When you start your own recruitment agency you’re focussed on just getting in as much business as possible!
However setting targets can help you stay on track and stop you taking on roles that don’t move your business forward.
Below we’ve explored a number of different targets you can track within your recruitment agency:
The obvious one, that you’re of course used to tracking is the revenue that you’re bringing into the business. However there are other ways to measure your success:
Recruitment Process Speed
If you can improve the speed of your recruitment process then it enables you to take on more business.
Look at how long each of your placements has taken from first receiving the client’s brief to placing a candidate.
Reviewing the speed of the recruitment process in detail allows you to identify places where processes can be improved.
Success can also be judged by looking at how many placements you make compared to the number of roles that you advertise.
You’ll likely have an inkling for how you’re performing, however looking at the stats can tell you more about where to focus your efforts.
Look at how many candidates you put forward each time, can you see a pattern? Does putting forward less candidates lead to a more successful placement or vice versa?
Applicants per Opening
How effective are your job advertisements? Looking at the number of applicants per opening can be telling.
If you have a ton to wade through, does that mean your ad was exciting and enticing, leading lots of people to want in on the job! However perhaps it wasn’t targeted enough?
If you get just a handful of potential candidates, is that not enough to judge? Or do you have a perfect number of candidates to consider in detail.
Different results will mean different things depending on your industry, but it can tell you a lot about how your job advertisements are working.
Client and Candidate Satisfaction
Keeping your clients and candidates happy, and putting their needs at the heart of your business is of course your ultimate goal.
You might decide to track if clients use you for a second time or issue a questionnaire for candidates at the end of the recruitment process for feedback.
Listen to any comments you receive so you can assess places where your service can be improved to get more repeat business.
Offer Acceptance Rate
Making an offer to a candidate can of course go one of two ways and ultimately you don’t have control over which way it goes.
However looking at your acceptance rates can tell you more about how you’re operating and refine your own approach to recruitment.
If your offer acceptance rates aren’t great, then consider how compelling you make the proposal to candidates and different ways you can approach clients about improving their offer.
Take a look at your marketing efforts as another way to judge your success!
Are you building followers on your social channels or increasing the number of people who visit your website each month?
Are you running a campaign that you’re aiming to get at least three leads from?
Understanding the most successful channels for your business and setting targets allows you to spend your marketing budget in a more informed way in the future.
Quality of Hire
Understanding the quality of the individual you’ve placed can be tricky, but getting the information can be really valuable.
Try to understand from your clients how long the candidates stay with the business, and how their career develops.
If stats show that you’re amazing at finding that quality hire that stays loyal to the company it’s a great selling point for new clients!
Target Client List
Another way to set targets within your business can be to create a dream list of clients that you’d love to work with.
Think about the companies you admire, the ones that have always been loyal to another recruiter and ones you’d simply love to shout about in your marketing.
It really gives you a focus when searching for new business, and you’ll get such a buzz when you get to tick one off your list!
Looking at each individual within your recruitment agency can be another way to assess how successfully you’re operating.
Setting individual goals gives everyone ownership over the success of the business, creating a positive and productive environment.
Even if market conditions mean you’re not reaching financial targets, you can rest assured that your team are operating successfully ready for when the market picks up.
Keeping your costs low is an important part of running a recruitment agency, particularly if you’re just starting out.
Set goals for different areas of your business so you can ensure you’re operating as efficiently as possible.
Identified a high-spend area? Make that an area of focus so you can reduce your costs for the long term.
Set Personal Goals
Setting goals for your own career can be another way to judge your success! As well as revenue you might decide that you want to work towards expanding your recruitment team.
Alternatively you might see success as creating a recruitment brand that becomes recognisable and even disruptive in the market.
Whatever you decide, make it tangible and measurable to allow you to gauge your own success.