KPIs for Effective Staff Retention

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In the recent UK Recruitment Index Report from APSCo and Deloitte, over 200 recruitment agencies surveyed gave their views on the upcoming challenges and priorities for the year ahead.

The report not only shows a significant rise (compared to last year) in the numbers of agencies indicating an increase in net fee income, it revealed the key challenges remain attracting and retaining talent in order to support strong productivity and sustained growth.

So how do you keep them?

A whopping 70% of survey respondents cited training as ‘very important’ to future growth.

Being able to develop effective training efficiently for each of your new recruits can be a bit of a mine-field. There’s no blanket solution as each individual has different levels of skill set. Firstly you need to understand where each individual’s strengths and limitations lie.

So how do you do this?

Well, traditionally you’d probably use KPIs. It’s a fact: to be successful in recruitment you have to do the right activities in the right way, at the right time…all the time.  The thought of KPIs, though, usually send shivers down recruiter’s spines; and poor KPI setting and management has been named as one of the key reasons for recruitment consultants moving on.

Why?

Consultants either don’t believe in the set metrics they’re targeted against or don’t understand how and why particular activities impact results. Moreover, they can’t see exactly ‘what’s in it for them’…

KPIs are seen as a ‘management tool’, or more importantly a ‘management stick’ to keep consultants in line, rather than a real means for consultants to focus themselves on the right activities at the right time and keep track of and improve their own productivity.

And there are usually too many metrics, or you’re measuring the wrong ones: not all KPIs will be applicable to each consultant’s particular sector or industry.

So what’s the answer?

Data. Or more importantly…evidence. By analysing activities you can see what’s really leading to success; you can identify the right KPIs to measure and you can get a truer picture of recruiter performance.  By applying ‘what if’ scenarios to your analysis you can quickly show the direct correlation between activity and results.

Once you have the evidence, you can show your recruiters exactly what they need to focus on in order to improve productivity and you can develop tailored training to match their specific needs.

With Active Dashboards this insight is available to you and your consultants in real-time – so you can track and measure their performance as it happens, pre-empt issues and instigate appropriate training quickly.  And they can self-correct, be proactive and see for themselves how those smart changes can make a dramatic effect on their productivity.

Ramp up recruiter ‘buy in’ even further by including their forecasted commission into the analysis. Show them how an increase in a particular activity has a direct impact on their bottom line…and they’ll get revved up to improve yours.

And by replacing the usual ‘top biller’ leagues based on revenue with league tables based on activities e.g  Top 5 recruiters who made the most business development calls or registered the most number of candidates, each of your recruiters get a chance to shine.

KPIs really can be less of a ‘stick’ and more of a ‘carrot’…and you’ll have a better chance of keeping your top talent.

 

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