What Are HR Metrics?
HR metrics are a vital way to quantify the cost and the impact of employee programs and HR processes and measure the success (or failure) of HR initiatives. They enable a company to track year-to-year trends and changes in these critical variables. It is how organizations measure the value of the time and money spent on HR activities in their organizations.
Below are major categories of HR metrics and aspects they often measure. Before HRMetricsPro, many of these activities and processes were difficult to quantify, making it hard to fully understand the real employee costs associated with each HR function.
Recruiting - Recruiting metrics measure activities involved in the stages of attracting and selecting top talent. Decision makers frequently want to quantify variables such as: new hire performance, turnover rates of new hires, impact of a poor hire, and return on investment in a new hire, in order to measure the success of the recruiting process.
Retention - Retention metrics often measure important aspects of turnover. Management often wishes to quantify such variables as turnover rate, average tenure, the rate of a veteran worker, or the financial impact of employee turnover. Results often indicate how much each separating employee is costing the company and help the company create proactive plans to prevent the loss of top talent.
Training and Development - Training and development metrics quantify the learning processes of new employees, and includes activities such as: orientation, training process time and costs, and the time and cost of on-the-job learning. Results often demonstrate the success of professional development processes and how much they help the organization achieve its business goals.
Staffing - Staffing metrics quantify the return on investment in your employees. These measures include quantities such as: cost per hire, recruiting efficiency ratio, and the cost to replace an employee.
Imagine how much you could save by knowing where efficiencies can be improved and your resources optimized. HRMetricsPro produces all of the metrics above and more from over 151 HR activities and processes.
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