Recruitment is a target driven industry where competition is rife and it’s important to stay ahead of the game to be successful.
To achieve your goals, it’s important to know what is currently working for you and what is no longer bringing in the results.
We’ve listed below five essential metrics recruitment consultants should be paying attention to and why they are important in the long run.
Time to hire
Time is money as they say and this is especially true in recruitment. Clients often want quick turnarounds as they will have an open spot in their business which is costing them money. So how quickly have you managed to place candidates and can you improve on this time? Do you need to anticipate the type of candidate your clients will be looking for at certain times of the year and try and attract these before specific adverts go out? The best recruiters ensure that this requirement is managed carefully – great work cannot happen in 24 hours.
Application to interview ratio
You may have sent 5 applicants over to your client, but how many have they accepted to see for interview? If they want to see all 5 then you can be pretty confident you are doing something right, but if they only choose to see 1, or none at all, you may want to ask why? Is it just a case of a client being picky, or have you misunderstood what they really want in their new staff member? Finding out why they didn’t want to see the other 9 applicants will give you an idea of what to change – perhaps your job advert need tweaking or you’re missing out a vital piece of experience that candidates need. Whatever it is, it’s important to keep an eye on this metric to ensure you don’t miss out on a chance to make a placement.
Source of candidates
It’s likely you are using a variety of means to source candidates for your roles, but which ones are working most effectively? Is there a particular job board that brings in the majority of applications, or does LinkedIn provide the most new candidates? If there is a source that is not working at all there’s no point wasting more time and money on it, when you can put it towards something effective. However, keep in mind there are two metrics to look at here: the quantity or candidates and the quality. Whilst one job board might bring in the most applications, are they from quality candidates that you can actually place, or are they just making up the numbers? All of this data will assist with creating a clear picture of which sourcing channels are beneficial for volume candidate attraction and which are most effective in generating revenue.
Which clients are you still working with this year, that you were last year as well? It’s important to know how effectively you are retaining clients, whether you have lost any business and how many new companies you have started working with in the last 12 months, so you can put a plan in place to improve on this number. How can you win back those lapsed clients, keep the ones you are working with and what worked to win the new business? Put more of this into action and you should be on the road to success.
It’s crucial to understand whether your candidates are happy with the service they have received from you and your agency. In a world where it takes a matter of seconds to leave a bad review online for everyone to see, unhappy candidates is something you want to avoid if you can. A simple online questionnaire after their initial meeting with you and then again after they have been placed in a role, is the perfect time to find out what they really thought of working with you. If there’s anything you can improve on, it’s better to know so you can keep refining your service and ensure satisfied candidates, who can spread the positive word to their family and friends.
Experienced recruiter looking for a change? We’re always looking for talented consultants to join our team, so get in touch to see what it is like to work for us. Email Managing Director Louise Hannant or call 0203 585 7286 to find out more.