It would help if you tracked the key HR metrics, whatever may be the size of your organisation. These are the HR metrics relevant to your company that measure the employees' experience and identify key improvement areas. If you wish to apply some sophisticated analysis modules into HR like machine learning and artificial intelligence, it is imperative to have robust HR data.
The recruiting metrics let you understand your hiring strategy and what can you do to improve it.
1. Influential sourcing channel
Recruiters look at various channels to get leads. It could be email campaigns or social media platforms. It is important to measure which platform is working and which is not. The idea is not to find the source that is offering a higher number of candidates. It is to identify the channel that is contributing the maximum to the hiring plan.
2. Time is taken to reach total productivity.
The time it takes for the new hires to reach complete productivity helps determine the hiring quality and is a vital HR metric.
3. The number of candidates that convert
Find out the number of candidates that interact with the employer brand and covert. How many interact with the messages and then decide to apply to the job.
4. Diversity in the recruits
You can build an inclusive and equitable workforce by measuring diversity at recruitment and studying the disability, genre, and ethnicity from a part of the metrics.
5. Money spent on hiring
A critical part of the HR metrics is to calculate the cost per hire.
Workforce management metrics
Various tools like workforce scheduling and performance management should form a part of the workforce management metrics.
1. The retention rate of the manger
Higher retention of the management team shows that the employees feel valued.
2. Training impact
Measure the hr metric of any training after 30 days to understand the employees’ knowledge absorption.
3. Revenue earned per employee.
This is an HR metric that reveals how the company utilises the people assets.
4. Productive change after a new tool is implemented
You should measure any digital transformation in your workplace to track the employee performance and curve after using the device.
5. The capability of planning in the job
Accurate job planning lets the company allot employees as per demand with a lot of room to accommodate any employee requests or meet the business's exceptional needs.
6. Quality of the employee experience
Employee experience ensures that the top talent stays with you which are also an advocate for your brand.
7. Employee recommendations
The employee net promoter score or eNPS indicates how the company’s employees perceive the organisation.
8. The nonproductive effort by the employees
There could be many processes that do not generate value. The employee effort rating lets the HR team track the tasks that do not add any value.
9. Accessing the benefits
The employee benefits and how easily can these be accessed indicates if the employees are enjoying a positive work-life.
Employee recognition is a metric that identifies employee satisfaction and engagement. This should be measured as a formal and informal recognition.
1. Organisational health status
This measure of the employees' willingness and ability to perform exceptionally in the workplace, chasing new goals and dreams.
2. Employee development
Employee development and upskilling are key HR metrics that help boost productivity and play a crucial role in retaining employees.
3. Participation levels
You should track learning and development opportunities by checking out the participation level of the employees in HR training-
I. Internal hiring method
Internal mobility ensures employee development, letting the best talent move up the ladder. Measuring the total number of employees who switch You should measure roles.
II. Voluntary turnover by high potential employees
Identify the high potential employees and see if they are leaving the company voluntarily. If yes, then work on your organisational culture.
III. ROI of the learning and development program
Measuring the return on the L&D investment is critical to building an employee development track that is sustainable.
Employability for the existing workers
Placement is a critical metric that should be measured. HR metrics and analytics help in estimating the value of the ex-employee and strengthens your brand as an employer. Jigsaw Academy offers hr analytics course in hr training that can help you advance in your career. It also creates a potential talent pool in case the need arises in the future.
Reliable HR metrics lets you understand the people initiatives and the costs associated with them. The year 2021 especially makes it vital to follow the HR metrics dashboard that allowed the organisation to understand the impact of the pandemic on the company workforce.
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