The 4 key KPIs for your recruitment business
While your staff are busy analysing the requirements of a job – finding, screening and selecting candidates, dealing with clients, and hiring and integrating new employees into their new roles – you’ve got to make sure revenue is looking healthy.
1. CVs submitted: You need a good amount of CVs coming into your business regularly, but remember to choose quality over quantity. This is the same with your number of active candidates. These people need your expertise to help them get where they want or need to be.
2. Interviews: This need to be split into two sections – candidate interviews and client interviews.
– Candidate: You need to have a substantial amount of candidate interviews, as placing these candidates that generates revenue. But if they’re unsuitable, you could find your business loses efficiency.
– Client: A recruiter’s mission is to promote the candidate to their client. Getting to know both parties will make this a smooth journey. Your client will appreciate efficiency, so make it as smooth a process as possible.
3. Commission: Monitor the percentage you get from the placed candidate’s annual salary. Are you offering a retained or contingency service? If your commission gains are low, figure out how you can up them. Do you need new staff or to take on more clients?
4. Time to hire: As with most industries, time very much equals money. In a fast-paced environment, it can be tempting to rush through tasks. Bear in mind that filling a role quickly, but with the wrong candidate.
Have a look at our KPI Library for more.
Learn about employee revenue here.
Commission can be linked to wages to revenue. Find out more here.
Find out more about client/candidate interviews here.
Put your time to hire KPI in your forecast.