For HR performance, not only do you need to factor in metrics based on the industry but also your business. A large organization having various business units that may demand different metrics from the chief human resource officer. Collecting data and making sense of all these metrics can be overwhelming. In this article at Forbes, Dan Fries shares 6 HR performance metrics for current businesses.
Tracking Down HR Performance
Figure out the HR performance metrics that work for your business. Maintain a time period between which you should measure them regularly. Apart from addressing major issues, collect data for over two years to compile actionable items. Top talents and professionals investigate the job market too often. To stay ahead in the game, focus on acquiring talent, retaining them, and keeping them involved. Following are the metrics to measure HR performance sensibly:
Measuring Time to Fill and Turnover Costs: For a well-developed recruitment process, the candidate pipeline is always filled. However, a company must monitor talent demanded in the market and maintain seamless onboarding procedures. Turnover costs also form a part of the HR performance metrics.
The Rate of Absence: Tracking this HR performance metric will foretell rising unrest and the reasons for driving it. It also tracks the productivity of the employees.
The Rate of Engagement: The results depend on the HR judgment as well as the department’s way of handling its tools. The more the rate of engagement, the lesser the absent rate.
Tenure of Each Hire: Professionals that work with the company for a long time, perform better, add value, and understand their jobs well. Though people leave eventually, this HR performance metric tells how much value you derive as an employer.
The Rate of Achieved Goals: Majority of the organizations mark this as an important HR performance metric. While it is an important metric for employees too, you must prioritize the quality of the goals as well.
New Hire Performance Scaling: This allows you to realize the quality of your onboarding process. The better the rating of this metric, the lesser the failure rate of new hires. The result can increase to 50% in the first year on average.
To view the original article in full, click on the following link: https://www.forbes.com/sites/forbeshumanresourcescouncil/2018/12/05/selecting-hr-metrics-that-matter-in-todays-business-environment/#75ad204726ff