But when you head up a fast-paced team like HR, it’s common for metrics to get sidelined as your expertise is needed on a deluge of other everyday issues. That’s why it’s worth a quick check over our list of metrics to make sure you’ve still got all bases covered. There may even be some metrics you haven’t considered monitoring before.
By showing exactly how your employees impact company finances, tracking these essential metrics:
An average figure of how long employees have been with your company.
How much revenue each employee brings in on average.
Usually ascertained through surveys, a measure of the success of HR’s employee engagement initiatives.
How many working days are lost due to employee absences. Often used an alternative measure of employee satisfaction.
How much your benefits package costs the company per employee.
The number of employees who leave your company in any given year.
The average financial impact of an employee leaving your company based on separation costs, vacancy costs, recruitment costs and training costs.
The percentage of employees who progressed to their current position from another role in the company.
The percentage of employees who were recruited into their current role from outside the company.
How long the gap is between an employee leaving and a new recruit filling their role. This is a key measure of your HR team’s efficiency.
The amount spent each year on training per employee.
Of course, everyone tracks metrics a little differently and you have to tailor which ones you focus on to how your company works, but the 11 above act as a good baseline for most HR teams to follow.
It’s our mission to advise and develop the employment law capability of HR professionals wherever we can, helping HR teams make a real commercial difference to their organisations. That way, you spend less time solving operational issues and more time actioning projects that drive far-reaching change in your company.
Call 0333 006 2929 or email firstname.lastname@example.org today to discover exactly how we can help you.