Every good recruiting agency has a mission and every mission includes a path to success. In some cases, the path to success is unplanned and even driven by luck, but generally, the most successful recruiting agencies have a thoughtful, well-defined plan. They know what they need to do to be successful. Defining your path is only the beginning. You must also ensure you are following that path. This can be achieved by using and measuring effective recruiting metrics.
Why track metrics?
Metrics offer a variety of uses. First, they are used to keep your team focused on the path to success. In their busy day to day lives, recruiters and sales reps often turn their attention to the next trend, technology, prospect, or client request that comes across their desk. If it doesn’t fit into the company’s mission, then it is a distraction. Publishing metrics reminds team members of which company priorities should receive their focus.
Second, metrics help you identify areas where the company is straying from the plan. Exception reporting in your metrics allows you to easily and quickly react to things blocking your path to success. If customer satisfaction is a major driver of your success, then you can use exception reporting in your metrics to identify low customer satisfaction scores to prevent one time service failures from turning into unhappy customers.
Which metrics should you track?
There are an endless number of different metrics that can be tracked for your recruiting agency. Your agency must narrow down the choices to find the metrics that are most effective in driving your success. Where do you want to focus? Customer satisfaction, speed of service, candidate retention, or something else? ERE Media offers a standard set of recruiting metrics that might be a good place for you to start.
As you evaluate which metrics will best drive the performance of your team, remember the following:
- Too many metrics can lead to a lack of focus and an inability to excel in any one area.
- Too few metrics can lead to adverse effects. For example, if you focus strongly on speed to interview, then you may sacrifice candidate or customer satisfaction when trying to decrease the time spent leading to the interview.
- Complimentary metrics lead to balance and focus.
- Time is of the essence. Too much time spent on a specific metric calculation and you might find yourself racing against the clock on customer and candidate workflows.
How do you use metrics to drive results?
Once you identify your metrics, there are a few processes to implement in order to use the metrics to effectively drive results.
- Define the metric. Metrics can be interpreted differently, so ensure that your metric is well defined. For example, if you are tracking candidate satisfaction, then the candidate needs to be defined. Will it only be candidate’s you place on jobs or any candidate that comes to the recruiting agency?
- Communicate the metrics across the company. When you first introduce the metrics, present them and their definitions. Share the results you are expecting from driving the business with the metrics.
- Measure the metrics frequently and publish the results.
- Celebrate the wins and dig into the losses. Evolve as needed.
How can your recruitment software help?
Effective recruiting metrics can play a large part of driving your success, but the measurement process should only be a small part of your efforts. If you have the right software, then you should be able to track and display your metrics in a dashboard or a report. Tracking metrics directly in your staffing and recruiting software means they can be easily and frequently accessed and provide your team up-to-the-minute views of how you are doing.
Analyzing your metrics directly in your software centralizes the data and simplifies the process. The activity performed by your team is facilitated by your recruiting software and the metrics are reported from the data created. By tracking your metrics directly in your recruiting software, you enable your team to drill-down for immediate exception reporting of areas where you failed to deliver instead of waiting for a monthly or quarterly review of metrics. Bond AdaptSuite’s Reporting & Analytics provides you that functionality. To see more of Bond’s easy-to-use recruiting software, please contact us for a demo.