Our last post introduced you to the idea that there’s value in tracking and using historical data. It provides insights into emerging trends, translates data into actionable intelligence and allows you to discover the leading indicators of success. We recognize that it’s daunting to try to figure out which historical metrics are most valuable for your company, so we’ve outlined the top 3 metrics that we think will help grow your business while saving you time and money.
A common metric that staffing firms focus on is the time-to-fill, or the number of days between when a job was opened and when the offer was accepted by the candidate. The time-to-fill metric looks into the length of your sales cycle over time, helping you figure out where the bottleneck is in your recruiting process and which stages you need to focus on speeding up. Measuring the average length of each of your stages will allow you to identify potential improvement opportunities so you can focus your time, energy and resources to improve areas directly impacting your time-to-fill.
Activity ratios help determine the efficiency and quality of your reps’ efforts and help flush out the volume and quantity of their work. Analyzing activity ratios by employee establishes an internal benchmark and quantitatively helps them improve their efficiency based on their past performance. As your business grows, looking at activity ratios is instrumental in understanding the direction of your business, giving you insights into any disparities in efforts between activities relative to their conversions. Overall, activity ratios prove to be a powerful KPI when measuring the health of your team and company.
You can’t win every placement, but you can understand how frequently you win and lose job orders by analyzing your won/loss rates over time. The won/loss metric identifies key drivers for closing new business, tracks the company’s progress against internal standards and pinpoints areas for improvement within each phase of the recruiting process. It’s important to observe what went well, what could have gone better and what would have produced better results, a critical component to avoiding missteps that are likely costing you opportunities. Bottom line: learn from your losses and apply these lessons to future opportunities!
Stay tuned: Our analysis of real-time metrics and why they’re important coming soon!