You’re Probably not Tracking this Contingent Workforce Metric.
Do you track conversion rate? Here’s why we think you should.
Surprising your client is generally not a good idea. But when our team sat down for a scorecard review with our client’s CW Program Management Office and Managed Service Provider, and we mentioned that over a third of our Contingent Workers were converted to full-time employees by their hiring managers, the PMO staff were in awe. (Actually, so were we when we did the analysis.)
Conversion Rate (percent of Contingent Workers that are converted) informs you about 2 things:
- Quality—Contingent worker conversion rate is a solid scorecard metric for comparing suppliers on quality of candidates that they submit.
- Value—When your CFO wants to know how much the CW program is saving the company, include the fees not paid to Search Recruiters (internal and outside) for Contingent Workers converted to company employees. Converted CW workers cost a fraction of the cost of directly hiring an external candidate. Also, you can be more confident of a successful hire since, at time of conversion, both hiring manager and candidate have had months working together.
Do you track Conversion Rate? Why/why not?
JustinBradley is a 12-time Best-of-Staffing winner; a women-owned company specializing in placing business professional talent across North America; and, humbly, we think we would be a great add to your Contingent Workforce program.
To discuss contact Andrew Chase.
