Chirag Mehta March 1, 2021 With a 151.8 billion USD market size in 2019, staffing is one of the most competitive industries. Every staffing firm has a treasure trove of valuable data to transform its business. However, there are three staffing metrics that most firms ignore.
With this in mind, we put forth critical Staffing KPIs, which if monitored and improved over time can undoubtedly drive your business to the next level of success.
- Candidate Satisfaction Matters a Lot
Did you know two out of five staffing pros don’t regularly measure the candidate’s experience? If you want to evaluate your staffing team’s performance, you must emphasize the candidate’s satisfaction. Perhaps this is the big reason for the disconnect between the staffing managers and candidates. CareerBuilder’s recent study revealed that only 47% of candidates felt that the communication was consistent during the entire staffing process.
But, the million-dollar question is how you’ll be able to gauge the actual candidate experience? Candidate satisfaction isn’t just about asking the candidate how their experience was. Instead, protectively track the ATS and CRM data to make changes to your staffing process and ensure a high rate of satisfied candidates. It is highly recommended that you consistently monitor your performance if you want to reach out to the best candidates at the right frequency.
- Track Your Time-to-Fill
Time-to-fill or the number of days a job is available and unfilled is a metric that is of paramount importance for measuring your recruiters’ speed & efficiency.
A poor low time-to-fill rate indicates that your company has several operational efficiency challenges that need to be addressed at the earliest.
Apart from being the critical indicator of your staffing performance, Time-to-Fill is useful in several other ways. It will enable you to have realistic expectations when putting forth a time-frame for your business clients’ profile.
By giving them accurate predictions, you’ll be transparent & reliable in the eyes of your clients. Also, you can use the time-to-fill metric for budget planning and resource allocation.
Despite this metric’s usefulness, most staffing companies still tend to overlook it.
- Ratios Have Great Significance
Finally, one of the most crucial metrics that could prove to be a game-changer for your staffing firm is staffing ratios. It is not a single metric but a combination of several metrics.
Ratios are a means of tracking two sets of data — for instance, the ratio of interviews to placements. This is critical for staffing companies as every candidate’s placement is a chain of actions. If there is a weak link in the chain, the outcome will be impacted. The ratios will enable you to analyze every stage of the process to identify potential inefficiencies.
Understanding the ratios will improve your agency to scale by improving revenue faster to boost the number of employees & improve employee alignment towards your strategic goals.
Calculate the Ratios:-
- Placement Count
- Client Submission Count
- Interview Count
- Job Count
- Internal Submission Count
These top-three Staffing KPIs must be monitored continually to help your staffing firm increase profitability and market share in a competitive environment.
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