You know your agency goals for 2016, but do you know if you are on track to achieve them?
Whether you’re a manager focused on eclipsing staffing sales targets or a recruiter aimed at increasing fill rates, you began the year with a road map for meeting objectives. The question: how will you know when course corrections are needed to reach goals.
Savvy staffing pros rely on staffing metrics to make data-driven decisions that help their agencies stay on course to a successful year end.
Bond-US checked in with seasoned professionals from the recruiting and staffing industry to gain their perspective on real-time Business Intelligence (BI) reporting that can guide decision-making.
First Things First: Focus on What’s Most Important
Mary Ann McLaughlin
“There are so many numbers that can be tracked in a staffing operation that teams often get bogged down,” says Mary Ann McLaughlin, Managing Partner at Butler Street Consulting. “The goal of any organization should be to find the one key number that drives the business above all other metrics.”
An example metric Mary Ann offers: Talent out working or on assignment. She notes, however, the “purpose and strategy of an organization will dictate which metric is most important.”
With your mission-critical metric in mind, Mary says, “each functional area can track the two or three KPIs that they impact that lead to increasing that one number. Therefore,” she continues, “the report most meaningful for a recruiter, a staffer, a client development person, or an on-site person may be slightly different.”
Don’t forget to make team alignment easy: “Strategically, building a dashboard that allows clarity and focus by role is the one report that should be developed to drive the business effectively and efficiently and align the entire organization.”
Evaluating “Touch Time” and Organizational Resources
For Shally Steckerl, founder of The Sourcing Institute Foundation, among the most important recruiting areas to measure is the amount of “touch time” spent with candidates. He identifies two reports that help to illuminate performance around this metric.
First, Shally cites the need for a report to “segment out all placed candidates and be able to report on how long they were in the system counting from when they were first entered into the ATS or CRM until there was an offer accepted. This,” Shally continues, “tells me what portion of my placements are ‘fresh recruits’ versus candidates I already knew.”
Another important report, Shally says, is “pulling data on what percentage/ratio of candidates we’ve ‘interacted’ with in the database at various levels such as: never contacted again after their data initially got created in the system, or contacted once per year, or once per six months, or once per month, etc. This tells me if we are utilizing our resources well.”
Focusing on “Middle” Organizational Processes
Scott Wintrip operates a consulting company that helps organizations hire on-demand. For him, there is value in gathering business intelligence for the middle organizational processes: “Much attention is often paid to the beginning and end of the sales and recruiting process. This focus on activities, on the front-end, and results, on the back-end, is important. However, it does not allow leaders to effectively manage the middle of the process where the most important work is being done.”
Scott continues: “By monitoring the middle, which I refer to as Outcome Observation, leaders can drive better results by ensuring key outcomes, such as maintaining a consistent level of quality business opportunities and sustaining a healthy inventory of our product in staffing (people).”
Monitoring Industry Trends Impacting the Agency
As the year goes on, “state of the industry” insights can also be critical in your decision-making. This might be information that comes from public entities, trade organizations, and other sources.
Matt Charney, Executive Editor and Head of Content at Recruiting Daily, points to the Monthly Labor Review from the U.S. Bureau of Labor Statistics and the associated data tools that allow recruiters to “slice and dice the most recent and historical BLS Data.”
Matt says, “I think it’s imperative to know bigger picture microeconomic data like market conditions, employment and salary trends, workforce participation rates, and the other drivers of supply, demand, and intelligence that can help staffing leaders.”
U.S. Department of Labor economists and data scientists, Matt says, “do a great job framing the bigger picture, along with insights and observations real talent pros need to know in crunching the numbers to tell the most important stories, trends, and themes captured in this data goldmine.”
Navigate the Competitive Staffing Industry with Business Intelligence
Regardless of the goals in place at your agency this year – or your role in meeting them – real-time BI dashboards and reports can allow you to continually monitor critical staffing metrics, identify any necessary course corrections, and move forward toward 2016 business objectives.