Healthcare, IT, Creative, Other
Each year InsightSquared, a business analytics company, and Staffing Industry Analysts, publishes a report of recruiting metrics for the staffing industry.
Their last report was published in June 2013, showing data from 200 staffing firms generated between 5/1/2012 and 4/30/2013 – approximately one year of placement data, over 30,000 individual placement records.
Their report covers two key metrics:
- Fill Ratio – of orders taken that were successfully filled, and
- Time-to-Fill (some call it Cycle Time) – the number of days it takes to fill an order (from point of req to hiring decision).
Both metric types were analyzed by two types of placements:
- Contract/Temporary Placements
- Permanent or Direct Hire Placements
The industry segments studied were a cross section of IT, Healthcare and Life Sciences, Media/Advertising/Creative and Other.
For those of you who want an idea of how your internal recruiting services compare to typical staffing industry metrics, here are the highlights of the 2013 staffing metrics you can use for comparison.
1. Across all industry segments, the Average Fill Ratio was:
- 34% = Temp/Contract Placements
- 22% = Permanent Placements
The segment with the highest ratios of fill were Healthcare and Life Sciences; 63% for temp/contract placements and 27% for Permanent placements. The lowest ratios of fill came out of the IT segment where only 28% of contract reqs were filled and 22% of direct hire reqs.
2. Across all industry segments, the Average Time-to-Fill (number of days required to fill a job order) was:
- 46 Days = Temp/Contract Placements
- 75 Days = Permanent Placements
The segment showing the longest “time-to-fill” was Healthcare and Life Sciences; 66 days for temporary/contract placements and 158 days for Permanent placements. Media and Advertising talent had an average of 21 days for contract staff and 53 days for permanent staff.
Because we (the PACE Staffing Network) do so much work in the healthcare market, we paid attention to the unique recruiting stats for Healthcare and Life Sciences. We think there may be two factors in play that are impacting just how much outside the norm this market segment performs:
- The healthcare industry has unique recruiting requirements (many high level and “hard to find” professional level requirements), which requires tightly engineered staffing processes and requirements – not required by other segments of staffing, and in some ways limiting the number of staffing companies operating in that field.
- The purchasing models used in many healthcare organizations is based on valued, trusted and committed relationships between hiring managers, “favorite” vendors” and “hard to find” talent. This is oftentimes very different from the more transaction focused purchasing models used in other areas of staffing. Purchasing models based on one off relationships between hiring managers and vendors can change the staffing landscape considerably – driving up both fill times and fill ratios. Fewer staffing vendors, all with strong relationships with decision makers, is a scenario that can get translated into more fills per vendor, with decision makers more willing to wait for their favorite vendor to deliver the trusted talent they need.
The PACE Staffing Network has been servicing the healthcare industry for over 20 years. Our expertise in recruiting the specialized non-clinical candidates needed for hospitals, clinics, physician groups, surgical centers, etc. and creating networks of clinical recruiters and vendors working in niched areas of healthcare offers a unique one stop service delivery model for busy administrators and HR teams. Our focus is on improving your fill ratios and lowering your fill times, all while ensuring that every step in your compliance process is carefully managed. For more information on our recruiting networks, contain Nancy Swanson, our VP of Partnership Development at 425-454-1075 ext. 3010 or email Nancy at firstname.lastname@example.org. You can also visit us online at www.pacestaffing.com.