Modern enterprises tend to accumulate staggering volumes of data in their HR systems pertaining to human resources functions and employees. The data is further utilised to gauge key HR metrics to identify problem areas that need improvement.
Human resources personnel can leverage this pool of information for calculating attrition and retention rates, compensation, benefits, satisfaction, etc. What more! You can even track performance metrics to identify future leaders and stellar employees.
This is why enterprises ought to arm their HR departments with a robust HR analytics tool or HRMS software to track the following key metrics:
1. Hiring Metrics
Recruitment is undoubtedly one of the most integral functions an HR department performs. However, the recent attrition crunch calls for smart recruitment, which is achievable by tracking recruitment metrics. Yes, HR experts suggest tracking cost—per-recruit for every HR and talent acquisition professional.
An organisation’s cost-per-recruit signifies all the expenses that go into recruiting a new employee. This includes referral payouts, advertising fees, etc. The time taken from initial acquisition to job acceptance defines this key metric that human resources people should track.
Businesses on a frequent basis track job satisfaction levels among employees to retain that competitive edge. A clear sign of job satisfaction is an employee’s tenure, which HR professionals track on a quarterly or yearly basis. Employee turnover or attrition rate can be measured with an intelligent HRMS software that tracks an employee’s lifecycle right from hire to retirement.
High employee attrition rates are often a staple for businesses that have a performance-oriented business model or competitive work environment. Arming your HR department with an automated performance management software can save the day here. This is because poorly timed performance review is cited as one of the most common reason for employees to leave a company.
3. Workplace Satisfaction
Businesses today are increasingly looking out for measures to calculate employee experience that goes beyond job satisfaction. Why not equip your HR department with an HCM solution that drive employee engagement by helping to send out pulse surveys. Time to bid farewell to those manual and paper-based surveys. By utilising such an employee engagement solution to solicit employee feedbacks, HR managers and leaders can identify key metrics that are driving workplace satisfaction the most.
4. Compensation and Benefits
Employee benefits and compensation programs often account for the highest expense to a business. For that matter, businesses consistently try to ensure that they offer the most cost-efficient benefits and compensation packages to their people. Having an agile HRMS solution for tracking benefits and compensation packages helps to track metrics that can help you reward fair appraisals.
What are your thoughts? Is your organization ready to take the plunge to figure out key HR metrics to track in 2017? If yes, then we would like to hear from you here. You can also give us a shout-out on Twitter and Facebook or write to us at email@example.com or simply SMS SAGE to 56767.