Every winter, the staffing industry waits with bated breath for Inavero (now ClearlyRated) to release the NPS for staffing firms across the country.
Your NPS -- or net promoter score -- measures candidate and client loyalty and is ultimately a public-facing indicator of your success.
For reference, an NPS of 50% is considered excellent. 70% is considered world class. According to ClearlyRated, a renowned brand like Nordstrom has a 75% NPS, for example.
The average NPS for staffing firms in 2018?
24% from talent
11% from clients
Over the years, talent satisfaction scores have been pretty consistent for the industry, but client scores? They are rebounding a bit from a historic low of -3% in 2015, but are still significantly lower than they should be (the peak was 30% in 2010).
NPS data can help you become best friends with your clients.
You don’t have to wait for ClearlyRated anymore to learn how candidates and clients feel about your business. Using tools like Sense, you can send NPS surveys consistently throughout the candidate or client lifecycle to gather ongoing feedback on their experiences with your firm.
Respondents who score your firm a 9 or 10 are considered “promoters,” while those who give a 7 or 8 are “passives” (in other words, not loyal to your firm). Down at the bottom, “detractors” rate your firm a 0 through 6.
Your NPS is calculated by subtracting the % of detractors from the % of promoters.
Voila, there is your NPS (or you can just check out the Sense Dashboard that calculates it for you)!
The value of NPS goes beyond just the number on your dashboard. You also receive the qualitative feedback that gives context to the rating. And this information is extremely valuable for your firm.
Candidates and clients are telling you more about their stories and how to make them happy through their NPS surveys.
What an opportunity!
Here’s how your NPS data can help you become a trusted advisor to your clients:
1. Help them improve the candidate/contractor experience.
Through NPS, candidates will share specific feedback on their experience with your staffing firm and with your clients. They are directly telling you what they like and don’t like about working with you and your clients!
With Sense, you can follow up on each NPS response and dig deeper. Whether the score is positive or negative, consider taking advantage of that ability in order to ask specific questions that will help you gain more insight into the initial responses (NPS surveys are designed to be quick and easy so that length is not a deterrent to completion).
Then comes the most important step of the process. Take action. Listen to feedback, examine it carefully and consider how you can improve the candidate experience (or advise your clients to do so). An improved candidate experience increases candidate loyalty, reduces involuntary turnover, and inspires more productivity - all of which benefit both your firm and your clients.
2. Help them attract better talent.
Sometimes what you think makes a role compelling isn’t the same as what candidates think. Through feedback delivered in NPS surveys, you’ll gain a better understanding of how candidates experience their placements and like working for your clients. This helps you advise your customers on what candidates like most about them, and what they could be doing better.
Sometimes the feedback you receive differs from your expectations. This information can help your clients (and you!) find better talent. Whether it is brand messaging, candidate communications or the actual requirements of a role, it is key to tailor your message specifically to what will resonate and drive action among top talent.
3. Help them reduce contractor churn.
Happier talent makes for happier clients. They’re more engaged, represent your brand well and ultimately do a better job. When you cultivate a strong pool of talent that is engaged with your brand and feels well treated, they are less likely to leave your clients high and dry.
The more you invest in improving candidate NPS, the more loyalty you will earn. As that number creeps up, so will the number of contractors who stay through the full length of their placements and are willing to be redeployed with your firm.
Reduced contractor churn means reduced costs and higher redeployment (= more revenue $$) for you. It also means more engaged contractors for your clients. Win/win.
Sense helps you leverage your NPS to grow your staffing firm.
With Sense, you get all of your talent and client engagement data at your fingertips. Keep tabs on NPS and check in with clients and talent with personalized messages. When you use Sense, you can automate a lot of what it takes to build stronger relationships with your clients and your talent. You’ll make top talent want to work with you, and you’ll make your clients happier.
Sounds pretty good, doesn’t it?
We can show you exactly how NPS can drive value for your staffing firm. Contact us to schedule a demo and learn more about the Sense platform and the opportunities it presents for your firm.