Bluebook

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Bluebook

  1. 1. “Metrics are the language of business,” said Donald E. Breckenridge Jr., President and CEO of Sendouts. “Anything that can be measured can be improved. Without metrics, it’s difficult to understand exactly where to focus your efforts for obtaining job orders, making placements and increasing revenue.” The recruiting process may have subtleties specific to a certain industry or type, but there are underlying metrics and steps needed to measure the health of your business. The key steps in the process are: • Marketing call effectiveness • Job order coverage ratio • Job order response time • Quality of candidates submitted • Quality of candidates interviewed • Quality of hire • Job order fill ratio • Time to fill In this book, Sendouts will identify key metrics for each of these steps and help you understand how to increase your recruiting efficiency and effectiveness so you can make more placements and more money.1
  2. 2. Marketing Call EffectivenessKey metricMarketing Calls to Job Order RatioDefinitionThe number of marketing calls it takes to obtaina job order.What you need to knowMarketing call to job order ratio shows howmany calls you make before obtaining a joborder, contract or temp assignment. At the endof 2008 and beginning of 2009, this metricquickly changed and many recruiters found thatit required more than 120marketing calls to obtain a Use this metricjob order. Recruiters neededto increase their number of to calculate howmarketing calls in response many calls you– in some cases tripling or need to makequadrupling the numberof calls just to bring in the each day.same number of job orders.As hiring rebounds, this number is droppingbelow 90 calls. 2
  3. 3. Job Order Coverage Ratio Key metric Open Job Orders with at least one Submitted Résumé Definition This is the percentage of open job orders where you have sent at least one résumé. What you need to know This metric is important for recruitment firms managing a larger number of job orders because it is an When you get indicator as to how well you a job order, are serving your clients. If this percentage is low, it could you need to indicate that either the quality get a qualified of job orders you’re taking is candidate in low, that you need additional horsepower in sourcing and front of the recruiting or that you’re client quickly. focusing too much effort on just a few job orders.3
  4. 4. Job Order Response TimeKey metricTime from New Job Orderto First Résumé SubmissionDefinition Get theThis metric is the average business bytime it takes to submit a getting therésumé after obtaining a newjob order. résumé to the hiring managerWhat you need to know first.This metric shows how quicklyyou are able to respond toyour clients. In staffing andrecruiting, the business oftengoes to the recruiter whosubmits the best résumé or candidate to thehiring manager first. A fast response typicallyindicates that you have an excellent pool ofexisting candidates and/or you are able to sourcequalified candidates quickly. Remember that youcompete on speed, quality and price. This helpsto measure speed at a crucial point early in theprocess. As a recruiter, you don’t want to getbeat by another recruiter submitting a qualifiedcandidate. 4
  5. 5. Quality of Candidates Submitted Key metric Résumés Submitted to Effective Sendout Ratio recruiters Definition provide the This ratio is the number of hiring manager résumés that are submitted with just the to the client before getting a sendout (a sendout is top candidates. a candidate who is being interviewed by a hiring manager). What you need to know If you are submitting résumés to a hiring manager but not getting any sendouts, it’s probably because you are sending résumés that don’t fit the needs for the position. Your job as a recruiter is to identify well-qualified candidates and send the top few résumés, usually three, to the hiring manager. If you submit 10 résumés, then you have not done your job to filter them down to just the top candidates. If you send just one, then you haven’t given your client enough choices to really make a sound hiring decision.5
  6. 6. Quality of Candidates InterviewedKey metricSendout to Placement RatioDefinitionThe number of sendouts it takes to make aplacementWhat you need to knowA good sendout-to-placement ratio is in thearea of 3 or 4 to 1. A high ratio may mean thatyou’re dressing up the résumé but not thoroughlyqualifying or interviewing the candidate yourself.During a recession, this ratio can easily increaseif the hiring managers are taking too long tomake a decision and thecandidates are moving on to To make aother opportunities. Trackingthis metric can help you placement,optimize your work and see you must haveclearly if two or three extra sendouts.sendouts each month couldlead to an extra placement. 6
  7. 7. Quality of Hire Key metric Percentage of placed candidates still on the job after one year Definition Placements How many candidates have not quit or been terminated remaining after their first year. after a year is the ultimate What you need to know This metric is the ultimate indicator of display of how well you great recruiting. are able to place the right candidates in the right jobs. Being able to say that 98 percent of the candidates you place are still on the job after the first year will tell your clients a lot about the quality of your work and your ability to fulfill their needs. To track this metric year over year, build in reminders in your CRM to ask your clients about the candidates you placed. You should also consider tracking the candidate source in your CRM. Are certain companies, schools or referral sources proving to be consistent sources of high-quality candidates?7
  8. 8. Job Order Fill RatioKey metricJob Order Fill RatioDefinitionThe ratio of job orders written to job orders youhave filled.What you need to knowIf your fill ratio is low, this suggests thatyour firm has too many jobs and not enoughrecruiters. It could also meanthat you are taking jobs that Don’t waste acan’t be filled. Or it could ton of time onmean that you, as the accountmanager, are not gathering jobs that arethe appropriate information to unfillable.conduct an effective search.You need to focus on gettingthe right information from the hiring manager tobe able to find the right candidates. 8
  9. 9. Time to Fill Key metric Time-to-fill ratio Definition Increase Time to fill is the length of efficiency, but time from receiving a job not at the order to filling it. expense of What you need to know quality. This is the most basic of the metrics, because it’s all about quality and time. Time to fill will vary depending on your industry, the type of position and other variables. However, you should remember that open positions cost clients money, and the ability to fill positions quickly establishes your value as a recruiter. Filling a position quickly with an unqualified candidate can hurt your overall recruiting quality and lead to turnover. Know the benchmarks for your industry, but be careful to balance speed and quality.9
  10. 10. ConclusionMetrics are important for any business, but in thestaffing and recruiting industry, these analytics arecrucial. Recruiting metrics that are accessible andused appropriately can provide insight into trends andchanging market conditions in real-time.Because of the benefits, it would seem that everyrecruiting firm would use metrics, but that’s not thecase. Some recruiters believe that aggregating andanalyzing their metrics is either too difficult, takestoo much time or won’t yield a significant benefit.Undoubtedly, those recruiters are missing out.Metrics can vary depending on the type of recruiter youare and your industry niche. Also, numbers can changewith the fluctuations of the economy. However, youcannot improve what you don’t measure. As veteranrecruiting trainer Barb Bruno explains, “In any givenquarter, you can see trends and you can adjust the wayyou work, based on your numbers.”The right CRM can significantly benefit your recruiting.To find out more about how Sendouts can help,visit us online at www.sendouts.com or call1 (877) 309-5222. 10
  11. 11. About SendoutsSendouts™ is the leading, single source provider of recruitingsoftware for third party recruiting and staffing firms. SendoutsSurge Web-based recruiting software enables recruiting firmsto streamline their recruiting process, increase productivity,and make more placements. Additionally, Sendouts providesunparalleled training and support and is backed by an industryleading 98% customer satisfaction rate. Sendouts clients onaverage achieve an internal growth rate of 48% and increasejob order fill rates by over 20%. Sendouts helps more than1000 firms automate and manage the entire recruitingprocess, from sales to final placement. For more information,visit www.sendouts.com or call 877-309-5222.

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