Staffing firms need to know how they measure up to the competition. So, tracking certain metrics is key. It helps you identify areas where you can improve and where there is room for growth. Here are five human resources metrics every staffing agency needs to be tracking.
Is Your Staffing Firm Tracking These Metrics?
Cost Per Hire
Cost per hire is an extremely important metric for staffing firms to keep track of. You should have a good understanding of what it costs for you to recruit one person. Keeping an eye on this metric will help you identify areas of your process that you can refine to help find you the best candidates and save you money.
Another HR metric you’ll want to stay on top of is absences. You don’t want to recommend a candidate that continues to call out or not show up. It will also give you an idea of how productive and reliable your current talent pool is. If there is a steady increase in absences, it can also give you an indication of something being wrong. HR software can help you stay on top of absences and track any problematic patterns there may be.
Overall turnover is another thing staffing agencies should keep a close eye on. Are you placing candidates on assignment multiple times? Or are they going elsewhere for work after their first placement? Tracking this will help identify if there is room for improvement in your current reassignment process. It will also help you better understand what you need to do to improve retention rates. Once improved you will be able to fill current openings with candidates you already know are trustworthy and reliable.
Satisfaction and Engagement
Of course, as a staffing agency, you want to ensure the satisfaction of everyone you work with, both clients and candidates. You want to be sure every candidate you place is happy. Happier employees tend to be more productive and loyal. There are a number of ways you can try to collect data about employee satisfaction and how engaged they are in their jobs. One of the most popular ways to gather this information is through employee surveys.
Check back in with employers and candidates on a regular basis to get a feel for how the placement is performing. Employers will often offer regular performance reviews. Ask for their findings and if the employee is a good fit for the position thus far. This will give you a good idea of whether or not the placement was a good one. Act on any information your gain and be sure to communicate directly with the employer about any further needs.
Need Help Tracking Key HR Metrics
Now that you know some of the key metrics you should be tracking, how do you go about doing so? Thankfully, there is plenty of HR software out there to help you stay on top of the most important data. You can track candidates, successful placement, cost, and more. Best of all, HR software keeps all this crucial information in one place.
Essium’s software can help you track these metrics and more. Learn more about Essium and how our HR Automation and Onboard Software can help revolutionize your staffing firm.