TOP 5 HR METRICS
How often do you look at your HR metrics to determine the value and effectiveness of your HR initiatives? The end of the year is a great time to sit down with your Employer Flexible representative and/or HR manager and map out your people-management metrics and business outcomes for the year. Employer Flexible has compiled a list of the top 5 HR metrics that every management team should know:
1. Talent Acceptance Rate
- Ever wanted insights on the effectiveness of your employment brand, marketing efforts and application process? Calculate the percentage of candidates who receive your offers and accept by dividing the total number of candidate acceptances by the number of offers extended, and then multiplying by 100.
- This will help you determine if you need to improve the quality of your candidates, the hiring experience, benefit packages or the competitiveness of your offer.
2. Turnover Rate
- Companies generally want to keep their turnover rate low. Calculate the rate by taking the number of departures during a specified period (year, quarter or month) and dividing it by the average number of employees during the same period, and then multiplying by 100.
- You can also use this to calculate turnover rates for specific groups in your office like specialists, management positions or high performers.
3. Training Participation Rate
- Some companies have specific training and development days dedicated to furthering their employees’ skills and knowledge. Calculate the percentage of employees participating by dividing the number of employees who participated in a training opportunity by the number of employees who were eligible and then multiplying by 100.
- This can help you determine if you’re offering interesting topics, using the best delivery and effectively communicating the opportunity to your company.
4. Employee Engagement
- This can be tricky to calculate, but extremely worth it to gage how your employees feel about the culture your company has created. For this, we would suggest investing in a third-party resource that would survey your employees and curate the results anonymously.
5. Benefits Participation
- Open enrollment has almost ended for most companies, so the end of the year is a great time to calculate how many of your employees participate in your benefit plans. Divide the number of employees enrolled in a plan or benefit by the number of employees eligible, and then multiply by 100.
- If you find that your employees aren’t using some of them, then it might be time to review the plans more closely to see how they can align better to what your employees want and need.