What is the best way to measure candidate pool quality?

1 Define quality

Before you can measure candidate pool quality, you need to define what quality means for your staffing service. Quality can be subjective and vary depending on the type, level, and industry of the positions you are filling. However, some common aspects of quality include relevance, diversity, engagement, and conversion. Relevance looks at how well candidates match the job requirements and the client's expectations. Diversity examines the various skills, backgrounds, and perspectives in your candidate pool. Engagement evaluates how interested and responsive candidates in your pool are. Conversion measures how many move forward to the next stages of the hiring process and eventually get hired.

2 Choose metrics

Once you have defined quality, you need to choose metrics that can help you measure it. Metrics are quantifiable and objective data points that can demonstrate the performance of your candidate pool. For example, you can measure the source of hire to identify which sources generate the most and the best candidates for your staffing service. Additionally, you can track the time to fill to calculate how long it takes to fill a position from the moment you receive a client's request to the moment you make a hire. You can also measure candidate satisfaction by assessing how satisfied your candidates are with your staffing service and if they would recommend you to others or apply again. Finally, quality of hire is important to consider as it shows how well your hires perform on the job, how long they stay with your clients, and how satisfied your clients are with your hires.

3 Use indicators

Metrics are not enough to measure candidate pool quality; you need indicators too. These qualitative and subjective feedbacks can give you insight into why your candidate pool is performing well or poorly. For instance, you should consider candidate feedback to understand their pain points, expectations, and suggestions. Additionally, client feedback can offer insight into their challenges, needs, and preferences. You should also analyze market trends and competitive analysis to understand the current and future trends in the labor market and how they affect the demand and supply of talent in your niche. Furthermore, competitive analysis can provide a comparison between your staffing service and other providers in your niche, allowing you to determine your strengths and weaknesses.

4 Analyze data

After you have collected metrics and indicators, you need to analyze them to understand your candidate pool quality. Dashboards, reports, and benchmarks are all tools and methods that can be used for this purpose. Dashboards are visual representations of your metrics and indicators, allowing you to monitor and compare your performance over time and across different segments. Reports are detailed documents that explain and communicate your findings and insights to stakeholders and clients. Finally, benchmarks are standards or averages that help evaluate your performance against goals and industry best practices.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?