Key performance indicators, or KPIs, are standard metrics that can track everything from sales to recruiting. KPIs apply a standardized methodology to track activity. No matter the KPI, they can help you gain an accurate picture of your progress toward a goal. They are extremely popular measurements used widely in business today.
KPIs are a standard measurement in many staffing firms, where constant effort and hard work can pay off in the form of a new hire. Looking closely at the KPIs of the best staffing firms gives other companies a leg up in finding the best ways to be successful, no matter what their goals are. Here are some examples of KPIs that work in the competitive field of recruiting.
KPI – Customer Satisfaction
No firm of any type will be in business long if they don’t have a KPI tied to customer satisfaction. Most companies rely at least in part on repeat business, so making sure the customer is satisfied will have a direct tie to the company’s bottom line. You can track this KPI by having customers fill out surveys and by watching how many repeat customers you have and whether the number is trending up … or down. You can also conduct service retrospectives where you review the client experience in a way that helps you gain constructive feedback to help your team improve. Staffing firms do all of these things; making this KPI a particularly valuable way to measure how satisfied your customers are.
KPI – Activity Levels
When you’re sourcing for new candidates for a job, it’s a numbers game. The more passive candidates recruiters reach out to correlates with an increase in interviews, networking connections, resumes received, and job orders filled. Ask any sales rep and they will tell you working the phones or emails or attending a networking event is a crucial KPI that equates to closed deals. Recruiting firms know this and often require each recruiter to fulfill a set number of phone screens or LinkedIn connections or even client visits every week. Any sort of activity goal can help a company move in the right direction. Tracking KPIs like interview-to-hire or phone-screens-to-interview, helps these firms understand exactly how much of one activity will get the firm to the closed deal (or hired candidate). So KPIs around the number of candidate contacts every day is a good way to keep filling orders in a staffing environment.
KPI – Time to Hire
Tracking the time it takes to hire a new employee is another good metric for a staffing firm. Here’s why it matters; the staffing firm’s customer wants you to fill the seat as quickly as possible. Every day the role remains open is a day the customer may lose money. Staffing firms that have a lower time-to-hire average means they move promptly to fill roles as they open. That responsiveness matters highly in the recruiting world.
What KPIs matter most to your company?
Exelare tracks all of these metrics so our clients understand the quality of our efforts to find the right candidates for the right roles. Call us to find out more or schedule a live demo today.