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Key HR metrics provide increasingly valuable data insights for organizations, helping them with workforce planning and to optimize employee productivity, talent acquisition and retention. There’s a wide range of HR and people analytics measures that help growing and successful businesses to understand and manage their workforce effectively.
HR management systems can provide sophisticated analysis of a vast amount of data to provide tailored insights through regular reports and targeted queries. Six basic measures to continually monitor are:
Measure your turnover rate to understand whether people are leaving voluntarily to retire or take up new roles, or because they’ve been dismissed. If you’re losing good people, you can dig deeper to find out why they’re going elsewhere and how you could change your work environment to keep them. Today’s HR management systems can provide sophisticated analytics and insights which are sometimes called People Science – using data to understand and meet your employees’ needs in the same way that marketing analytics help organizations to understand and satisfy customers.
Measure and assess the percentage of workers who are absent and spot trends and changes over time so you can evaluate and address the causes.
In many countries, it’s now compulsory for some or all employers to provide public data about how men and women’s pay compares in their organization. Measure your performance and take steps to address imbalances to improve employee satisfaction and reported statistics.
You can measure productivity as well as ratings from performance reviews. Look at trends to understand what people need to work smarter and more effectively and to target areas of performance weakness that you could tackle by training or awareness.
How long do your people stay with you? Are the most productive and influential people staying the longest? Benchmark against competitors to see whether you’re providing a better employee experience. Seek insights to understand what makes people move on or remain with you.
Measure it through pulse surveys to get a continual snapshot of key areas of employee opinion about their workplace and initiatives. Use the insight to improve experiences so your employees are more comfortable and productive at work and become positive advocates for your employer brand.
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