How much visibility do you have into your staffing agency operations? If you want to operate efficiently and put yourself on the path to growth, you need to leverage the data you have available, along with useful external sources.
Examining raw data is almost impossible these days, as your staffing agency simply creates and gathers more information than humans can feasibly look through. When you get to analyze it through reports, you can discover actionable information that helps you make decisions and grow your business.
One of the most important reports at your disposal is the billing report. This is essential for keeping track of how much you’re billing clients and showing you the expected cash flow over the short and long-term future. Since many of your decisions are based off the financial health of your staffing firm, you should always keep this around when you’re working on business strategy.
You can also track the status of your clients through these reports. Some may start to decrease the amount they spend with you, which could indicate some instability in your relationship or another issue. By paying close attention to the report, you can identify problems before they lead to a client going with a competitor.
How many hours are your employees working while they’re on job assignments? This report helps you keep billing and payroll accurate and shows you whether certain employees are under or over utilized. When you want to figure out your overall capacity for clients, you can refer to these sheets and see whether you need to bring more people in to fulfill all job assignments.
Type of Work Done
What are the most common job assignments that your staffing agency gets? You may find yourself specializing in certain areas, simply by the requests that your clients make. You can tailor your training and professional development materials to build the necessary skills to cater to these requirements.
Another benefit of this report is identifying opportunities and gaps in your staffing firm. You may have new markets that you can reach out to based on the experience your employees gain from their assignments. On the other hand, you may find your firm lacking in key areas.
What are the most common locations that your employees go to when they’re on job assignments? You can optimize your operations by grouping employees by geographic region and assigning them to locations that are the closest to their homes, or focus your recruitment on people in those key areas.
Depending on the stage of your staffing firm, you may even consider expanding to some of your busiest markets and setting up another office there. Your biggest clients could appreciate easier access to your agency.
Your clients want these anyway, and keeping invoice statements in an easy to access report allows you to quickly compare invoices to billed hours and other details.
Pay and Bill Rates
The comparison of how much you’re billing the client versus how much the employee gets paid is another performance metric that gives you insight into how your staffing agency is doing. You might find yourself inundated with clients if both pay and bill rates are low, but you might have a difficult time retaining employees.
When you bring the two into a good balance, you can charge more than enough to fuel your firm’s growth, while providing enough pay for your employees to keep them happy and loyal to your agency. Arriving at this point requires a lot of trial and error, and tracking the data through reports is essential.
Are you evaluating your employees through client surveys, performance reviews and other methods? You can see how your people are doing, whether they’re improving over time, their strengths and weaknesses and other metrics.
Of course, the most powerful report in your staffing firm’s tool belt is the custom report. When you work with a robust back office solution, it should include the ability to put together flexible reports that draw upon the data sources you have available. You never know when you might need to compare trends in different data sets or look for patterns in an unusual way.
Reports are more than a way to illustrate a slide during a presentation. Leverage this powerful tool to get more out of your staffing agency and start it on the path to long-term growth.