Sensing that business is good and even seeing a healthy bottom line is not enough to know if your firm has the capacity for sustainable success. Tracking your progress is essential to knowing where you are succeeding and where there is room for improvement.
Rank your firm on the following KPI to see what’s working. If you have multiple branches, stack rank them against each other. Share best practices from the high performers and take remedial action on those who are not up to par.
Fill Rate. How consistently are you accurately supplying the people your clients need? If your fill rate is lower than you would like, or trending downward, take the time to assess your processes and your people to find areas to improve.
Average Days to Fill. Does it seem to take too long to fill orders? If fill rate shows that you’re doing your job, average days to fill represents how quickly you are getting it done. You may not be getting clear direction from your client or your search process may be faulty.
Temporary Employee Turnover. How is your retention rate? Do you know why people leave? If you are losing employees because your clients are taking them on full time, it means that you are filling roles accurately, so that’s not a problem. On the other hand, if people are dropping off the map or not completing their assignments, you may not be providing them with good service or placing them in the right positions.
Revenue/Gross Margin. Are you tracking your revenue and gross margin close enough? This goes directly to your bottom line, so it should be tracked closely. You should be tracking not only how much money you are bringing into the business, but also what margin you are making on each placement or assignment. To improve these numbers, consider how you can drive more revenue and also how you can increase margins.
How can you track these figures?
Benchmark yourself against your competitors to see how you stack up. Also watch your year-over-year and month-over-month numbers to look for trends. Having the right technology in place is another critical piece to having this information at your fingertips. Train your employees on your systems and processes to be sure that the data is accurate. You can only work with what you have.
At Avionté, we provide solutions for staffing firms that help you to operate more effectively and keep your operational costs down. Our comprehensive staffing software delivers integrated software systems that make it easier to drive growth, maximize profitability and streamline your administrative tasks, so that you can focus on serving your customers. To learn more about the many benefits of Avionté staffing software, contact us today.