In today’s economy, owning an employment agency can be challenging. As a result, it is vital to measure the metrics, or performance, of the agency on a regular basis. This acts as an indicator of sales success, marketing effectiveness, and it signals economic trends ahead. Further, a solid plan, such as this employment agency business plan, will provide the structure for the agency overall. Here are the metrics to measure your employment agency:
1. Job Candidate Acquisition Rate: This metric measures the amount your agency spends to place a job candidate into an employment position. The metric includes marketing costs and salaries of sales personnel. Measure a 3-to-6 month period for best results.
2. Net Placement Revenue: Considered the lifeblood of an agency, this metric subtracts the costs of any unsuccessful placements from the gross revenue of all placements.
3. Client Satisfaction Score: Your client ratings measure the satisfaction levels of your agency, including the quality of service and how well your agency met the brief for candidates. Anonymous surveys will offer the best measurement of this metric. If improvements are indicated; attend to them promptly and measure again in 6 months.
4. Website Traffic Score: The amount of agency website traffic is an important measurement, indicating either a need to refresh and revise the current website messaging or retain the status quo. Use free Google Analytics or a marketing tool to score the monthly traffic.
5. Employee Satisfaction: The satisfactory placement of candidates is due to the efforts of the employees who place them. As such, you’ll want to offer anonymous surveys to track satisfaction levels and follow through with requested improvements.
Each of these metrics will inform your performance and, when addressed, will bring your employment agency to a higher profit range with greater returns for your business.