Healthcare organizations rely heavily on staffing vendors to fill open positions and meet fluctuating staffing needs. Monitoring and managing vendor performance is critical to ensuring high-quality talent acquisition and staffing coverage. By gathering and analyzing data on vendor performance, healthcare organizations can gain valuable insights to drive improvements.
KPIs to track for staffing vendors include fill rate, quality of hire, time-to-fill, candidate satisfaction, compliance, and cost per hire. Regularly collecting this data, benchmarking vendor performance, and identifying trends over time can reveal opportunities to refine vendor selection criteria, optimize contracting terms, provide performance feedback, and incentivize desired results.
For example, tracking time-to-fill across vendors can identify which vendors can most quickly source and submit qualified candidates for open requisitions. Vendors with expedited fulfillment can be rewarded with more staffing volume. Measuring the quality of hires through new hire retention rates, manager satisfaction surveys, and competency assessments allows organizations to determine which vendors are sourcing candidates that deliver the best cultural and skillset fit.
Fill rate data can shed light on vendor capacity constraints that may necessitate expanding the vendor network. Candidate satisfaction surveys can pinpoint vendors lacking communication, professionalism, or an interview process. Invoice audits and cost-per-hire KPIs can identify vendors with inconsistent or inflated billing practices.
