Executive search firms are always searching for solutions that will change their game plan. The recruiters that have been in the game long enough know what the secret to their success is, and for the uninitiated, it is the recruitment metrics!
Your recruiting sales are directly proportional to your success in hitting the target recruiting metrics. It does not matter how big your sales goal is, whether you are experienced or not, whether you need to get your first placement or to get that million-dollar deal; metrics are at the base of it all.
There are a lot of statistics to look at but in most cases, just 20% of total metrics can predict 80% of your outcome. Sales trainers often use this 20% to create custom training programs.
Recruitment metrics can be broadly classified as Quantity Metrics and Quality Metrics.
The activities that a recruiter has to perform in higher numbers to lay the groundwork are associated as quantity metrics and the results of those are measured by quality metrics.
Quantity Metrics
Phone Calls, Phone Time, Emails, Send-Outs, Job Orders, Marketing Presentations, Job Orders, Employer Presentations, Send Outs converted to placements, Placements are some of the most extensively tracked quantity metrics.
However, the most important quantity metric that every executive search firm must focus on is Market Connect Time. This metric alone will tell you if enough effort is being put in to build your brand or firm name.
You need quantity to build experience, and quality comes from experience. Now that you have quantitative efforts, you need to know how qualitative they are.
Quality Metrics
Dollars Earned per Market Connect Time, Job Order to Placement Ratio, Employer Presentation to Send Out Ratio, and New Market Presentation to Employer Presentation Ratio.
The most important quality metric that you should measure is First Send-Out to Placement Ratio (FSP).
The lower the FSP, the higher are your earnings. Simply because a lower FSP is a result of high-quality job orders and candidate pipeline. This is also where reverse marketing works for an AE. FSP also impacts other metrics like Time-to-fill and Client Satisfaction.
As a recruiter or an executive search firm, the value you bring to your clients is only as good as the talent you bring on board. That is why knowing and applying your quantity and quality metrics is the key to a successful career or business.
Just like a successful sportsman, a successful recruiter always knows his metrics.
If you are an executive search firm that needs help tracking and understanding your recruitment metrics, Spotlight Data (www.spotlightdata.co) is the tool you need. It helps you track your team’s goals, activities, and metrics in real-time through personalized dashboards for AEs, Sales trainers, and Owners. The visual reports make it easy to review performances, analyze trends and implement corrective strategies. Spotlight Data connects directly to your Applicant Tracking, Phone, and Billing systems to create comprehensive real-time reports. Click here to set up a free demo.
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