As much as recruitment is about the intrinsic building of interpersonal relationships, there are strategic factors to take into consideration if you want your agency to succeed. Known as key performance indicators, or KPIs, these tools will help Australian recruitment agencies measure their performance and drive their business forward.
There are four primary KPIs that recruiters should be monitoring. However, don't forget that there's more to recruiting than getting the numbers right on paper – Australian recruitment guru Greg Savage explains this in the video below.
With that said, what are the best KPIs recruiters in Australia should at least be paying attention to?
1. Quantity vs. quality of candidates
As recruiters slowly accumulate contacts and build their candidate database, one thing will become very apparent: Whether they're recruiting based on quantity or quality. Talent pools that are full of high-quality candidates are not built overnight, but they are undoubtedly more worthwhile pursuing.
If you find yourselves with too many contacts, it might be time to re-evaluate your approach.
If you find yourselves with too many contacts, not enough of whom are the cream of the crop, it might be time to re-evaluate your approach. Focusing on quality will increase your success rate in the long run.
2. Sourcing data
When measuring both individual and agency-wide performance, it's important to look at which sources are successful and which are not. This 'success' can be measured in terms of the sheer number of candidates you get, the highest quality contacts or perhaps the ones that stick around the longest.
Are these contacts people you got in touch with through Australian networking events? Job ads? Social media trawling? Regardless, knowing and utilising this information will help you better target your candidates in the future.
3. Time to hire
Getting a hire is a great achievement, regardless of how long it takes, but a drawn-out hire is worth making note of. Slow processes might be alright in the long run, but quick hires are also integral to the continuous success of a recruitment agency.
How long is the process of connecting candidate to client to the signing of an employment contract? How many of these potential hires fall through? Is there anything you can be doing better to expedite the process? This data will be helpful as you measure your own success.
TRIS5 will handle the daily administrative tasks, allowing you to focus on measuring those KPIs and building personal relationships.
4. Technology performance
As recruitment becomes more digitalised, it also becomes key to look at how your applicant tracking system and recruitment software impact the business. Recruiters rely on technology to help them manage and organise their day-to-day, so measuring the efficiency of your system is important.
Unfortunately, many recruitment software programs are still only desktop compatible – this prevents you from working on the go and will soon be outdated. Luckily, there are some companies out there that are paving the way for new and innovative ways to manage candidate bases, even from your mobile.
Recruitment Systems is one of these companies. We're soon releasing TRIS5, our mobile recruitment management app – this revolutionary system will allow recruiters to stay updated on their candidate pool at all times. Like TRIS Recruitment Software, TRIS5 will handle the daily administrative tasks, allowing you to focus on measuring those KPIs and building personal relationships.