As your organization’s HR Business Partner you are continually looking at ways to align HR to your business and drive results. Your key lever is your organization’s talent and how you manage it is of paramount of importance. Layer on top of that today’s challenge of shifting workforce demographics and its implications on acquiring, retaining, and leading your most important resource – your talent.
The use of data and metrics can make a significant difference in the quality of the decisions and strategies HR puts into place to best manage talent. Savvy HR leaders are increasingly utilizing more and more data to proactively develop insights into turnover, new hire failure rates, poor performers, as well as understanding what are the attributes of a successful high performing employee.
In the increased use of data, HR leaders should be very mindful and think about how they can provide meaningful data and information to their managers. Only meaningful and understandable information will allow managers to make better talent related decisions. HR can’t just present raw data and expect managers to fully understand it and the implications. HR must carefully educate
their managers around the conclusions that are generated and why. In another words, the data should tell a story that leads the recipient to reasonable and logical conclusions and facilitates appropriate actions.
Key data points and metrics include:
- Hiring manager interviews to offer ratio
- Employee referral rates
- Quality of hires
- Retention rate of critical/key employees
- Resignation rates by department
- High/Low performer retention differential
- Performance rating to salary ratio
- Average workforce age/projected retirements
- Health & Safety: number of accidents, worker’s comp rates, wellness campaign participation, etc.
These are just a few key metrics that can help you and your team gain measurable insights into your talent. Integrating these types of metrics into the fabric of your organization can help your business achieve greater results and gain a competitive advantage.
If you would like to discuss in more detail how to effectively utilize metrics in your business please call Tom Sheehan (919-325-4113) or myself Rick Washburn (919-713-5247) today.
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