Importance of Your Staffing Firm Analytical Data
The topic of staffing firm analytics tends to be the one area that every single firm rolls their eyes at and simply thinks to themselves, that is the boring stuff. Well, the boring stuff is actually the material that yields the best results. We all have beliefs about our firms and what they bring to the table.
From misunderstanding your submittal to fill ratio, to how many applicants come through your website, to the number of reach outs/calls/emails that your team does to drive new clients. All of these staffing firm analytics provide true understanding into what is happening in your staffing firm and how to drive benefit.
The Benefit of Staffing Firm Analytics
On a daily basis, I ask the firms we work with about their analytics. A simple question of “What is your submittal to interview ratio? What is your interview to hire ratio? And what is your submittal to hire ratio?” has yielded some amazing answers. Many firms will talk about the ideal instead of the data.
For example “We have a four submittal to one hire ratio”. If this is true, it’s a great number, but in reality we have found that the numbers are significantly higher. It obviously depends on whether or not they are working in VMS or if they are working direct client, but that is not the only data to look at. Today, we will talk about a variety of staffing firm analytical data that you should be looking at to drive your business.
Staffing Firm Analytics for Driving Business Results
If you are operating under a false belief, then you are not addressing the issues that will close business. How much effort and activity is required of the sales team to gain a new client? Are you expanding the managers you are working with in your existing client base? Your analytics give you the clear answer of the problems you are having as well as the successes in order to see results from both your marketing, sales, and recruiting efforts.
What Analytics Should You Be Looking At?
Here we will just create a laundry list of staffing firm analytics to review and make determinations from.
-Submit to interview to hire ratio
-Activity per sales person to new client
-Activity for each sales person to new requirements
-Candidates received to valued candidates
-Valued candidates to working consultants.
-Time spent per candidate to working consultant
-Number of visitors to your website
-Where your visitors go in your website
-Number of visitors to your search jobs page
-Number of applicants from your search jobs page
-Fall out report – applicants that begin to apply versus how many complete
-Where your traffic is coming from on your website
-Number of new managers working with at existing clients
-Number of requirements per sales person to new hires of each sales person
These data points are not revolutionary; however, if you see that you are not expanding within clients, you know what to address with your team. If you see that a given sales person has a good number of new requirements, but doesn’t have the new starts that are needed, you can coach on qualification. There are two rules about data analytics that we remind clients about. The first is never allow for ambiguity. Make sure you understand the data that you are collecting as well as what conclusions can be drawn from it. The second is an oldie but goodie, never assume because it makes and Ass out of U and ME. These data points can single handedly change the direction of your sales training, your recruiting training as well as all your marketing efforts.
About S.J.Hemley Marketing
S.J.Hemley Marketing is a marketing and sales consulting firm focused on driving tangible results for professional services firms. Brand matters, but not without ROI. With over 20 years of sales and marketing experience within staffing and recruiting, we have helped to drive successful branding, sales training, lead generation activities as well as defining marketing strategy for top organizations.