Do your employers know how much value you offer them? Do they know how much more value your broadcasting services offer than your competitors? How do they know for sure what strategic value your company offers?
Measuring the impact of your efforts on your employer’s bottom line is one of the most credible ways for recruiting professionals to gain respect as true strategic business partners. Quantifying your value demonstrates your strategic value, especially at the executive level where key decisions are made. Accurate and consistent measurements allow you to set goals, track your progress and improve your processes to achieve better results. Despite all the strategic benefits of measuring your recruiting value, many recruiting professionals are not engaged in these important activities. There are many important measurements related to recruitment. We’ll focus on some key measurements that can help you demonstrate your value as a staffing agency to your employers.
That is the message you want to communicate to your employers with these measurements you help them to find quality candidates quickly and cost-effectively. The aim is to show the employer that you can provide a better staffing service than your competitors and perhaps even better than the employer itself. While this may seem intimidating, here are some simple measurements that can support your case:
Quality of rental
In today’s competition for talent, it is important that you show the employer that you are not just putting bodies in chairs, but that you are putting quality candidates in their organization. Hiring quality is one of the simplest measures to demonstrate the quality of your candidates. This measurement can be obtained from surveys, screening rates and acceptance rates.
Screen proportions can indicate the quality of the candidates you send to the hiring manager. This ratio can be determined by looking at the number of interviews granted per application sent. The goal is to prove that you deliver better candidates by volume
The offer and acceptance rates can also tell about quality. The purpose of this metric is to show the quality of your candidates based on the number of vacancies or acceptances per number of completed applications or interviews. Let’s say the employer interviewed 10 of your candidates and the employer offered 6 job openings. In this case, your bid percentage is 60%. Now suppose without your help, using the same definition above, the employer offer rate is 20%. You now have compelling evidence to support the claim that your employer gets better candidates with your help. Using offer and acceptance rates is an easy way to demonstrate the quality of your candidates to your client.
A typical one research into the quality of the rental the hiring manager will ask important questions related to their new hire. These questions may relate to your candidate’s work quality, processes, etc. The main question in this type of survey would be to rate the overall satisfaction of the hiring manager with this hiring decision. An example of a possible question is “would you hire the candidate again?”. Today there are many online surveying tools that can make this very cost effective to implement.
The purpose of the quality metrics above is to give your employer a tangible benchmark to prove you deliver quality candidates. When developing these metrics, it would be ideal if you could match your measurement to that of your client to allow for easy comparison and benchmarking. The goal is to show the employer that you are providing quality candidates, perhaps even better than the ones they can find. How empowering would it be for you if 90% of your client’s managers rehired your candidates, while only 70% rehired those who were hired without you.
Time to fill In the business world, speed is essential for success. The purpose of measuring time to fill a position is to demonstrate that you are responsive to an employer’s hiring needs. The time it takes an individual recruiter to fill a position says a lot about his or her market and customer knowledge, sourcing and screening skills and processes. Filling a vacancy quickly can not only save your customer time. For employers, the time a job is open can mean a loss of revenue, opportunity, productivity, and so on.
The time it takes to fill a job can be measured in the time between receiving your client’s request and the day your candidate has accepted the offer. Make sure that the start and end dates you choose for this measure do not include factors beyond your control. So the start and end date you choose depends on what exactly you want to measure. For example, some HR professionals use the employee’s first day of work as the end point of their metric. For recruiting agencies, this endpoint may not work as well as it includes project start dates and onboarding processes that are beyond your responsibility.
Cost per rental
Which company is not cost conscious in today’s business climate? The cost per hire is simply the total cost of hiring a resource divided by the total number of hires. Here you just want to show your employer the cost effectiveness of using your staffing services on your own merit or in comparison to your competitors.
While numbers can never articulate the value of a great recruiter and/or staffing agency, it can help you demonstrate your value and competitive difference to the employers who use your service. These workforce metrics are more likely to be seen at the executive level, where they have little or no chance of seeing first-hand the qualified candidates you provide who become the lifeblood of their organization. So by demonstrating that you deliver quality candidates in a cost-effective manner, you go beyond lip service and get ahead of your competitors.