If you’re running a recruiting agency, it’s important to track the following top 6 metrics in order to gauge whether or not you are on the right track. You will want to include these metrics in your recruiting agency business plan as well. In this article, we will take a look at each of these important metrics and by the end, you will have a much better idea of what it will take to be successful.
- Number of placements
This is perhaps the most important metric for a recruiting agency. The number of placements indicates how successful the agency is in finding positions for candidates. This number should be monitored on a regular basis to ensure that the agency is meeting its goals.
- The number of qualified candidates interviewed
This metric can help you determine how many candidates you need to interview in order to find the right person for the job. It is critical to have as much top talent on hand as possible to take advantage of the hiring opportunities that will inevitably present themselves.
- The number of offers extended to qualified candidates
This metric can help you determine your hiring success rate and how interested your clients are in the services you are providing.
- The number of hires made from qualified candidates
This metric can help you determine how many of the candidates you interviewed were actually hired. It can help you determine whether you need to tweak your interview processes.
- The time to fill a position
This metric can help you see exactly how long it takes to fill a position on average.
- The cost per hire
This metric can help you determine the costs associated with hiring new employees. If your costs are too high this can cripple your ability to reach your larger goals for your organization.
The recruiting agency business is a competitive one and in order to be successful it’s important to track these key metrics. By doing so you will have a much better idea of what it takes to be successful and your efforts will not be wasted.