In a company overwhelmed by the costs of finding more employees, HR metrics can help in determining the strengths and weaknesses of an organization in hiring new employees.
These metrics will help you identify areas for improvement, which will then lead to evaluating your strategies when recruiting and maintaining the human resource.
HR metrics are powerful measurements of success in an organization. Here are the 20 most common HR metrics that you can explore for your business:
Out of more than 70 HR metrics, the company may focus on just the following. You can identify the metrics that are important to any organization such as salary, turnover cost, cost per hire, and workers’ compensation incident rate.
Too many measures may not help a company and could use all your budget up. The best practice is to balance these metrics. Your company can be strategic in the selection of metrics. For instance, what is the value proposition of the company and its best driving source? Once these have been identified, the metrics can follow.
A company should remember these 3 facets when selecting HR metrics: impact of talent on customer, effectiveness, and efficiency. Employees should be aware of the company’s brand, clientele, and its business strategy. More important, employees should be engaged in the organization and deliver what is required of them.