Data is the fundamental way of understanding your business’s strengths, weaknesses, and areas of improvement. Chameleon BI helps you organize, compile, and visualize the most important aspects of your data to help you unlock better business insights. In order to do this, we’re breaking down the 6 essential metrics you need to best understand your staffing firm!

The Time to Fill rate is the number of days a job order is open and unfilled. It’s essential for measuring the speed and efficiency of the recruiters on your staffing team. A low time-to-fill rate suggests that you have an operational inefficiency, and can be remedied by examining the activities that lead to the performance metric checklist. Chameleon BI helps you highlight this potential weak spot and figure out its root cause.

The Fill Rate is the percentage of total jobs that your staffing firm has filled successfully. It’s another measure of efficiency that helps you understand if your firm is taking advantage of all of the job orders you’ve had available. For any staffing firm to make money, you need placements! This metric helps you see how many placements your recruiters are getting – vital for knowing how profitable your business is. You should always be hoping to achieve a more efficient fill rate, and it’s often an easier fix than increasing your number of open job orders.

Staffing Ratios are a statement of how two individual metrics compare. Chameleon BI can help you track the five most fundamental metrics in an eventual candidate placement. A few examples of the metrics we help track include:

  • Client Submission Count
  • Internal Submission Count
  • Job Count 
  • Interview Count 
  • Placement Count

These metrics are important, as there are many factors that go into a candidate’s placement. If any of those factors have weaknesses, it severely impacts the number of candidate placements. Monitoring your Staffing Ratios helps you analyze every single stage of the process, allowing you to highlight any potential inefficiencies. 

Regardless of how you manage your data, the term Bill Rate should be familiar! The Bill Rate is the rate a staffing firm charges a client for the services of their employee. It correlates strongly with your company’s profit margin, and since it differs by account it is able to show you which clients are the most profitable. You can use this data to focus on specific clients, find areas in need of staffing, and figure out why some clients are easier to place than others. Bill Rate is an essential and powerful metric that every staffing rate should pay attention to.

Your Gross Margin is the amount of money you retain from a placement after paying labor and any other special assessment tax or various other charges that can be imposed by the federal, state, or local taxing authority. Your gross margin is the easiest way of telling whether or not your business is struggling. It can help you gain insights into which clients are more profitable than others. A lot of variables go into your gross margin amount, so monitoring this metric is essential to ensure a healthy business strategy. 

Another data point that Chameleon BI can help you break down is the Margins by Job Type. Each client and each Job Order will be different, so it’s important to track the costs and fees associated with them (especially, if your staff for more than one employment type). If you see that the margins of each job type vary significantly, then you’ll be able to tell where to push more resources and improve your profit. 

It’s much easier to assess the profitability and success of your business using these data points. If you want to get a better understanding of your business’s health, Chameleon BI can help you customize and automate your data into staffing reports!

Our goal is to empower you through data and help your business unlock immediate value from ALL your data sources. We hope you put these 6 essential metrics to good use!