I’ve been with Alliance Search Solutions for about a year, and I love what I do. I work in an analytical role, using the data we have about how we hire to improve our efficiency and bottom line.
If there’s one thing I’ve learned, it’s the importance of looking at historical data for clues about how the future will play out. Furthermore, the data helps us to set realistic expectations, and gives us a good idea of how we perform under certain circumstances.
Data helps us to continuously improve. If we’re good somewhere, we want to learn to be great. If we’re not so good in an area, we ask ourselves how we can improve.
But data isn’t just good for setting goals for improvement. It can also tell us a lot about our ideal prospects and business situations. Using data, we can turn our habits into successful strategies to grow our business.
In terms of hiring, there are two primary metrics that we’re constantly evaluating: fill rate and days to fill. We look at both of these metrics on an extremely granular level— we sort based on industries, salary ranges, locations, etc. The more metrics we can track, the better picture we have to help us drive future success.
Now, let’s talk fill rate. For us, fill rate is defined as the number of job orders we were able to place candidates at, compared to those we had to close without filling. Fill rate is an extremely important metric for us because it tells us our most ideal circumstance for filling jobs. The truth of our industry is that in an average month, we get many more orders than we can successfully fill. This metric tells us where we should focus our resources.
For our customers, it also helps us to know in which cases we can form a beneficial partnership. On the flip side, if we know our fill rate is very low in a certain industry, we can let our customer know that a partnership with Alliance Search Solutions won’t be a good use of their resources for that particular job order.
As for days to fill, we define this as the number of days a position is open before a candidate is successfully placed. When a customer comes to us with a specific need, our historical data can tell us if filling the position in 40 days is feasible…or if it will take closer to 60 days to fill.
The data allows us to be more consultative and set realistic expectations for our customers. No over-promising or under-promising, just realistic data-based information that drives strategic, mutually-beneficial partnerships with our customers.
Are there any business metrics you use to help determine how your current habits could help you grow or focus your business model? I’d love to hear from you in the comment section.