Key Performance Indicators that All Staffing Firms Need to Measure
Here at DAVIS we are obsessed with our stats. They are part of our everyday conversation, competition and planning. Walking out of the building you know with certainty how you performed today, and what you need to do tomorrow to put yourself in the best position to succeed. We have learned that you manage what you measure, and nothing is more effective than simplicity. It is for that reason that we have only 3 key statistics to determine our effectiveness.
These 3 KPI’s help balance real time volume deliverables with long-term quality standards to ensure our clients are getting QUALITY coverage on their open positions EFFICIENTLY. Here are the 3 indicators we watch regularly to ensure our fulfillment is on point.
- Submittals per week — This one is a no brainer… As far as controllable events go, getting resumes out the door is the most basic of basic. We are not helping any of our clients unless we are presenting them with resumes. These numbers roll up from an individual standard to get a weekly number for each team.
- Submittals:Position — What happens when a staffing company has more positions than it has bandwidth for? Critical positions get minimal coverage. How do we remedy this? By ensuring our teams are getting more than satisfactory coverage. We find that the odds of successfully filling a position skyrocket at 4 resume submittals and beyond, so our teams need to average 4 submittals per position. Easy peasy.
- Submittal:Fill — “But Patrick, the recruiters at DAVIS could send a large volume of wildly unqualified candidates to positions and still meet these metrics!” That’s where Sub:Fill does its work. While volume metrics are critical, ensuring we are working with the right candidates is paramount. We want to make sure that our clients don’t have to spend an inordinate amount of time screening unqualified candidates. Similarly, we want to make sure we are not wasting our candidate’s time in a frivolous hiring process. Quality Metrics keep volume metrics honest, and nothing does that better in staffing that the almighty Sub:Fill ratio.
That’s it… 3 golden KPI’s for staffing. While there may be others that hold value in dissecting a hiring process and digging into where deeper issues might exist, these 3 metrics are the best litmus test for measuring the basic efficiency of your recruiting operation.