satisfaction and much, much more, Sense empowers your staffing firm, and makes you the hero of the office.
So, what are the metrics your staffing firm should be tracking? Here’s a rundown of core metrics:
You’ve probably got these down pat already, but here are a few of the top overall metrics your staffing firm should be measuring.
This is simply the ratio of job orders received to job orders filled. The goal here is a 1:1 ratio, or 100% fill rate.
Submissions per hire
A 1:1 ratio here is downright impossible, but it’s fun to try! Submissions per hire is the ratio of submissions you make to clients, versus actual hires made. A good rule of thumb is to aim for 1 hire out of every 4 submissions.
Time to hire
Time is money. This old adage is certainly true in the staffing industry. When your contractors are working, your clients are happy and your staffing firm is generating revenue. Measure how long it takes for a candidate to begin working for a client after first contact with your agency. Look for areas where your internal processes can improve to shorten the length of time.
Happy clients mean more revenue and happy times at your staffing firm! In particular, pay close attention to these client engagement metrics.
The statement above fits here as well -- happy clients mean more revenue for your staffing firm! Don’t wait until the end of the year for NPS scores to know if your clients are happy. Sense empowers you with client satisfaction data to help you pivot, change, and adapt as necessary to retain your clients and attract new ones.
Percentage of clients engaged
How many dormant clients are sitting in your CRM? Do you remember the last time you emailed, spoke to, or texted them? There are so many opportunities to generate revenue sitting in your database -- knowing how many clients you’ve engaged in the past 30, 60, or 90 days can help you plot out your client engagement strategy and ultimately, increase revenue.
This one’s a no-brainer. It’s, of course, extremely important to know how many clients you have kept versus how many have gone to other firms. And not only what that client retention rate is, but why it is what it is. This data can be a game changer for your staffing firm.
It’s pretty hard to make your clients happy without happy candidates. Keep these metrics in mind to focus your candidate engagement efforts.
Percentage of candidates engaged
To the point above about client engagement, the percentage of candidates engaged is often quite low for staffing firms. Our Customer Success Managers speak with staffing firms every day who are so busy chasing what’s in front of them that they’re not fully leveraging their candidate databases. Measuring the percentage of candidates engaged in 30, 60, and 90-day increments is a good rule of thumb.
Are the candidates you place thrilled with your staffing firm, or are they just glad for a job. There’s a BIG difference between the two. One that can have a major impact on your revenue and growth. As with client satisfaction, it’s important to measure candidate satisfaction continually. Don’t wait until the end of the year to know whether your candidates are looking elsewhere!
Candidate ghosting is increasing at a decent clip nowadays, with talent in the driver’s seat during a shortage. Tracking when candidates ghost your recruiters (or clients by not showing up on the first day of their assignments) can help you identify cracks in your candidate engagement strategy or hiring process (or both).
Most recruiters and staffing firms are spending a LOT of time crafting emails every day. But is all that time worth it (or even necessary -- HINT: Sense can help with that)? If your email engagement rate is low, it could mean your emails aren’t interesting enough. They’re too long, too short, or maybe some candidates don’t want emails at all! You’ll never know unless you track and take action.
Just as with emails, if your staffing firm is spending time and resources on something, you should track its success. Note: It is extremely difficult to track text engagement metrics if your recruiters are texting candidates using their personal devices. But, with a robust candidate engagement platform, you can send, track and even automate texts to both save time and gather important data on the efficacy of your texting efforts.
Churn ‘em and burn ‘em is not the right motto for staffing firms (that’s an understatement). Yet, many staffing firms struggle to retain contractors. Enter: contractor care. In particular, you’ll want to pay attention to these metrics.
Contractors stay with (or leave) staffing firms for a myriad of reasons. Knowing why your contractors stick with you or head for the door is critical information that can make or break your firm.
If your redeployment rate is low, your revenue is definitely taking a hit (and your recruiters may very well be burned out by constantly searching for more, new, qualified candidates). Increased redeployment can have a dramatic effect on your staffing firm, but you need to know where you stand before you can take action to grow.
Assignment completion rate
If your contractors are accepting jobs and not sticking with them, it could be due to a variety of factors. Measuring your assignment completion rate can help you identify if you have a problem.
With great data comes great responsibility.
As with any data, it’s not just collecting information, but how you use it that determines your success. At Sense, we empower you to take action and improve candidate experience, client experience, and contractor care. Let one of our staffing industry experts walk you through Sense and show you firsthand how it can help your staffing firm. Contact us now to schedule a demo.