In part I of this blog series, we learned about recruitment analytics and some contemporary data visualizations that staffing firms could use to enhance their efficiency. Part II is about the must-have visualizations for every staffing firm.
Source of hire
This metric is really important when you want to know where to look to hire the best candidates. The source of hire can tell you where your smartest candidates are coming from. This requires your ATS to track the resume source accurately, even if the candidate applies for multiple roles. Job seekers are using all kinds of digital channels to apply for various jobs and staffing firms do the same. So, it makes complete sense to see which is your strongest channel, whether it’s LinkedIn, advertisements or others.
Refer to the image below. This is more of a simplistic representation and you can further break this down to show various job boards or social networks too.
This visualization can even help you optimize your costs. You can cut down your expenses on non-effective channels and start spending more on an effective one.
Conversion is an important metric for every industry and applies the same to recruitment as well. It indicates the performance of your sales team or the recruitment team and helps your recruiters or salespeople work on their key metrics. You can measure sales conversion by calculating what percentage of leads were converted into opportunities, or you can measure recruitment conversion by calculating how many offers/placements were made against applications received by the recruiter.
First Year Attrition Analytics
This is a good measure of hiring success and can even affect client satisfaction. First-year attrition can further be broken into whether the contract was terminated by the employer or the candidate left the job, allowing you to work with the client(s) to understand and address possible reasons why candidates are leaving relatively soon.
Net Promoter Score
Staffing firms should circulate a Net Promoter Score survey to all of the clients at least once a year. This indicates how satisfied the clients are with the candidates you have placed for them.
The clients would indicate how likely they are to refer your staffing firms to friends, colleagues or acquaintances on a scale of 1-10. The overall NPS number is important to derive and also to know what percentage of clients are dissatisfied, neutral or satisfied.
Analytics is changing how businesses strategize – data, and the way we look at data is evolving. Staffing agencies will need meaningful and accurate information at their fingertips to succeed and this doesn’t end at the data itself; they need information that is easy to understand and take action on. Visualizations of information will continue to become more and more advanced as we progress to look at data from various dimensions.