Metrics are necessary for measuring your staffing company’s success. It’s easy to look at your bottom line and see revenue and profit, but how do you improve those numbers? Your staffing company needs to monitor certain metrics and evaluate those numbers to make more informed business decisions. Focus on these four areas to save time and money while expanding your operations.
Keeping track of placements and hires offers insight into the effectiveness of your tools, software and recruiters. A lot of sourcing comes from social media, cold calls and networking. Knowing where your best people come from helps your recruiters save time and money by focusing resources on more productive areas of sourcing to find more highly-qualified candidates and increase your bottom line.
Happy employees are productive employees. They feel valued and appreciated, work daily to the best of their ability, and don’t mind putting in overtime to finish their tasks. Job satisfaction creates employee loyalty and ensures top-quality output for your company. Hiring and training costs are reduced with lower turnover. Happy employees experience better work culture and treat customers better, a definite boost for your business. Your bottom line increases, production goals are met and everybody wins. To illustrate, the owner of an aluminum production company told the board his main priority was to increase worker safety, which was a major concern for them. After taking massive action on this issue, employee productivity soared as accidents decreased from about one per week to often no accidents annually. Over the next two decades, the company’s annual income increased 500 percent. How’s that for return on investment?
Because of expensive advertising and sales calls, it costs less to keep a client than gain a new one. To better retain clients, ensure you have one point-of-contact per client. Treat your employees as you want them to treat your customers. Listen to and fill your clients’ needs. Keep detailed notes on each customer to customize their treatment and services. Relate to clients on a personal level through phone calls and face-to-face meetings. Contact customers regularly regarding special offers or new services to keep your company on their mind. Show sincere customer appreciation through thank-you notes, gifts and repeat client discounts. Welcome and utilize constructive feedback. Resolve issues quickly to ensure client loyalty. Ask for referrals. In other words, build long-lasting and meaningful relationships with your customers to ensure repeat business.
Clients are the lifeblood for your staffing agency, and awareness of your numbers and percentages are vital. Find out where your greatest income areas are and grow them. Ensure you track clients’ satisfaction levels and their perceptions of the quality and value you provide them. See where you can improve and adjust your actions accordingly. If client or employee turnover is high in an area, find out why. Are clients not receiving the level of service they want? Are employees not fulfilling all their responsibilities? Stay on top of areas of concern when they are still manageable, before they grow out of control.
Measuring these four areas is vital to expanding your staffing services. One way for your company to really focus on those metrics is to work with USA Staffing Services, a trusted partner in providing back office support services. Contact us today!