Making sure you’re measuring the correct metrics is a key way to ensure your recruitment agency is successful, especially when it comes to bringing in new business.
When you are courting new business, one of the top resources you have at your disposal is your recruiting metrics. Having a numerical representation of your skills as a recruiter will help you make a good business case to potential clients and help convince them that you’re the best agency for the job.
However, this all goes out of the window if your metrics are out-of-date. This is not referring to how recently you gathered your data, but how the actual metrics you measure reflect the current recruitment landscape. If you present potential clients with a statistic they view as irrelevant, it will hurt your chances with them.
To make sure you keep your credibility with the managers and executives you deal with, it is a good idea to make sure you’re asking yourself the following questions:
Is your time to fill up-to-date?
One of the standard metrics used by recruiters is time to fill. However, in order for this statistic to make any sense, you need to know the most up-to-date averages for the country, as well as the specific industries for which you are trying to find candidates. It is no use bragging about being able to fill positions in 50 days, for example, when the UK average is 48 days, according to Workable.
For those working on the continent, the European average time to fill is 53 days. You should check the data for the individual countries you are working in. Of course, this metric changes per industry as well, with customer service jobs only taking 34 days to fill on average, and healthcare roles taking just 29 days.
In the UK, product management positions are some of the most difficult to fill, taking an average of 67 days. IT jobs also are harder than average to fill, with 55 days being the average. Of course, you also need to take into account the seniority of the role, with entry-level positions requiring less time to find candidates for, but management positions taking longer.
Are you correctly measuring the quality of your hires?
If you want to be taken seriously as a recruiter, you should definitely be promoting your average quality of hire. But executives are not going to take you at your word when it comes to this statistic, and will want to know how you measured it. If your method is flawed, they may turn away from your agency.
Only 23 per cent of organisations in the UK feel they are good at measuring quality of hire, below the global average of 33 per cent.
This means that getting this factor right could potentially go a long way. A significant number of businesses use retention to measure hire quality, but because people can leave jobs for many reasons this is not always accurate.
A better option would be to use client surveys, measuring how happy companies are with the candidates you have found for them. Hiring manager satisfaction is not currently used by as many companies, but it can be a compelling statistic if you do well in this area.
Are you paying enough attention to candidate experience?
So far, we’ve talked about metrics that current and potential clients will be interested in, with the aim of attracting and maintaining their business. However, that doesn’t mean the experience of your candidates should be neglected. Not only do they make up half of your business, but their opinions can also sway clients.
If your candidates get frustrated with your recruitment service, they will likely say so online, harming your ability to attract the best talent. A positive overall candidate experience will show your clients that you’re capable of bringing in top hires.
You should therefore be paying close attention to candidate experience as a metric. Again, a survey is the best option here, as it allows you to convert this into something numerical, such as “90 per cent of our candidates are satisfied or very satisfied with our performance”.
And with 90% of online users listening to brand recommendations from friends, word of mouth marketing matters.