There are a lot of metrics you should track in your staffing agency, but the most important is undoubtedly the conversion rate from applicant to employee. You start out with dozens, if not hundreds, of resumes that get funneled into finalists for interviews until one candidate is selected for hire. As a staffing firm, your success is dependent on your ability to convert candidates to employees as quickly as possible. An applicant can’t make you money if they never work, so here are 2 ways to track your applicant conversion rates.
In today’s data-driven age, many agencies and individual employers are relying on the internet as the primary source of candidates. It’s easy with multiple options for online applications, which can make the entire recruiting process more streamlined. But even with online applications, there are many steps between applicant and employee.
Online applications begin with your employer branding. You are enticing potential candidates to check out your social media and web presence and follow through with an application. But not everyone will apply, so start by tracking your unique visitors and your application rates. What is this percentage and how can you improve it? From there, they are funneled into the prescreening process. How many are considered viable candidates on average? How many of those are offered interviews? How many can be considered for other opportunities?
Time to Hire
The other tried and true method for calculating conversion rates for employees is the time to hire. How long does it take from someone to get from the initial application process to a job offer? Of course, there are a lot of factors that will play into this number. Ultimately, the hiring decision lies with the client company, which can throw off the numbers for what is considered typical in other businesses. But you can begin to track this number over time to see how long it takes from someone to get from the beginning to end of the process each year. You can also determine how many candidates never make it past the application process or the interview process and why.
If you have more questions about how to track your employee conversion rate, contact us.
About Anserteam Workforce Solutions
The ANSER to your North American workforce management needs starts with A-Team solutions. Anserteam is the alliance of North American staffing and employment resources. Since 2004, Anserteam has grown to service over 1,500 locations across the United States and Canada. Are you a best-in-class staffing firm looking to increase your client base and secure a greater market share? Find out how to become part of Anserteam.Contact us to learn more!