We live in a world of big data. The use of statistics makes businesses more efficient and more profitable. Staffing firms can benefit from data analysis as well — you just have to know the right metrics for the industry.
Of course, as a business, you need to track the normal financial measures. Like any other companies, profits, losses, assets, and liabilities require your consideration. However, there are some numbers that apply more specifically to the staffing industry.
These measures let you provide a better service for both your clients and the candidates who come to you for jobs. As such, you’ll have the information you need to get better over time. With that in mind, here are the top metrics you need to know as a staffing firm:
Metrics Related to Clients
A good relationship with your clients is the key to long-term success. With a dedicated customer base, you have the foundation necessary for further growth.
To win (and keep) corporate partners, you need to know certain critical statistics. These will help you track your performance and improve over time. Meanwhile, you’ll have the data you need for marketing materials and sales presentations. Here are some figures to keep in mind:
Fill Rate
This stat will let clients know how completely you can satisfy their staffing needs. Ideally, you’ll have the candidates available to fill any open position that comes up. If so, you can easily become a go-to recruiter for your customers.
Time-to-fill
How long do positions remain open when a company turns to you? That’s what This figure looks at. A short window here lets customers know you can quickly find the talent they need, minimizing delays and lag time.
Customer Satisfaction
Like any business, your staffing firm will rely on a strong customer experience to build a reliable long-term client base. You should find a way to quantify this information so you can shore up weak spots and improve over time.
Account Engagement
Some clients use you all the time. Others might start an account with you, receive a few candidates and then fade away. You might forget they even exist.
Account engagement lets you track this activity. You can see when a client goes dormant and take steps to get them involved again. You can also see specifics for your best customers, making it easier to anticipate and fulfill their staffing needs.
Metrics Related to Candidates
As a staffing firm, attracting clients represents just half of your business. You won’t have any customers if you can’t provide high-end talent as well. As such, you also need to measure how well you perform for job candidates as well.
Here are a couple of crucial figures to follow as you look to score your ability to serve your job candidates:
Time to Hire
This stat is similar to “time to fill” but looks at it from the candidate’s perspective. The figure is reported as the number of days between a candidate’s application and when they receive a job offer. It lets candidates know how long they will need to wait for a placement.
Temps to full time
Many of your candidates are willing to take a temporary assignment as a stopgap, while still hoping for an eventual full-time situation. This metric lets this group know how possible that is. The statistic indicates what percentage of temp placements eventually develop into permanent opportunities.
Financial Measures
As you consider these performance metrics, don’t ignore the financial figures we discussed earlier. You need to watch the money as well. This will give you the resources you need to provide the best quality service to all your stakeholders, from employees to investors to clients to job candidates.
Need Funding to Help You Grow?
Improving your financial situation requires a variety of funding options. You want a partner who can deliver the flexibility and peace of mind you need to stay focused on running your staffing firm. You can get this from Frontline Funding.
Contact Frontline Funding today to discover your best financing options.
