HR Metrics Reporting
HR metrics or Human Resource management metrics measurements are the most important process to track core areas in HR data and resources. A combination of these insights always proves effective for undertaking precise decisions with a huge impact.
These methods will also provide effectiveness in organization development and can widen the perspective to maintain productive employee engagement. It also helps us to handle unwanted situations with a logical solution.
As employees are the rolling wheel of a company, it is essential to utilize these metrics. The most important areas in HR metrics are based on the key points mentioned below:
- The Recruitment area
- The Revenue area
- Core area
The HR metrics and analytics applied in certain areas calculate the changes in HR process efficiency by a certain timeline. These HR metrics are used to re-invent and reengineer the processes in HR.
HR Metrics in Recruitment
Required Time for Hiring Process
The basic required time for hiring is an important metric for recruitment. This is calculated by the number of days from position opening to contract signing. This method increases the time of efficiency in recruitment for every vacant position.
Required Cost and Quantity for Hire
The ‘cost per hire’ metric showcase the average costs to hire new employees for the company. This acts as an indicator for the recruitment process.
Turnover of the Recruits
To achieve success in hiring this is the most important metric. This method shows us if there is any mismatch between the person and the position or company. Early turnover can prove expensive also.
HR Metrics in Revenue
Revenue Spent on Each Employee
This metric helps us to find out the efficiency of the organization. It indicates the quality of hired employees.
Performance of Each Employee
This process includes the measurement and mapping of an employee individually. This process pinpoints the employees who are talented potentials, specialists and underperformers.
Billable Hours Per Employee
This method sets up the most concrete example of measuring performance. It provides insights on each employee’s performance and countable working hours.
This metric ensures employee determination towards the company and prevents unusual waste of precious working hours.
Absence Percentage of Employee
Calculating absenteeism can be a huge step to get a prediction of turnover. This process gives information about leave and long term of absence.
The measurement process may vary by different companies but it comes handy in terms of finding out the reasons behind leave and long term-absence.
An engaged workforce always has a productive outcome. Engagement is one of the most important findings in HR outcomes. People who are dedicated to the company are more likely to be engaged than the other employees.
Engaged employees perform much better even in a stressful and pressurized environment. They always find stress not as a burden but as a challenge. So, by this calculation, we can have a proper overview of engaged employees and sort out the underperformers also.
There are so many variations in HR metrics reporting. These metrics provide essential information and insights into relevant sectors and also improves the management process as well.