Creating a concise and effective HR report takes planning. Knowledge of the most relevant metrics to your organization is the key to an HR report that communicates worthwhile information. These metrics change not only from company to company — but also shift as the year’s pass. As 2022 kicks off, there are a number of metrics that have risen to relevance while others have fallen off. Here are 6 metrics to consider when compiling your next HR report.
Time To Hire
Recruiting is an expensive process, and the longer it takes to find a suitable candidate, the more resource-intensive the process becomes. Improving your organization’s time-to-hire puts you ahead of the competition financially and makes you more likely to get high-quality talent.
Using recruitment software can significantly improve our time-to-hire. AI recruitment software can screen resumes in a fraction of the time it would take a seasoned recruiter, email prospective talent with personalized messages, and even conduct full interviews. If your organization’s time-to-hire metric is high, review the HR tools your company employs in your next HR report.
Overall employee performance is, as you might expect, an incredibly important metric. However, it is more of an indicator of the current well-being of your organization than a way to find the causes of internal strife. If employee performance is unusually low, check your performance review template — it may need to be updated. As Paul Falcone of SHRM put it, “a template is a living, breathing document. Not some static form passed down from generation to generation with generic competencies…”
Having your employee performance metric as a regular part of your HR report, as well as a review of your performance review template, will help your organization grow.
Cost Per Hire
If one thing is certain in recruiting, it’s that the longer it takes to hire the more it costs to hire. However, there’s of course more to hiring costs than a simple increase in man-hours. Inefficient use of resources also contributes to increases in the cost per hire metric. If your organization lacks recruitment tools like chatbots, screening software, and job ad optimization software, you’re losing money long-term.
Having skilled employees completing the more monotonous and menial tasks in the recruitment simply adds to your losses. Having this metric as well as its fluctuations as a part of your HR report can help bring about change like almost no other metric, so keep it squarely in mind. Nothing talks like money.
A sure sign that things are being run inefficiently is a large number of overtime hours. Giving out overtime in large quantities can be a sign of a few internal issues:
- If a single department is using a lot of overtime, they’re likely short staffed. Whether they need more long-term employees or simply need help with a current large project, check in and gauge their status.
- Management could be mis-using the talents of their employees, causing projects to take longer.
- Employee satisfaction could be low, causing work to progress slower than it should.
There are of course more causes for increased overtime hours, not all of them bad, but keeping an eye on the metric will help catch management issues before they become serious.
Measuring your employee satisfaction rate is more pertinent in 2022 than it ever has been. The pandemic took a toll on the mental and physical health of the nation, and employees have been asking for more to feel safe in these trying times. While surveying the entire organization to determine satisfaction can produce results, focusing on your least satisfied department is more effective. Odds are, if a sector is especially dissatisfied, something is wrong either with the way things are run, or pay/benefits aren’t matching job duties.
When writing your next HR report, keep not only overall satisfaction in mind but the satisfaction of each section of the organization.
Voluntary Turnover Rates
This past year has been so fraught with employee resignation that it’s actually garnered a title: “The Great Resignation”. Between April and September of last year, a record 24 million Americans quit their jobs. Reasons vary greatly from person to person, but common reasons for leaving include
- Wage Stagnation
- Poor Benefits
- And Many Other Condition-Related Causes
Keeping track of your organization’s voluntary turnover rate should be of the highest priority on your HR report, especially if there’s any notable uptick in resignations.
AI recruitment software can prevent your organization from falling victim to a high voluntary turnover rate. It can autonomously send out surveys, keep track of your most important metrics over time, and keep your future employees informed and excited for work.