Data can help staffing firms understand where to focus their efforts and how to price their services, match candidates to jobs more effectively, identify and retain top performers, and improve customer satisfaction. Let’s start by looking at what has changed in the staffing industry over the last year or two and why using data for the sake of client service is key.
To begin with, we continue to see employees and employers embrace remote and hybrid work. In the past, staffing firms typically relied on face-t
o-face interactions to source, screen, and interview candidates. The pandemic accelerated the shift to remote work, and many companies are now offering hybrid or remote work options as a permanent benefit. This has been changing the way that staffing firms operate, as they need to be able to source, screen, and interview candidates from all over the country. Many staffing agencies are also offering some form of remote work to their own in-house employees. This allows staffing firms to attract and retain top talent, regardless of where they live.
Next, skills are becoming more specialized. With the rapid pace of technological change, the skill set that employers are looking for is becoming increasingly specialized. Employers are looking for candidates with specific skills and experience, and they are willing to pay a premium for top talent. This is making it more challenging for staffing firms to find qualified candidates, but it is also creating new opportunities for them to develop expertise in specific industries or skill sets.
And, for our discussion today, staffing firms are increasingly investing in and using data and technology to improve their operations. This includes using data to identify trends in the job market, match candidates to jobs, and track recruiter performance. Staffing firms are also using technology to automate tasks and streamline processes.
Data is becoming increasingly important for staffing agencies to stay ahead of the curve. By understanding their workforce and the market, staffing firms can improve their efficiency, accuracy, and profitability.
Here are a few ways that staffing firms can use data to improve their processes:
Identify trends in the job market. Data can be used to identify trends in the job market, such as which industries are growing or shrinking, which skills are in demand, and what salary ranges are being offered. This information can help staffing firms make better decisions about where to focus their efforts and how to price their services.
For example, a staffing firm could use data to identify that the healthcare industry is growing rapidly and that there is a high demand for nurses. This information could lead the staffing firm to focus on recruiting and placing nurses. The staffing firm could also use this information to increase their prices for nurse placements.
Understand the skills and experience of their workforce. Data can be used to understand the skills and experience of a staffing firm’s workforce. This information can help staffing firms match candidates to jobs more effectively and develop training programs to upskill their workforce.
One such technical staffing firm used their data to identify that their workforce has a high average number of years of experience in the IT industry. This information led the staffing firm to focus on recruiting and placing candidates with IT skills. The tech staffing agency used this information to develop training programs to help their workforce stay up-to-date on the latest IT trends.
Match candidates to jobs more effectively. Data can be used to match candidates to jobs more effectively by identifying the skills and experience that are most important for each job. This can help staffing firms reduce the time it takes to fill positions and improve the quality of their hires.
Another staffing client used data to identify that the most important skills for a software engineer position were Java programming and experience with AWS. This information allowed the staffing agency to focus on recruiting and placing candidates with these skills. This information could also create a screening process that identifies candidates with the most relevant skills and experience.
Track the performance of their recruiters. Data can be used to track the performance of recruiters, such as the number of candidates they source, the number of interviews they schedule, and the number of placements they make. This information can help staffing firms identify their top performers and provide them with accolades and further resources they need to succeed.
Data used by Reliance Staffing & Recruiting to identify recruiters who consistently sourced a large number of qualified candidates was found to be valuable. This information resulted in the creation of a monthly income share, which resulted in higher placements because each of the five offices wanted to be at the top of the list and receive the highest profit share.
Improve customer service. Data can be used to improve customer service by tracking satisfaction levels and identifying areas for improvement. Staffing firms, for example, can use data to identify if clients and employees are pleased (or not) with the services they are receiving from your agency.
One vendor many staffing firms utilize for this industry specifically to track customer service is ClearlyRated. ClearlyRated helps staffing firms leverage NPS® to maximize service quality and amplify the voices of their happiest candidates and clients. Through survey programs, you measure the client, talent, and employee experience, build an online reputation, and differentiate on service quality. Staffing agencies are also made aware of unhappy clients through this data, which provides a great opportunity to repair service before the relationship is severed.
How COATS Staffing Software Can Assist
COATS Staffing Software is a powerful tool that can help staffing firms collect, analyze, and use data to improve their processes. COATS Staffing Software offers a variety of reports that can help staffing agencies improve their processes. Here are a few specific examples:
- Candidate Pipeline Report: This report shows the number of candidates in each stage of the hiring process, from sourcing to placement. This can help staffing agencies identify bottlenecks in the process and make necessary adjustments.
- Recruiter Performance Report: This report shows the performance of each recruiter, such as the number of candidates they source, the number of interviews they schedule, and the number of placements they make. This information can help staffing agencies identify their top performers and provide them with the resources they need to succeed.
- Client Satisfaction Report: This report shows how satisfied clients are with the services they receive from the staffing agency. This information can help staffing agencies identify areas where they need to improve and make sure that they are meeting the needs of their clients.
- Revenue Report: This report shows the staffing agency’s revenue from different sources, such as placement fees and training fees. This information can help staffing agencies track their progress and make informed decisions about their business.
- Commission Report: This report shows the commissions that recruiters have earned. This information can be used to motivate recruiters and ensure that they are compensated fairly.
In addition to these standard reports, COATS Staffing Software also offers the ability to create custom reports. This allows staffing agencies to generate reports that meet their specific needs. For example, a staffing agency could create a report that shows the number of placements made by industry or by skill set.
By using the data and reports provided by COATS Staffing Software, staffing agencies can improve their efficiency, accuracy, profitability, and customer service.
To learn more about how COATS Staffing Software can help you use data to gain a competitive advantage, attract and retain top talent, and improve your staffing process, please visit our website or request a demo.