What’s happening in your business right now? How well do your metrics reflect your business’ successes and challenges in real-time? If you’re not sure about either question, it’s time to start tracking real-time metrics more effectively. Real-time data, based on the most recent and current figures, creates a unified view of key performance measures, allowing you to determine how well your organization is performing against goals. Also, as your business grows, metrics can be changed to reflect new directions. Here are a few real-time metrics that we think are key for your team to track.
Do you want to know what activities your team is performing as they’re happening? Tracking real-time activity metrics allows you to do just that, in addition to benchmarking performance standards that drive productivity. Also, a great reason for tracking real-time metrics is that it better aligns all team members’ objectives, making sure both recruiters and hiring managers are on the same page, tracking the same metrics.
Open Jobs Orders
The importance of tracking open job orders in real-time can be summed up in two words: pipeline prioritization. By looking at open jobs, managers are not only able to help recruiters figuring out which jobs are most important, but they can also see how close (or far) the recruiters are from hitting their goals. The open job order metric is a snapshot of how much value is in the pipeline and whether it is enough to hit targets in the next couple months.
Your bookings tell you how much revenue has been brought in to date and is fundamental to forecasting your business trajectory for the coming month, quarter, or year. Real-time bookings show how your team is doing compared to past performance and is ideal for daily tracking of your team’s progress as they work towards a goal. Booking metrics allow you to answer, “Are you behind goal?” and “Have you closed the same amount of business this month as you did at this point last month? As you usually close at this time typically?”
We all know that metrics are important and measuring them is essential for business growth. But what’s so important about tracking real-time metrics, such as activities, open job orders and booking? For one thing, they provide instantaneous feedback that allow you to make better recruiting decisions every day, while move your company toward attaining its business goals. They also allow for a comparison of present measurements with the past to promote understanding of your business and result in future changes that encourage more growth.
Next Up: Find out how tracking predictive metrics is (kind of) like having a crystal ball!