Increasing hiring costs, turnover rates and competition for top talent, are forcing human resources departments to become more rigorous in recruitment and hiring.
They don’t have the luxury of hindsight.
Examining the current labor-market figures, makes one thing clear: human resources will always be fighting for the best, high-quality, high-performing candidates.
This leaves a number of unanswered questions for employers:
- How many people can a company hire on their budget?
- How can they provide the right people for the right roles?
- How can they keep employees fully engaged, involved and motivated?
- Who are our most valuable employees, how can we retain them and meet their expectations?
Turnover costs have always been a high-priority metric for employers. The price of a lousy hire is devastating to the bottom line, somewhere up to 1.5 times the employee’s salary.
More than turnover, employees that remain on with an organization can also part of the problem. In a 2011 study by Gallup found 71 percent of American workers describe themselves “not engaged” or “actively disengaged” at work. This can cost the economy almost $350 billion every year in lost productivity.
With a number like that, who is surprised that managers are always on the edge?
Now is the age of “Big Data,” huge chunks of data to identify trends in almost every aspect of the workforce. Numbers are everywhere, and this flood of information can easily lead to overwhelmed human resources departments worldwide.
This opens the door to the biggest issue in the business world—which metrics should human resources use to learn how (or when) to increase productivity? Where should they even start?
In Human Resources Executive Online, Tony Ashton, senior director of product management at SuccessFactors writes about the Key Metrics Every HR Leader Should Know. Here, Ashton lists five of the most prominent at-risk groups, economic trends and information that is the keys to employee engagement and improved bottom lines.
Read the article here…
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