Performance, Performance, Performance: 3 KPI’s for Staffing
KPI’s or Key Performance Indicators have been around for some time now and informed clients have been using them to measure the effectiveness of their staffing vendors with great success. This type of scorecard approach enables both the staffing vendor and client to assess performance, open up discussions on how to better their programs, talk about competitiveness in the market, and strengthen their rapport through thoughtful and meaningful dialogue centering around how to foster a mutually benefit relationship. There are many performance indicators one can use to evaluate vendors. I have chosen what I would consider the top 3 and outlined them below.
#1 Time to submission:
This KPI is the measurement of the number of days from Requirement Release to Candidate Submission. Every day a job goes unfilled is costly. Whether it’s another day of lost opportunity, approval delays, stress on the current team or a host of other uncomfortable issues.
Client’s tells us they want to see qualified candidates presented to their opportunities within 48 hours of distributing new requirements. For some skill sets this is an eternity while for others it’s is a good baseline for measurement.
#2 Submission to Interview Ratio:
Pretty simple one. Measure how many candidates were submitted for consideration compared to how many were selected for interview. A Ratio over 2:1 should give you pause. Not only do you want to get resumes in quickly, but you need qualified candidates. Remember every resume submitted typically requires your time for review and most likely other team member’s time as well. If you’re taking the time to review resumes, yet not moving forward with interviews on more than half of the people submitted, you may have a bottleneck worth addressing. A similar KPI is Submittal to Hire ratios and they are worth analyzing for a more comprehensive view of vendor effectiveness.
#3 Time to Fill:
This one’s pretty straight forward and measures the number of days from date of requisition release to start date. We try to keep this to less than 21 days, however based on experience this metric has many variables so it may require further investigation to determine exactly where possible challenges can be uncovered.
For more KPI’s or a conversation about staffing please reach out to me at email@example.com
Feedback inspires me. Please “Like” or “Share” if you enjoyed this read.