As a business owner, you may assume that HR metrics are just a bunch of complicated numbers you really have no need to deal with. However, understanding the HR metrics can actually give you a great deal of insight into your strengths and weaknesses as a company. Take a look at these ten interesting HR metrics and what you can learn about your business.
1. Cost of Benefits
– This HR metric shows you just how much your company spends on benefits for every individual employee within your workforce.
2. Turnover Rate
– A straightforward and simple HR metric, this gives you a glimpse at how many employees stick with you through the year and how many you lose on average.
3. Employee Tenure
– Gain a look at the average timeframe a newly hired employee sticks with your company, which can help you better prepare for hiring needs down the road.
4. Employee Satisfaction
– Even though employee satisfaction is a more abstract component of HR metrics, it is still interesting and beneficial to gage. In many cases, survey results or assessments are used to provide HR metrics on employee satisfaction.
5. Rate of Employee Absences
– Allows you to see just how many employee absences you are dealing with in a specific timeframe and can help you narrow down areas where improvement is needed.
6. Cost of Hiring
– Hiring a new worker involves training and man hours in HR, so it does come with costs. This metric gives you a look at just how much you spend when you fill a position within your company.
7. Workers Compensation Costs
– This HR metric can give you insight into how many claims you see on a regular basis and how much you pay for workers compensation for the employees you have.
8. Turnover Costs
– Losing an employee does not come without costs. From severance packages to the cost of replacement, the turnover costs gives you a look at just how much it will cost when an employee leaves your company.
9. Revenue Per Employee
– Get a good look at how beneficial each employee is within your workforce with this HR metric, which shows you how much each employee brings your company as a whole.
10. Time to Fill Vacancies
– This HR metric gives you a closer look at how long it takes for your HR staff to fill positions once they become available in your company.
If you would like to know more about HR metrics and how they can help you as a business owner, contact Ad-Vance Talent Solutions for more information.