If you wish to make a shift to data-driven HR management or want to make sure that you have a keen knowledge on your business growth, there are some HR management metrics that every organization needs. In this blog, we present a few HR metrics that every organization needs and explains how HR software keeps these metrics at your fingertips.
Organizations should know how many people they employ. If they don’t have a shared definition and the right baseline figures, it would be difficult to trust any other metrics – mainly when combining with finance and payroll. An online HR system helps you generate headcount reports that give you a better understanding of the real resources needed, employment cost, and more.
Having a clear idea on how much you invest in your employees, including salaries, benefits, and training is another key element. This helps you estimate the cost of unplanned absences, employee growth, and more.
Time and Cost of a Hire:
The ability to quickly and cost-effectively fill open positions has a direct impact on your business performance. You should know the cost of filling each vacancy, the resources you used, and how much time it took.
Setting definite development and performance goals is very effective to the employees’ growth and the business in the right direction. Having a complete view of goals and progress allows you to be positioned to provide a helping hand. If development planning is also a part of the performance management, then it is important that HR know what’s been advised or agreed, and can easily report on delivery and outcomes too.
Robust HR software with advanced tools performs a lot of work for you, makes it simpler to gather together the information, and presents it in the way that you will find easy to understand and make use of it.