Metrics are the key for any business today. Implementing HR software will simplify your HR processes but also helps you get the metrics you need through detailed charts and analytics. Becoming data-driven is essential in today’s business world; HR personnel doesn’t have the required workforce to always stay on top of the workforce.
HR dashboards can help get the insights you need through different charts. You can see a handful of KPIs, so you can gauge the performance of your workforce in the real-time, allowing you to gain insight into the problems you need to address.
Metrics every HR dashboard should have
HR managers should decide which metrics they want to track on the dashboard. The following are some of the key metrics every HR manager should keep track of:
Your employee turnover rate is the best way to see your organization’s health. If the retention rate is low, this points to major flaws in who you are hiring and supporting employee needs.
High voluntary turnover is also one of the more expensive problems you can have. Bleeding businesses of $1 trillion every year, the cost to find, hire, onboard, and train a new worker to replace one who left can range from 50% to 200% of that employee’s salary.
If you notice employee turnover increasing over time, survey workers to diagnose the issue. Anything from your compensation structure to your benefits package or even your managers could be why employees are leaving prematurely.
Are your employees working passionately or just doing the job to get their paycheck. Employee net promoter score can help calculate this metric. This is the simplest way to measure employee engagement because organizations with an engaged workforce can outperform the competition.
Conducting online surveys can help understand if your employees will recommend the workplace to a friend. A score between 5-6 is not recommended, 7-8 is neutral, and 9 – 10 is the promoter. Employees who give the highest rating are the most engaged workers.
If you have got the highest numbers, that’s good news. Conducting online surveys regularly can tell if your employees are actively engaged in their day-to-day activities.
Offer Acceptance Rate
Recruiting metrics can gauge the success of recruiting efforts, and tracking the offer acceptance rate is essential for any organization. If more applicants are making it up for recruiting workflow but not accepting the offer could indicate several issues:
- Your organization doesn’t align with employee expectations
- Compensation isn’t competitive for the job market
Keeping an eye on offer acceptance rate can help ensure attract and retain top talent for your organization
It is essential to hire the right people, and it is equally important to ensure you are allocating them efficiently. Overtime is an expensive cost organization want to avoid, and additional taxes compound extra wage pay.
Enter employee details, preferred work schedules, PTO, and other important factors will automatically create an optimized shift schedule that keeps overtime and over costs to a minimum.
Metrics for HR initiatives
HR department has different goals and initiatives, and you have to include relevant data to track your progress in the HR dashboard. You can track training course enrolment and completion rates in learning and development. Whereas in employee performance, you can monitor performance review ratings. Make sure you have metrics for all critical objectives in the HR dashboard.
Transition to analytics and data has not been easy for HR departments operating on intuition. However, HR leaders notice this change is necessary, and most HR professionals agreed they could leverage HR metrics to plan the workforce future.
Good HR dashboard comes with many customization features and gives a high-level overview to enact data-driven decisions.
The following are some tips to leverage HR dashboard:
Right data sources can help
Manually updating the dashboard is a time-consuming process, and if there is data to track and that is not stored in the same system, you can integrate the dashboard with data sources such as payroll and attendance management systems.
Check if a metric is too high or low; add thresholds to visualizations in the dashboard to indicate when you have reached a breaking point to pay attention to the metrics.
The c-level executives want updates on metrics that are important for decision-making. Metrics will overlap with others, which is why having a separate view of all key metrics can help CFOs and CEOs get the insight they want over the data to make wise decisions.