A typical metrics system is a great base to measure performance in the workplace. Although the specific Key Performance Indicators (KPI) vary by individual business, a brief look at the basics of how staffing agencies quantify the best candidate can give a better understanding of how this industry scouts top talent. To ensure your staffing agency is protected against liability claims resulting from this process, don’t hesitate to add the right Temporary Employee Liability policy to your business insurance plan.
These commonly-used metrics are fundamental to evaluating your staffing process and the talent you acquire:
Time-to-Hire- Sometimes clients want their positions filled ASAP. However, when you are rushed to fill a position, it can mean compromising finding the best quality candidate in order to satisfy the role. This, in turn, can result in a lot of money lost by your client in training.
Cost-Per-Hire- This includes any and all costs that were required to hire a candidate. For example- advertising, technology, drug testing, sourcing, etc.
Retention/Turnover Rate- This component identifies how long your placements are staying with their employers. This number can show your client that sometimes it is more beneficial to be patient with the acquisition process in order to secure a more productive employee and save in hiring costs.
Performance- According to Staffing Talk, many organizations use a generalized survey method for measuring the quality of an employee on a scale of one to five. However, this is a very subjective process as the evaluator might have a personal preference, not award figures appropriately, and slack on taking action to improve performance.
Now that the basic metrics are covered, here is the more specific list of KPI’s your staffing agency can implement to find top temporary talent:
-Hours per employee
-Total production by employee
-Totally business cost per employee
-Total cost per project/initiative
However, the issue with this process is the fact that staffing agencies, being experts in hiring, cannot always evaluate people in terms of numbers. Evaluating charisma, personality, creativity, and drive in combination with the numbers is the staffer’s primary role.
At World Wide Specialty Programs, we have a thorough understanding of the staffing industry and its business practices. With over fifty years of experience in the industry, we specialize in providing