Bullhorn interviewed thousands of staffing professionals from businesses of all sizes, functions, and industries. From the interviews, they have learned that the most unified, efficient staffing firms have a deep understanding of their business because of their use of data.
We have compiled Bullhorn’s list of Key Performance Indicators for you and as a staffing firm, Chameleon Technologies vouches for using data to drive staffing businesses. We keep track of KPIs that could help our business grow and believe that you should be doing the same.
KPI’s give you insight into your entire operation and so knowing which KPIs to track and measure could really help you better your staffing business.
Here are the main KPI’s you should be looking at:
- Profitability and Margin: Find out how much money your business is actually making with this KPI. Financial data becomes an even more powerful tool when it lives in the same system as your ATS/CRM data because you can calculate at the level of each individual contract or placement.
- Timesheet Actuals: This will help your business better understand overall candidate hours worked.
- Fill Rate: Find out if your firm is making the most out of its present opportunities with this KPI. Total placements are important to a staffing firm’s overall revenue so improving your fill rate is vital to being profitable.
- Account Engagement: This KPI allows you to understand the quality of your customer relationships and where you should be focusing your time and resources.
- Redeployment Rate: This KPI lets you find out how effectively your business retains your candidate pool over time. By redeploying candidates, you can maintain relationships with them and maintain your stream of revenue from that particular placement.
- Time to Submit the first Candidate: By keeping track of this metric, you will know how fast you submit candidates for a job. It’s important to submit quality candidates but the faster you submit top candidates to a new job order, the better your chances are for a placement.
- Invoice Aging: This KPI allows you to know who you have to follow up with, where you need to take action and determine which clients are reliable and valuable. You can also evaluate the overall efficiency of collections within your business.
- Pipeline Velocity: Pipeline velocity measures the average time it takes for a sales opportunity to move from one stage to another and so by tracking this KPI, you will be able to know how efficient your sales processes are, either individually or in aggregate.
- Job Coverage: Find out how many jobs each recruiter covers, who is covering too many or too few, or which jobs are not showing any interview or submission activity. This KPI gets you updated with your recruiting activities.
- Win Rate: Through this KPI, you can uncover valuable insights into areas of success or those that could be improved. Is it in your sales or recruiting process? Find out with this KPI.
For more details on how to measure these KPI’s, what they mean for your firm, and more, check out Bullhorn’s article.