With access to more advanced recruitment software and BI platforms than ever before, the age of ‘big data’ is upon us, and more recruitment agencies should be using these tools to analyse, track, and measure operational and financial performance. But when it comes to operational performance specifically, which metrics should we focus on?
We’ll dive into 7 key recruitment metrics that will give you valuable insights into your agency’s overall performance and the effectiveness of your recruiting team.
1. Placements To Goal
This metric tracks how many placements your team needs to achieve to meet a predefined target within a specific timeframe (monthly, quarterly, or annually). It provides a clear and measurable objective for your recruiters, keeping them focused on achieving their placement goals.
2. Time to Fill
This metric has two essential aspects:
Days to Offer: This measures the average number of days between receiving a vacancy and a candidate accepting an offer.
Offer to Start Date: This tracks the average time between a candidate accepting the offer and their official start date.
Measuring both halves of this metric helps you identify areas for improvement in your recruitment process and allows for more accurate revenue forecasting.
3. Application to Interview to Placement
This metric assesses the effectiveness of your entire recruitment process for a specific role or across your whole agency. It analyses the number of applicants (from external advertising or your CRM), consultant interviews, CVs forwarded to clients, client interviews held, offers made, and successful placements. Analysing these stages lets you pinpoint areas where you might lose qualified candidates.
4. Sourcing Channel Effectiveness
This metric has two key measurements: quantity and quality.
Quantity: This measures the number of candidates generated from each sourcing channel within a specific timeframe.
Quality: This measures the number of candidates sourced through a particular channel who are successfully placed in a role.
By analysing both aspects, you can determine which channels are most effective for attracting a high volume of candidates and which generate the most revenue for your agency.
5. Margin/Placement Fee
Whether it’s a temporary margin or a permanent placement fee, these are your revenue streams. Tracking your average margin or placement fee allows you to monitor growth, identify potential erosion areas, and make informed decisions about revenue projections and discounting strategies.
6. Client Retention
This simple metric tracks the number of repeat clients you have compared to the previous year’s period. It provides a clear picture of your client base, showing how many clients you retain, lose, or gain over a 6-—or 12-month period.
7. Candidate Satisfaction
Obtaining objective feedback from candidates about their experience with your agency is crucial. Conducting online surveys at critical stages of the recruitment process allows you to gather valuable insights into your strengths and weaknesses regarding candidate experience. This feedback can then improve your recruitment practices and attract top talent.
Eclipse Recruitment Software is designed to support recruitment agencies with comprehensive reporting capabilities. Key features include:
Advanced Candidate Management: Tracks candidate progress and streamlines the hiring process.
Efficient Vacancy Management: Monitors job vacancies and candidate engagement.
Powerful Analytics and Reporting: Provides insights into recruitment activities, measures key performance indicators (KPIs), and supports data-driven decisions.
Customisable and Scalable: Adapts to agency needs and grows with your business.
By implementing these key metrics and utilising Eclipse Recruitment Software like our Eclipse Core software, you can gain valuable insights into your agency’s performance. Using data to track and measure your success allows you to identify areas for improvement, optimise your recruitment process, and ultimately achieve your business goals.
