We are in a data-driven world. Take a look at baseball, America’s pastime, for example. In recent years, terms like ‘launch angle,’ ‘exit velocity,’ and fWAR have usurped standards like ERA, batting average, and strikeouts.
Do you wear a smartwatch or fitness tracker? You’re using data to drive your decisions! Of course, analytics are impacting much more than baseball and fitness. In fact, data is driving critical business decisions and affecting operations in every staffing firm.
If you’ve chosen Sense as your candidate engagement partner, you have seen the plethora of data that is at your fingertips. But while you may be using your data to assess candidate engagement and contractor care efforts, you may not realize a major advantage Sense Analytics offers for your staffing firm.
Your data doesn’t just help you optimize your own staffing operations. Rather, it can help you gain a competitive advantage, helping you win over clients, retain current clients, and increase end user contractor and client satisfaction (and loyalty).
While many of our clients are using Sense Analytics in this way, this is largely a new idea for staffing firms, who are used to recruitment technology that offers a single solution. How could a candidate engagement platform offer insights to boost sales?!
To help illuminate just how powerful Sense Analytics can be, here’s a true story about one of our clients, and a large, global tech firm.
This client recently used data from Sense Analytics in an RFP and presentation. This data positioned them as the clearly superior option for this global tech firm. By presenting the right data to tell the right story, they won the contract.
It can be difficult to differentiate in the staffing industry. With most firms hinging their messaging on the best talent, the fastest process and exceptional service, your prospects may feel like they’re swimming in a sea of same. Using Sense Analytics, our client was able to truly stand out from the competition.
We recently shared some core metrics that are important to your staffing firm. Let’s look more closely at the data found in Sense Analytics that you can use to better position your staffing firm and win new clients.
Our research found that most staffing firms only redeploy 5% candidates. That means 95% of your contractors don’t answer your calls after the first engagement! More research shows that doubling your redeployment rate can increase your revenue by 20%.
Since most firms average only 5%, the bar is not high for you to double that rate and increase your revenue by 20%. Even tripling that rate is definitely attainable. Rather than scouring the web to find new candidates in a talent-driven, highly competitive market, improving candidate engagement and contractor care can have a profound impact on your redeployment rate.
To your prospective clients, a higher redeployment rate than the industry average (or the rate of your competition) shows that your clients are pleased with your talent and your service. It helps you showcase just how great it is to work with you!
Longer assignments = more revenue for your staffing firm. But very few staffing firms can cite their average assignment length offhand. Most don’t even measure it. And even fewer recruitment technology partners offer staffing firms the ability to quickly and easily access that data.
Sharing your impressive assignment length data can help you illustrate to prospective clients, again, how your current clients trust you with their most important openings. It’s yet another indicator of client trust and satisfaction that goes beyond testimonials and digs into real, hard numbers.
Unhappy candidates are more likely to ghost your interviews or worse, ghost your clients on the first day of their assignments. Or perhaps they walk off the job or simply don’t show up after a while. All of these can seriously damage your client relationships.
While many staffing firms wait until “that” time of year to measure their candidate NPS (net promoter score), forward-thinking staffing firms are constantly measuring candidate NPS and are tweaking their candidate engagement strategies to build stronger talent relationships.
Clients want to partner with staffing firms who have strong contractor networks. They want to know you’re treating talent well, so that they are excited and eager to work for them! Presenting your prospects with no only candidate NPS, but an updated NPS (not stale data that could be as old as 12 months!) helps to demonstrate how your candidates feel about working with your firm, and how much you care about candidate satisfaction (since you are consistently measuring NPS). It’s a win-win.
In fact, candidate NPS and assignment length are the two metrics the client in our story used to win the contract.
You’re committed to improving candidate engagement and contractor care. You want to increase redeployment and decrease ghosting, and reap the benefits of a strong candidate engagement strategy. To do that effectively, measuring your engagement rate is essential.
Engagement Rate is yet another key data point that helps you demonstrate to prospects and clients that you are invested in your talent (which often leads to more invested contractors in your clients).
We’ve found that fewer than half of all staffing firms track contractor happiness. But as we’ve touched upon throughout this post, happy contractors are essential for a successful, growing staffing firm. They stay in their roles longer, help to strengthen your client relationships, and ultimately help you increase revenue.
Yet, research shows that 45% of contractors who leave at the end of an engagement will not reapply, and 22% will not send referrals your way. We’ve already identified the anemic redeployment rate across the industry.
The numbers are sobering.
Our most successful customers are even pulling out free-form responses contractor satisfaction surveys and pulses and presenting those back to clients to give real-time feedback and insights to the hiring managers and team. These critical vantage points are helping enterprises win in an ever-changing war for talent, and making these better-engaged teams employers of choice.
Showcase your impressive contractor loyalty to impress prospects and help retain clients who may be considering other partners.
Sense was designed and built by staffing industry veterans. We save you money by reducing your talent turnover and helping you create happier, more engaged contractors. With robust analytics and industry-leading customer support (our Customer Success Managers are truly one of the biggest secrets to our success!). We don’t just provide you with tools and data, we help you maximize them to grow your staffing firm.
To learn more about Sense and see our platform in action, follow this link to schedule your one-on-one demo.