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10 CRITICAL HR METRICS FOR HUMAN RESOURCE MANAGEMENT

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Though seemingly routine to outsiders, everyday HR tasks are critical to keeping
a business running. While its importance is never questioned, how do you set
goals and measure the success of your HR processes? Like all departments, there
are several critical HR metrics that help determine the effectiveness of HR
tasks and initiatives throughout your organization.

If you’re working in Human Resources, you’ll need to be able to judge and
explain the advantages of different HR programs and policies. HR metrics help
quantify the role of HR and its contribution to the success of the overall
business.

The following data points make a difference for HR, whether you’re comparing
policies within the department or reporting to upper management. Here are the
ten most critical HR metrics and how to use them effectively. 


1) COMPENSATION

For most businesses, employee compensation is one of the biggest variable
expenses and most important HR metrics to track. A small increase to standard
pay might slightly reduce turnover, but additional compensation will surely make
a big difference when expenses are projected over the whole year.

 * Total Compensation includes benefits, salaries, and bonuses.
 * Salary Averages allow you to look beyond the extremes of entry-level wages
   and upper management salaries.
 * Pay Equity judges the relative compensation of employees in similar roles,
   particularly where implicit biases may lead to one employee being relatively
   underpaid.

LEARN: Everything You Ever Wanted to Know About Payroll


2) TOTAL LABOR COST

Total labor cost is the aggregate cost of the hours worked by all employees,
plus all related payroll taxes and benefits costs. Total labor cost is an HR
metric needed for budgeting of a business.

 * Total Cost Of Workforce (TCOW) includes employee compensation (pay and
   benefits), plus related expenses like facilities and overhead.
 * Headcount is the total number of workers in different categories. Check your
   classification of contractors and exempt employees for an accurate headcount.
   Part time employees and contractors are counted separately from full time
   workers.

READ: 10 Ways HR Technology Helps Manage Labor Cost More Effectively


3) TIME & ATTENDANCE

Employee hours have a big impact on payroll and productivity. Timekeeping
software provides up-to-the-minute recordkeeping automatically. Track all
workers and different types of work with a single, streamlined solution with
Time and Attendance software that works directly with payroll.

 * Effectively manage Tardiness and Absenteeism with Time & Attendance software.
   Late arrivals and unscheduled absences can be disruptive.
 * Overtime Hours, usually anything beyond 40 hours a week, can help during
   crunch times and deadlines, but time-and-a-half OT pay adds up quickly.
   Excessive overtime leads to employee burnout and suggests a need for
   additional staff.
 * Leave Management is a system for scheduling employees and keeping the company
   running efficiently throughout various absences and scheduling issues.

DISCOVER: The Benefits of Time and Attendance Software


4) TURNOVER & RETENTION

Beyond the hassle of recruiting and interviewing new workers, it’s important to
track the HR metrics association with losing and replacing employees. When HR
wants to invest in company culture and morale, it helps to remind the C-suite
about the potential savings in turnover cost.

 * Turnover Cost includes the lost revenue because of vacancies, cost per hire,
   and training pay.
 * Internal Promotion Rate shows how often you’re making use of existing talent
   and rewarding loyal workers. If current employees are underqualified, then a
   Learning Management System can prepare your staff for future openings.


5) RECRUITING

New jobs open when the company expands, and some level of turnover is
inevitable. Even your happiest workers retire eventually. The recruiting,
selection, and onboarding process should be efficient and cost-effective—and can
be with the right recruiting software and HR metrics.

 * Track your Cost Per Hire to see whether you’re overspending on job boards and
   advertising.
 * How long does it take your company to fill a new job opening? If you aren’t
   advertising enough, an extended Time To Hire can lead to understaffing and
   unnecessary lost revenue. If you’re slow to respond to job applicants, then
   the most qualified workers may tend to accept jobs elsewhere.
 * What percentage complete the onboarding process and how many reach their
   first employment anniversary? Your Hire Success Rate tracks how many new
   hires become successful employees. 

LEARN: Recruiting Best Practices: Improve Your Hiring Process and Land Top
Candidates


6) DIVERSITY, EQUITY, AND INCLUSION (DEI)

A wider range of perspectives can help your business avoid blind spots. Promote
diversity with a Learning Management System that closes skill gaps and offers
training to everyone.

 * Track Diversity Ratios to make sure you’re recruiting and promoting workers
   from different races, genders, ages, and other demographics. Work with your
   legal team to make sure you aren’t collecting or using demographic
   information in ways that could expose the company to liability.
 * Equity is about granting equal access and fairness to everyone, overcoming
   systemic and unconscious biases.
 * Inclusion goes beyond the mere presence of a diverse workforce, making sure
   that your company culture is welcoming to everyone. Minority workers
   shouldn’t be excluded from group projects, social gatherings, or professional
   opportunities.


7) EMPLOYEE ENGAGEMENT & SATISFACTION

When identifying problems in your company culture, you don’t want to wait for
complaints to appear in rants on public review sites like Glassdoor. Get
proactive with anonymous surveys and quantifiable HR metrics for employee
engagement.

 * What is your Employee Participation for social events and voluntary training
   programs?
 * Do you have a Workplace Giving Program that reflects the values and
   priorities of your employees?
 * Track the number of Complaints and Incident Reports from month to month,
   identifying trends and setting goals for improvement.
 * Employee Self-Evaluations are used to rate their own experience and
   satisfaction as part of a routine review process, as well as can track
   changes over time.

READ: Collecting and Utilizing The Right Employee Review Data


8) EMPLOYEE BENEFITS

Benefits Administration Software makes it easy to improve efficiency and provide
better value for workers. Employees need options for the benefits they prefer,
and your company needs to ensure accuracy, efficiency, and compliance across the
board.

 * What is the Total Benefits Cost for your current benefits program and
   vendors?
 * Track your Cost Per Employee for benefits to see when it’s time to shop
   around for alternatives.
 * Usage Rates will confirm what percentage of employees take advantage of
   different benefits. Consider adding new and emerging perks like student loan
   reimbursement to improve recruiting and retention. Are new perks more popular
   than your older benefits?

DISCOVER: Top Ten Advantages of BenAdmin Software


9) EMPLOYEE PERFORMANCE

Performance may require subtle changes to the workplace culture. It’s not enough
to simply keep moving the goalposts for workers. Invest in performance as a long
term goal for optimization through HR technology.

 * Use HR software to track Employee Productivity in terms of both quality and
   quantity. Increasing the output and number of employee hours may lead to
   unintended consequences like preventable mistakes and complaints from
   customers.
 * Discover Training or Process Deficiencies and other areas of improvement by
   department or company-wide.

READ: Discover the Benefits of Performance Management Software


10) LEARNING & DEVELOPMENT

Many of your best workers are already working at your company, but how do you
keep them engaged and prepare them for additional responsibilities?

 * Standardize L&D Process and Scoring to easier address performance issues and
   measure improvements over time.
 * Provide ongoing Professional Development, closing skill gaps and opening new
   career paths. Make it a part of performance reviews and use multiple choice
   tests to evaluate trainees before and after programs.
 * Cross Train Employees with a Learning Management System to improve teamwork,
   employee skill sets, agility, and resilience.


LEARN MORE ABOUT HOW NETCHEX MAKES HR METRICS WORK FOR YOU:

Learn more about our HR Reporting & Analytics software. Netchex makes
collecting, analyzing, and reporting on HR metrics easy, straightforward, and
worry-free.


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