When starting a staffing agency, keeping a close eye on a few key metrics is crucial for success. There are multiple moving parts: creating relationships with candidates and clients, securing income streams and perhaps most importantly, finding the most efficient methods to conducting business. Measuring a variety of candidate metrics and key performance indicators are necessary when an agency opens it’s doors. By analyzing available data to isolate the strong and weak points in a strategy, KPIs can support an agency in their early growth stages.
While it may be tempting to measure every variable, there are certain KPIs that carry more weight to drive the initial growth. Here are Mindscope’s top picks for KPIs to measure when starting a staffing agency – and how our powerful and customizable dashboard widgets can help.
Perhaps one of the most important KPIs that any staffing agency, big or small, old, or new, is cost-per-hire (CPH). CPH means all the costs associated with sourcing, screening, interviewing, and placing a candidate for a single position. Maintaining low costs is a desired outcome for any agency, but most importantly when you are starting out. One way to keep the CPH down is to revisit previous candidates that exist in the talent pool; this way, sourcing and screening costs are eliminated the second time around.
Mindscope’s new Enhanced Pipeline Activity Widget provides recruiters with quick access to past candidates and apply several different actions to the candidate’s record. For example, recruiters can take the top options for a filled job order and apply them to current opportunities with similar requirements, in a few clicks, saving time and reducing costs.
A standardized pipeline and workflow is essential to the efficiency and cohesion of any staffing and recruiting process. It ensures uniform processes are being used across the team creating a consistent expectation for clients and candidates. By identifying this early, recruiters can easily support other pipelines, making it a team environment. The consistency of the outcomes and expectations will build a strong foundation of trust and reliability among an agency’s clients and candidates. One of the top reasons why companies turn to staffing agencies is because of an inability to consistently find qualified talent – having a grip on the candidate pipeline can help in this regard.
Again, the Enhanced Pipeline Activity Widget comes into play here. This widget allows recruiters to find a variety of activities such as the number of placed candidates for a client or the number of interviews for each job order, as well as how long each activity took. By being able to review these figures, users can determine the stages which are slowing the pipeline down and begin to streamline their processes.
Building a candidate pool is time-consuming and a vital act a staffing agency performs – a recent survey found that the average recruiter spends nearly one-third of their week exclusively sourcing candidates for a single role. Cutting down on the time spent candidate searching starts by identifying where most candidates are sourced, isolating the most-used and least-used candidate sources.
One of Mindscope’s most popular dashboard widgets identifies where candidates are sourced. Understanding where most candidates are connecting with agency’s opportunities, it allows the agency to focus resources more strategically to continue to engage more potential candidates through this source. In general, LinkedIn is one of the most popular candidate sources, with 72% of recruiters using this source.
Creating reoccurring revenue is the end goal for any business. In the staffing and recruiting world, this means securing candidates and clients to earn revenue through placements. To streamline sales, it is critical to measure the various steps that recruiters take to arrive at a sale. By measuring the sales pipeline, recruiters can see where the strong and weak points are and at what stage potential leads tend to fizzle out. Additionally, ensuring the sales pipeline is being refreshed continually is essential.
One of Mindscope’s newest dashboard widgets, the Sales Funnel Widget, does exactly that. This widget allows the sales management team to respond to the performance of the business development department, pinpoint critical top-of-the-funnel activities to ensure consistent sales efforts, and monitor the follow of incoming sales into the funnel.
Mindscope offers a broad range of dashboard widgets and customizable reporting tools that help recruiters get the most out of their applicant tracking system. Contact us today to learn more about our full product offering or start a free 7-day trial.