FAQs about the Staffing Industry Benchmarking Consortium (SIBC)
- What is SIBC? Who is it for?
- Who can participate and get the financial and business performance benchmark data?
- What kind of benchmark data do I get?
- What kind of staffing companies participate in SIBC?
- Is there really no charge for accessing SIBC data?
- How do I participate? What kind of data do I need to provide in order to participate?
- Why should I participate in SIBC?
- What if I don't want all the employees in my company to see SIBC data?
- How does Staffing Industry Analysts protect the confidentiality of my company's data?
- Why is Staffing Industry Analysts uniquely qualified to manage a benchmarking consortium for the staffing industry?
1. What is SIBC? Who is it for?
The Staffing Industry Benchmarking Consortium (SIBC) is managed by Staffing Industry Analysts, and consists of a group of staffing companies -- large and small, privately-held and publicly-traded -- who confidentially provide Staffing Industry Analysts with their company's financial and operating data so that they, in turn can access aggregated benchmarking data.
It is specifically designed for staffing firm CEOs, owners, CFOs, board members, and other senior executives who want an ongoing, timely scorecard on how their specific company's financial and business performance compares to similar staffing companies.
2. Who can participate and get the financial and business performance benchmark data?
Companies that meet all these criteria are eligible to participate in SIBC at no charge:
- Is a current Corporate Member with Staffing Industry Analysts
- Is a staffing firm in business for at least one year
- Has a U.S. component for which they can report financials
- Provides their own company data (financial and operating results) to Staffing Industry Analysts for use in the SIBC aggregated reports.
3. What kind of benchmark data do I get?
As an SIBC participant, you get -- twice a year -- a complete set of aggregated, well-organized data presented in an electronic format so that key numbers are quickly accessible. You receive a 50-page overview report providing a summary of the most important financial and operating trends and ratios. You also receive two custom benchmarking reports that compare your company's metrics to others in the consortium. See below for a list of the type of data in reports.
Benchmark Categories Specific Data Types
Key Performance Metrics
- Growth in sales, gross margins, SG&A costs, and operating profit
- Productivity per staff person/FTE and per office
- Median, 25th & 75th percentiles (and changes) for pay rates, bill rates, mark-up rates, and hours worked
- Revenue broken down by the following business lines (i.e. temp, direct placement, temp-to-hire, PEO, outplacement, other)
- Office productivity metrics
- Temporary hours worked and average number of temporary employees working per day
- Direct placement revenues/conversion fees and number of placements
- Temporary employee direct payroll costs (wages and bonus)
- Temporary employee all other direct costs (insurance, taxes, benefits, etc.)
Costs & Infrastructure-related Data
- Cost structure comparisons overall and across similar company types
- Internal costs broken down by various categories (e.g. staff compensation, facilities, IT hardware/software and other operating costs)
- Internal staff turnover rate
- Accounts receivable and collection management performance
Data Segmentation By Staffing Specialty
- Information Technology
- Healthcare (further segmented into: travel, per diem, locum tenens, and allied/other)
By Size (Annual Revenue)
- Under $10 million
- $10 to $100 million
- Over $100 million
By Staffing Sector
- Direct Hire
4. What kind of staffing companies participate in SIBC?
SIBC participants include every type of staffing firm, including firms that:
- Are privately-held and publicly traded.
- Are small (less than $5 million in annual revenue), very large (more than $1 billion in revenue), and every size in between.
- Have diverse offerings (multiple skill sets) and those that are focused on just one or two specialties such as finance/accounting, IT, engineering/design, office/clerical, light industrial, legal, travel or per diem nursing, locum tenens, allied health, clinical/scientific, marketing/creative, and more.
- Are local, regional, national, or global in their scope and coverage.
- Focus only on temporary staffing, and those that also provide search/place (direct placement), temp-to-hire, PEO, outplacement, VMS, VOP, MSP, RPO, and/or other services.
5. Is there really no charge for accessing SIBC data?
That is correct. As long as a company meets the criteria described in FAQ # 2 above, there are no additional fees for SIBC participation.
6. How do I participate?
What kind of data do I need to provide in order to participate? If you are a current Corporate Member and a staffing firm, SIBC participation is easy. Just visit our secure SIBC website or contact our Member Services team by e-mail or at 800-950-9496, and they'll get you started. We'll ask you to complete a confidential survey in which you'll provide us with: sales and margin data, cost and segmentation data, and size and staffing sector data. Then you'll be able to see aggregated results and compare yourself against industries norms and best practices.
7. Why should I participate in SIBC?
Benchmarking data is a powerful management tool. Use it for any one or more of the following:
- Determining exactly where you stand relative to your competitors, including top performers
- Understanding where you're outperforming other staffing firms
- Identifying areas where you have the biggest opportunity to improve
- Getting a better sense of industry-wide financial and operating trends
- Assessing the value of your company relative to other staffing firms
- Conducting realistic planning and budgeting processes
- And more
8. What if I don't want all the employees in my company to see SIBC data?
You can determine who within your company gets access to the SIBC data -- from just you, to a handful of top executives, to every employee in your company. It's up to you. Our Member Services team will tell you how.
9. How does Staffing Industry Analysts protect the confidentiality of my company's data?
We are committed to protecting all confidential data belonging to our members. All data you provide us related to SIBC participation is held in the strictest confidence and, other than in aggregate, is never reported or shared outside of Staffing Industry Analysts. We ensure that the reporting of aggregated data includes enough data points so that no data can be associated with any particular company. We also don't publish a list of SIBC participating companies, which further protects confidentiality. And of course we take the appropriate electronic and database related measures to ensure that your data is housed securely and confidentially.
10. Why is Staffing Industry Analysts uniquely qualified to manage a benchmarking consortium for the staffing industry?
For nearly two decades we have been the premier research and analysis firm covering the staffing industry. Our team understands staffing firm data, how to ensure we're comparing "apples to apples", how to analyze and assess the benchmarking results, and how to help you get the most value from those results. Moreover, as an independent company with no staffing (or related) firms serving on our board or having any ownership interest in our company, you can fully trust our handling of your sensitive data and be assured of our neutrality in our analyses.