A good recruitment agency should make a positive impact on your business. To know whether your recruitment agency is working for you, it's important to measure recruitment company performance. To ensure viable return on investment consider everything from the numbers of CVs you receive to candidate retention levels.
Time
A good recruitment company will save your company time. In the short-term a recruitment company will decrease the length of time it takes to hire employees. In the long-term recruiters will find you candidates that become invested in your company and strengthen it.
Set realistic expectations. Take into consideration the job market, the complexity of the roles you're looking to fill and the number of hires you need.
If the time to hire is not meeting expectations, meet your recruiter and assess what needs to be changed. Always remember that a successful hire is much more important than a quick hire.
Quality not quantity
How many candidates have you met? How suitable were they for the role?
Receiving numerous CVs or potential hires to interview sounds great, but what you really want is a smaller number of high quality candidates. Value a recruitment company who deliver quality not quantity.
A good recruitment company will filter CVs by meeting with quality candidates. A recruiter will then work with these candidates to ensure they are prepared, fully interested and suitable for the job. Only then should your recruiter organise interviews.
Placement success
Candidate retention is a recruitment company performance metric that is often forgotten. The focus is on the hiring process, but how valuable the chosen candidate is after they're hired is just as important.
Turnover is costly to businesses, with Forbes estimating the cost of turnover equalling from one months to several years' salary per employee, so ensuring placement success is worthwhile.
Consider how many employees were placed, but also how well they integrated into the company and their career progression within the company. If a placed candidate has proven valuable, or left the company, this is an important metric to reflect on when assessing your recruitment company.
Value
Is the money you're spending giving you the results you were promised? Measure value by assessing costs against results.
Consider time and money saved on sourcing costs - cost of posting on jobs sites and in print media, screening costs - administration costs of reviewing CVs and setting up interviews and interview costs - number of people involved in interviewing, travel expenses, hiring an interview space.
As mentioned above, it's also vital to consider the success of each candidate's placement when assessing value.
Sector expertise
How has your recruitment company benefited your business? What expert advice have they offered?
At Cpl, we have specialist recruiters with industry experience across sectors including IT, Finance, Sales & Marketing and Science & Engineering. Our recruiters understand their industries and can offer expert support and advice. We can also help align your business with candidates who share your company values and help connect you with other businesses.
Monitor how your recruitment agency has contributed to your overall business innovation and development for an overall assessment.
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