In the staffing and recruiting world, there’s no crystal ball to tell you what the future holds for your business. The good news? There is something that can give you a glance into the future: predictive staffing analytics. Not only do they allow you to see what’s coming up for your company, but they also allow you to make quick adjustments now in order to hit your future goals. Here are 3 predictive analytics that we think can help you see the future (without the crystal ball!).
How much will your team sell this month? Based on your historical monthly or quarterly numbers, will you hit your future sales goals? By looking in-depth into your sales forecast, you will have better visibility into the value of your current sales pipeline and historical win and lose rates to determine future deal closings. Using this data to predict how much of the pipeline will close each calendar month creates a more refined snapshot of future revenue and a more efficient, margin-driven sales activity.
For contract placements, keeping an eye on the placement start and end dates is key for predicting when your recurring revenue is scheduled to end. Make sure that your team takes all necessary measures now to compensate for the inevitable placement end date, stalling your cash flow. Tracking your active contract placements can show you a glance into the future as to when important end dates are on the horizon, so you can get your renewal processes started on time.
Open Job Orders
Proactively managing your job orders in your pipeline now will forecast what will be in your pipeline later. For example, if the number of jobs orders stuck in the Sendouts stage is high this month, the number of Interviews will be low for next because there wasn’t enough momentum to push the job onto next stage in the pipeline. Monitoring how your current pipeline grows or shrinks in different stages will predict if there will be any roadblocks that will prevent you from hitting your goals and successfully placing jobs.Over the past couple of weeks, we’ve talked about understanding the three time periods that staffing metrics should cover: historical, real-time and predictive. As the staffing industry focuses more and more on data analysis, it is critical that you understand what metrics should be measured and what the numbers actually mean. At the end of the day, the most important activity is making placements, and being a metric guru will put you at the top of your staffing game!