{"id":59216,"date":"2020-12-09T09:00:45","date_gmt":"2020-12-09T09:00:45","guid":{"rendered":"https:\/\/www.bullhorn.com\/uk\/?p=59216"},"modified":"2020-12-08T14:54:42","modified_gmt":"2020-12-08T14:54:42","slug":"3-underrated-metrics-your-recruitment-agency-should-be-tracking","status":"publish","type":"post","link":"https:\/\/www.bullhorn.com\/uk\/blog\/3-underrated-metrics-your-recruitment-agency-should-be-tracking\/","title":{"rendered":"Recruitment Metrics: 3 Underrated Metrics Your Recruitment Agency Should Be Tracking"},"content":{"rendered":"

Every recruitment agency has a veritable treasure trove of valuable information with the power to transform its business\u2014recruitment\u00a0<\/span>data. For various reasons\u2014competing priorities, a lack of reporting capabilities, or the reporting intimidation factor\u2014many agencies don\u2019t harness this data. Specifically, many useful and valuable recruitment metrics go entirely unreported.<\/p>\n

What do recruitment agencies\u00a0<\/span>track? Gross margin and customer satisfaction\u2014recruitment pros rank<\/span><\/a><\/span> these two metrics as the most important indicators of business health and performance, respectively. But many other great metrics can be important indicators of your business\u2019 performance, profitability, and future. Here are three recruitment metrics you may not be tracking but should.<\/span><\/p>\n

Candidate Satisfaction<\/b><\/h3>\n

If you read anything about the recruitment <\/span>industry (including <\/span>this blog<\/span><\/a>), you\u2019ve probably read your <\/span>fair<\/span><\/a> share<\/span><\/a> about the <\/span>candidate experience<\/span><\/a>. It feels like it\u2019s all anyone can talk about, so surely, recruitment agencies\u00a0<\/span>measure candidate satisfaction, right? After all, how can you accurately gauge the quality of your candidate experience if you\u2019re not doing anything to measure it? <\/span><\/p>\n

As you have probably predicted by its inclusion on this blog, a large percentage of recruitment agencies<\/span> do not measure<\/span>\u00a0candidate satisfaction. A whopping <\/span>2 out of 5 recruitment pros<\/span>\u00a0<\/span><\/a>say don’t measure it regularly, according to a survey of over 1400 recruitment professionals. <\/span><\/p>\n

And that\u2019s perhaps the reason for this disconnect. Ninety-three percent of recruitment professionals say the candidate experience they provide is good or excellent, while candidates often tell a very different story. For example, only 47 percent of candidates said they felt communication was consistent throughout their hiring process, according to CareerBuilder’s recent study<\/span>.<\/span><\/p>\n

Candidate satisfaction isn’t just about measuring the results, however. You can use your ATS<\/a>\/CRM<\/a> data to proactively make changes to your process and ensure a higher rate of satisfied candidates.\u00a0<\/span>Check out this blog<\/a>\u00a0for ways to use your data to support your candidate engagement goals.<\/span><\/p>\n

Time-to-Fill<\/b><\/h3>\n

Time-to-fill (<\/span>the<\/span> number of days a job is available and unfilled) is a super useful metric for measuring your recruiters’ speed and efficiency. A poor time-to-fill rate could suggest potentially serious operational efficiencies that could be costing your agency money.<\/span><\/p>\n

Besides being an indicator of performance, time-to-fill is useful in other ways. It can help you set accurate expectations with a client when setting a time-frame for a placement. Clients cite <\/span>poor communication<\/span><\/a>\u00a0as one of their biggest pet peeves, so providing them with an accurate placement prediction can go a long way into being transparent and reliable in the eyes of your clients. \u00a0You may also want to use-time-to-fill to inform your budget planning and resource allocation.<\/span><\/p>\n

Yet, despite its usefulness, recruitment professionals report<\/span>\u00a0little use of the metric. If you want a leg up on the competition, start tracking it now!<\/span><\/p>\n

Ratios<\/b><\/h3>\n

This last one is a cheat: recruitment\u00a0<\/span>ratios refer not to a single metric but a whole category of metrics. Ratios are a way of tracking two data sets in relation to one another\u2014for example, the ratio of interviews to placements. <\/span><\/p>\n

This is critical for recruitment\u00a0agencies\u00a0<\/span>because a candidate placement<\/span> is the result of a long chain of actions. If any link in the chain is weak, it severely impacts the outcome. Ratios allow you to analyse every stage of the process to determine any potential inefficiencies.<\/span><\/p>\n

The five metrics below all represent a fundamental stage in an eventual candidate placement. Track the relationship between each of the metrics to discover if there\u2019s an unusual drop-off between any two stages.<\/span><\/b><\/p>\n