Don T Let Other Peoples Metrics Of Success Become Yours – This blog lists 11 key human resource metrics. Meters are an important part of human resource analysis and can provide valuable input for strategic decisions. These key HR metrics provide a quick overview of human resource efficiency and can be used as key performance indicators (KPIs).
In our previous blog on HR metrics, we wrote about 14 HR metrics related to hiring and income. We will expand on the following, focusing on 11 key human resource metrics related to retention, absenteeism, and learning and development.
Don T Let Other Peoples Metrics Of Success Become Yours
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In the past, we have dealt with huge costs associated with staff absences. As we mentioned in the article, the first step in analyzing an absence is to track it. Here are some key human resource metrics to help with this process.
Unplanned absenteeism rates (absenteeism days / FTE) are an important human resource measure to measure absences. It tracks the percentage of workers who are absent in a given period. The gauge also provides a baseline over time: Absences can vary from month to month, but in the long run you want them to be low and stable. Increased absences may indicate a worsening work environment, increased workplace stress, or the spread of the flu. Absence rates of about 1% to 2% are normal (like almost all people get sick a few days a year).
HR can easily identify problems within a company by dividing the number of days of absence for a group or department by the total FTE (full-time equivalent) for that group or department. When some departments or managers are structured with high absences, they may do something wrong and their performance may suffer. This measure can be diagnosed and prevented by allowing HR to intervene before the problem comes out of hand.
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People do not care about working overtime now and then. However, when overtime peaks, you can expect your absence to follow. Too much overtime, especially for long periods of time (such as the auditing season at an accounting firm) can also increase revenue. High levels of persistent overtime can be easily addressed by hiring extra staff.
Traditionally, employees work nine to five hours, but more and more are working from home. Companies are increasingly abandoning the traditional mindset. This means that performance can no longer be measured by seeing who appears.
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These days, it does not matter how many hours a day you work. What matters is what you actually achieve. This tracking productivity index. However, it poses a challenge on how to determine productivity. It will vary by institution and function and requires careful consideration. We’ve put together a comprehensive review of 21 key outcome measures you should know.
Learning and development are becoming more important. Lack of development opportunities is the number one reason young talent leaves your company. Therefore, effective training will lead to a more efficient workforce. That is why the effectiveness of training is an important human resource indicator.
A common measure is the cost of training each employee. This meter helps track development costs. It also helps HR make smart investments in talent development. The HR department is beginning to realize the fact that one-day training is expensive and not enough to provide the continuing learning experience that employees are looking for. Investing in existing budgets will lead to more effective training programs for staff.
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To measure the effectiveness of training, you need to measure what people are learning. Here are the tricks. You can not only measure the capacity of staff before and after training. This is because people usually apply for training when they feel they are weak. Those who work below average per month are more likely to return to the average job next month. This phenomenon is called “transition to average”. This can provide an unbalanced perception of the effectiveness of training.
When testing the effectiveness of training, it is best to set training goals and check if staff have achieved their goals after training. Companies can also monitor basic productivity and study the impact of long-term training. Effective training promises to help an employee improve in his or her job, thereby increasing his or her average operating level. In other words: with effective training you can expect an increase in employee productivity.
The impact of training is significant. However, measuring the effectiveness of your training will help you get the most out of your money.
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Another scale to monitor is employee satisfaction with development opportunities. Lack of development opportunities is an important predictor of employee income. Training is often used to reward employees and build organizational commitment. When people are unhappy with their company’s new “amazing” learning management system, they will not use it and therefore will not learn. In addition, people only learn (e.g. enjoy work) when they are interested in what they are learning. This satisfies the opportunity of development as an interesting (and rewarding) metric and seamlessly integrates this measurement with our next topic.
Since the beginning of the “talent war”, enterprises have been paying more and more attention to how to retain employees. That is why HR should own the most important retention scale.
Employee happiness (also measured by employee satisfaction) is often considered a valuable measure of human resources. Happy employees are productive employees who are loyal to the organization and do not care about overtime when needed. Employee well-being is related to commitment to the organization and commitment to work. Low employee well-being in some parts of the organization may indicate conflict or stress at work.
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We have already talked about income rates when we talk about learning and development. For many companies, voluntary income is an important measure of human resources. Turnover is the last, most never return. People always resign from the manager, not their job. With this in mind, revenue is another measure that can help you identify potential problem areas in your organization.
Now, not all income is bad. Ideally, those who do not fit the company leave. That’s a great income, but when your key talent leaves, income will be a big issue. That is why you should monitor the conversion rate for both high and low potential. Revenues for high potential should be low. One of the main reasons for the high price potential is the lack of job opportunities in the company.
We love our manager indicators. Some managers do a great job of engaging and communicating with their employees. We all know managers who are not very good. Retention rates for each manager or department are indicators that can help you identify ineffective managers. Once you have identified these managers, you can give them extra support and train them to become more effective managers.
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Of course, retention rates will vary for people in different jobs. However, when similar groups in similar geographical locations show very different retention rates, it indicates that something is wrong in Denmark.
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Indicators offer many possibilities. If you have not already done so, check out our previous blog on 14 HR Metrics. The metrics we list allow you to track key human resources, measure efficiency and track effectiveness. You can also check out our blog about rental metrics. If you are interested in connecting these metrics through analysis, you should consider linking business processes to engagement.
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Erik van Vulpen is an expert in creating modern human resource practices by bringing technological innovations into the human resource environment. He is globally recognized as a human resource leader and speaks regularly on topics such as human analytics, digital human resources and the future of work. As work styles become more complex and isolated, so scale employee engagement. These indicators are great indicators of how employees interact and motivate. It goes without saying that the more productive the employees involved, the more purposeful they are to the company’s vision and the higher the level of commitment.
Employee involvement is also an important driver of the organization’s operations. So which employee engagement scale should you monitor to create a motivated and engaged workforce?
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Employee engagement is the level at which employees feel a warm connection with the organization, committed to their work, and moving further. Thus, employee engagement scales measure employee involvement indirectly or directly.
Based on your measurements, you can understand the status of employee involvement in your organization in action.
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