Why Analytics Reports Make You More Efficient as a Recruiter

Analytics reports help streamline your recruiting business by providing valuable data on your processes. You’re better able to analyze your business and uncover ways you may do better. Here are six ways you may use analytics reports to improve your efficiency as a recruiter.

Uncover Profitable Parts of Your Business

Analytics reports help you determine which part of your business is the most profitable. For example, the Time-to-Fill Report answers how long it takes to fill each open position. Because every day a position remains vacant is a day you don’t get paid for that placement. You need to know how quickly you’re placing candidates in a specific area to determine whether that area of business is profitable.

Create Hourly Profit Quotes  

Analytics reports help you create hourly profit quotes for each temporary or contract worker. Since there may be a shortage of qualified candidates in the areas you provide placements, you need to know exactly how high a markup you may charge in a given market. Factors affecting your markup include your competition, client relationships, industry sector and geographical location.

Customize Financial Reports for Each Authorized Dealer

Analytics reports generate customized financial reports for each authorized dealer (AD) you do business with. The reports break down the expenses incurred for workers’ compensation insurance, general liability insurance, payroll processing, payroll funding, invoicing clients, collecting payments and other services an AD may provide. This information helps you evaluate whether you’re increasing your profits by using these services or need to find other solutions for fulfilling these requirements.

Generate Profit Summary Reports

Analytics reports create weekly, quarterly and yearly profit summary reports. These reports provide insight into what happened in your business and potential reasons why. For example, some of your placements may leave their jobs within the first 12 months due to inadequate onboarding or engagement. Evaluate this information to determine more efficient and effective ways of placing candidates.

Create Weekly Aging Reports  

Analytics reports create weekly aging reports showing which client invoices were sent and which clients have open balances. Tracking and monitoring this information helps you evaluate how effective your recruiting process is. You may determine which clients and/or areas of business are most profitable, uncover trends, ensure revenue and expenses are properly classified, evaluate cash flow and detect potentially fraudulent activities that need further investigation.

Track Employees’ Hours

You may record time worked along with vacation days, sick days, holidays, and leaves of absence. This information is critical for accurately calculating FMLA absences or fulfilling requirements for other programs involving a minimum of hours worked to become eligible. Tracking employees’ hours also shows you comply with states’ rest and lunch break requirements and helps you follow up with employees who aren’t taking their breaks. In addition, tracking employees’ hours ensures all your workers get paid correctly under FLSA requirements.

Work With a Leader in Back Office Solutions for Recruiters

Utilizing analytics reports increases your efficiency as a recruiter. For further assistance with your recruiting needs, contact the seasoned back-office solutions professionals at USA Staffing Services!