One term that precisely describes the executive business is – Competition.
Identifying relevant profiles, attracting genuine candidates and selecting the best ones for your clients is a tough nut to crack. Surviving in an executive search and recruitment firm is no child’s play. One has to give their best effort to make a place for themselves in this fast-paced sector.
These days, the top factor making this job even more strenuous is the metrics used for measuring the performances. However, how helpful are these metrics? Are they able to evaluate the true performance of an employee? This article will throw light over the criteria that are considered to analyze the progress of a recruiting project, but in reality, are the major distractions which hide the true scenario.
Searching for executives is a straightforward activity and its performance must not be gauged by using irrelevant metrics like calls made, resumes received and emails sent. These sales-type standards do not suit the ream of recruitment.
In an executive recruiters firm, you are paid for placing candidates. At the end of the day, you are answerable to the client for what you did or did not do. So, the benchmarks that are not directly connected to candidate placements are not really pertinent. At best, they sound like excuses. The point that I am trying to put forward is that merely working is different from getting the job done. Your activity has to be productive. How quick and effective you are in placing candidates are the basis on which your clients assess your value.
The two main metrics that should define your executive search and recruitment firm’s performance are Days to Placement & Placement Rate.
Below, you will see how these metrics shall enable your company to recognize what works and what doesn’t.
The Key is to be Simple
Evaluating Placement Rate is incredibly simple since you just need to answer a yes or a no question. Did your firm make a placement? Either the placement was made – Yes, internal hiring took place – No, or the firm was released from its duties – No.
This is how you calculate the Placement Rate:
Placement Rate = Total Placements / Total Projects
The second one is calculated as provided below:
Day to Placement = Total Days of Placed Projects / Total Placed Projects
These methodologies are highly utilitarian in getting a bigger picture of effective and efficient your firm actually is. You can also take the help of a software to undertake this activity. This is a great way to detect the top performers of the firm and the ones who need a push.
Taking such steps to keep track of how your workers are performing, you give a better chance to your clients to get a clearer idea of how you work which helps them make an informed decision. Moreover, it enhances your firm’s image in the market by labeling it as reliable.