What Human Resource Metrics Can tell you About Your Business – Useful in Many WaysPosted Monday, October 24, 2011 by Unicorn HRO
While most employers have at least heard of human resource metrics, some still don't use them as effectively as they should. But using human resource metrics is one of the best ways to find out just how your company is operating, locate problem areas, and generate strategies to improve the overall function of your entire business. Unicorn HRO offers human resource software that can not only boost the productivity of your company, but can also deliver many different human resource metrics to you that will allow you to uncover the secrets of your company. You may be surprised to discover all that human resource metrics can tell you about your business.
One key area that human resource metrics can shed light on is just how effective your HR department really is. There are a variety of human resource metrics you can use in this case, and each will highlight a different area. Using human resource metrics will tell you how long it takes HR to fill an open position, for instance, thus highlighting their efficiency in this area. Human resource metrics can also measure the rate of errors in the HR department and even their costs to your company. In short, human resource metrics can tell you all you need to know about your HR department.
But human resource metrics do more than that. They can also give you an accurate look at all of your employees. Some human resource metrics will allow you to track employee training and its costs. Others will give you a look at the average performance rating of your employees. You can use human resource metrics to check the average number of absences during a set period of time, helping you see just how many of your workers are missing work. Using human resource metrics in this way can help pinpoint areas that your employees excel at and areas that they need more work in.
You can also utilize human resource metrics to uncover where your biggest costs and concerns lie. Human resource metrics can breakdown the average cost of providing benefits to your workers or tell you the turnover rate in your business. They can also go a step further and give you a good idea of just what your turnovers are costing your business or how much you've lost to workers comp. By properly using human resource metrics, you can adjust your business plan to account for problem areas within your company and locate the areas that are costing you the most money.
Employee surveys and assessments can only do so much for your company. Take the time to understand human resource metrics and you'll learn more about your business that you realize. And software solutions from Unicorn HRO make it easier than ever to view human resource metrics since a wealth of employee and business data is fed into a central database and then processed into the human resource metrics you want to review. Taking a closer look at your company with human resource metrics will help you ensure its future.