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Abc Of Hr Metrics 144
- 1. HR’s Role As An Information Analyst
- 17. What Can Be Measured? Staffing and Hiring Work Processes Competent Employees Turnover Rates Reduced Time-to-Fill for Vacancies Training Costs Number of Employees Trained Cost per Hire Voluntary Separations
Editor's Notes
- Introduction – Icebreaker – Interaction Gary Chapman – Five Languages of Love Quality Time, Words of Affirmation, Gifts, Acts of Service, and Physical Touch Partners speak two different languages Everyone has a primary language and a secondary language The more we use the SL the more comfortable we become conversing in it Learn the language of those with whom we wish to communicate Learn to speak and effectively express what you want them to know To get understanding we must communicate in the PL of our partner Numerous dialects exist but five core areas Relate communication, primary language HR and ROI
- HR’s role as an information analyst exist as we change from being cost centers to being strategic partners. Today we are going to learn how to speak the language of non-HR people in our organizations. Instead of talking programs and people we will train ourselves to start thinking about statistical figures and dollar signs. What are metrics? Why measure? What should we measure? How to measure? How to analyze the data we collect? How to report the data we collect?
- HR Metrics is the name we apply to what we have probably been doing all along. Collecting data, producing reports, and monitoring HR activities.
- HR Metrics should be commonplace for every organization, regardless of size, industry, location, or success. Come to the strategic table with facts, figures, and a business interpretation of why it pays to be caring toward employees and why it is important to invest in human resources.
- You don’t have time to measure, but you can’t afford not to. Look at the number of organizations that have made the decision to outsource HR. The act of measuring helps. If you measure, performance improves. HR should measure outcomes not activity. If HR really wants to be a business partner, it must be judged by the same standards as everyone else in the organization.
- A need to make HR more credible Need to be able to determine and measure what is creating value Perhaps they can help in the identification of success factors Individual ROI – Who is generating how much profit per dollar of the organization’s investment in salary, benefits, and training- and why – to make the best use of their human capital
- Sound measurement centers around quality, efficiency, and service. To sustain a competitive advantage, you have to do unique things. Increase Effectiveness, Gain Competitive advantage, Boost Profits (EAP)
- Watson-Wyatt did a study and it resulted in the Human Capital Index. Five key areas that boost shareholders value by up to 30%. Recruiting Excellence Collegial Flexible Workplace Communication Integrity Clear rewards and accountability Prudent use of resources
- Identify what you want to measure and why Focus on what drive people to generate business success Get buy in Make sure your results will be practical enough to drive action Do not try to measure too much, especially at first Make sure you can find and collect the right data when you need it Interpret and present statistics in a way that will be easy for managers to understand Step back and reconsider, if you get stuck
- What is Benchmarking? A point of reference from which measurement comparisons may be made Specifically, how an organization compares to others in hard data terms: Cost Time Quantity Quality Allows organizations to make decisions regarding: Quality Efficiency Effectiveness
- The cost (money) The time to do it (fill time) The quantity involved (number of requisitions) The quality involved (quality of new hires) The human reaction (manager’s satisfaction)
- 10 Key Human Capital Metrics Revenue Factor Voluntary Separation Rate HC Value Added HC ROI Total Compensation Revenue Percentage Total Labor Cost Revenue Percentage Training Investment Factor Cost Per Hire Healthcare costs per employee Turnover costs Fiscal accountability and quantitative assessment continue to be hot items for senior management Bad Example: personal internet and email use monitoring May damage culture and loyalty of employees
- Total number of voluntary separations 13,894 – including interagency transfers Regular Headcount 141,277 The average number of regular employees, regardless of hours worked in the reporting unit (division or company) for the survey period
- Determine what gets measured Is it time to start or time to hire? Can you look at trend data for your organization? Have you conducted a business process analysis on your current hiring process? Staffing.org’s survey of 1,500 firms indicates the average "time to start" is 70 days.
- 76% retention issue 39% measure turnover 56% staffing cost reduction issue 29% measure cost per hire Contribution Utilization Productivity
- Redefine business objectives CUP test Simple Historical - rearview Real-Time - snapshot Forward-Looking – trends for contingency planning 5. Benchmarking 6. Integrate data collection with other work 7. Graphs with short text descriptions for access and readability 8. Power to act 9. Review data and report changes
- Uses of Excel – any data in dB can be exported to Excel or format that can be put into Excel, or you can enter it yourself. PEOPLESOFT – can get data from there into .csv file, import to Excel. Will assume for purposes of presentation that you can enter info into Excel yourself. My spreadsheet: Entered information about age and years of experience (may not be compliant with all HR laws!) Formulas – for any set of data. Just type =FormulaName(range). Use your mouse. See sigma button for commonly used formulas. Dates: =today() gets today's date. (/ by 365.25) for years of age. Sum – not useful for these purposes. Average – also called mean. Median – middle point Min, max, range. These may or may not be useful. 3 graphs I will cover: How to insert graph. Bar – called column in excel when vertical, bar when horizontal Pie – Useful for showing percentages. Scatter – useful for comparing two sets of numbers.