HR professionals are becoming inundated with more and more data about their staff and the businesses they work for. However, there are so many different kinds of data to measure. It’s hard to know which are the key performance indicators and other critical staff information you want to track.
If you are serious about using data properly and making the right business decisions, you need to focus on specific metrics and commit to evaluating them on the long haul. While there’s a lot of different data you can be tracking and each business is unique, we have identified 4 kinds of critical business data you need to be tracking that can make an impact.
Training ROI
This is crucial for measuring the return on investment for training an employee and how much they contribute to a business. It’s best to use an automated workforce management software that can accurately track employee hours and amount spent versus employee wages and productivity. This can also help you determine whether you should be investing in an in-house training program or simply outsource it.
Hours vs Productivity
When you are seeing the ROI on a particular employee, like tracking their productivity on projects for expected hours, the amount they are paid and the value of their production is crucial. Tracking this will help you understand their impact on your business. A workforce management or project management software can often provide all of this information in an easy to understand dashboard.
Recruitment and Retention
Data on recruitment and retention is often overlooked, but it’s a critical piece of information you need to track. This kind of data will help you evaluate if you are experiencing a high rate of turnover, seem to lack adequate recruits or don’t have the right staff in the positions you need. You can even use this data to understand cost per hire and analyze whether a new staff member is a worthwhile investment. Ultimately, it will help you develop a plan to make appropriate changes and measure the results.
Overtime Hours and Cost
If you have staff working more than their standard hours, the cost of overtime can add up quickly. Whether this is a prudent investment for your organization or if you should invest in additional staff is one of many considerations related to getting to the bottom of your overtime costs. A workforce management software is a critical for tracking this. It can provide important details on hours worked, prevent unauthorized overtime and give you the information you need to make these critical business decisions.
