HR Metrics (based on Functional Areas)

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Document name: HR Metrics (based on Functional Areas)
Content: SHRM HR Metrics Metrics Introduction Included in this Job Aid are suggested metrics for each of the HR functional areas. Several important points should be noted about the use of metrics in HR and Human Capital management. First, metrics are only truly useful when they provide a basis for analysis. They should not be used separate of analysis for any purpose other than compliance reporting, and…
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SHRM HR Metrics HR Metrics (based on Functional Areas) Table of Contents Metrics Introduction ................................................................................................................................. 1 Strategic Management.............................................................................................................................. 2 Return Analyses ............................................................................................................................................................ 2 HR Management ........................................................................................................................................................... 3 Financial Management ................................................................................................................................................. 4 Workforce Planning and Staffing .............................................................................................................. 6 Staffing.......................................................................................................................................................................... 6 Talent Management................................................................................................................................ 10 Development .............................................................................................................................................................. 10 Training ....................................................................................................................................................................... 10 Performance Management......................................................................................................................................... 11 Succession Planning .................................................................................................................................................... 12 Total Rewards ......................................................................................................................................... 12 Pay .............................................................................................................................................................................. 12 Benefits ....................................................................................................................................................................... 13 Employee Relations................................................................................................................................. 14 Organizational Effectiveness....................................................................................................................................... 14 EEO Compliance.......................................................................................................................................................... 15 Risk Management ................................................................................................................................... 15 Safety and Health........................................................................................................................................................ 15 Liability........................................................................................................................................................................ 15 Advanced Analytics: Using Data to Drive HR Excellence ©2016 Society for Human Resource Management Page 1

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SHRM HR Metrics Metrics Introduction Included in this Job Aid are suggested metrics for each of the HR functional areas. Several important points should be noted about the use of metrics in HR and Human Capital management. First, metrics are only truly useful when they provide a basis for analysis. They should not be used separate of analysis for any purpose other than compliance reporting, and even then it is encouraged that a thorough analysis of the data accompanies the reporting to insure a fuller understanding. Applying basic statistical techniques, doing dimensional segmentation, and/or trending one metric to another, or to a target or benchmark is sufficient to turn metrics into analytics and information into insight. It is the insight that produces value, not the metric itself. Reporting is insufficient, and it could be argued a complete waste of time. Analysis is necessary and critical. Second, the primary purpose of analytics is to support and improve decision making. Any metric that does not lead to action is not worth the time and effort to calculate and report it. Typically today HR departments overproduce data and information yet provide little to no insight that achieves this primary purpose. Less is more when it comes to metrics and analytics. Third, identify the appropriate audience for each metric. Many metrics are useful to those responsible to manage an HR process because they provide insights into process improvement opportunities. But these metrics may not be useful or important to line management. Other metrics successfully illuminate risks to organization success and therefore provide valuable insight to your executive team. Don’t waste anyone’s time with metrics or analytics that are not relevant to their responsibilities and decisions. Fourth, with most metrics there is no one defined desirable outcome. Organizations must set desired outcomes, or targets, for metrics that align with organization strategy, goals, and objectives. The target must be such that it reasonable leads to organization success. Finally, identifying the handful of analytics that connect Human Capital management to organization strategy and key goals and objectives is the most important step you can take in making metrics meaningful to your organization. SHRM’s course on Critical Evaluation: Building HR Metrics to Guide Decisions shows you how to do this. Advanced Analytics: Using Data to Drive HR Excellence ©2016 Society for Human Resource Management Page 1

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SHRM HR Metrics Strategic Management Return Analyses BreakBreakBreakBreak----even Pointeven Pointeven Pointeven Point FormulaFormulaFormulaFormula The point in time when costs invested in developing or Development cost/Annual return improving an HR program is equal to or greater than the returns. In other words, the break-even point is reached when ExampleExampleExampleExample returns to-date are equal to investments. A new on-line training program has a development cost of $100,000. It is expected to generate a return of $50,000 in reduced delivery costs each year. Break-even point = $100,000 / $50,000 = 2 years CostCostCostCost----Benefit RatioBenefit RatioBenefit RatioBenefit Ratio ExampleExampleExampleExample How the Benefits of a program or activity relate to the Costs The new succession management associated with developing and executing that program or program will produce a savings of activity. $500,000 in reduced search firm fees over the targeted time frame When you are calculating Costs for any HR program be clear (2 years) and will cost $250,000 to as to what you have included. In our example here we have develop and manage over that included the salary + benefit costs for a new program lead and same period. the use of a consultant to help develop the new program and make the systems changes to our HRIS necessary to capture Cost-benefit ratio = Successor and High Potential identification. We have not $500,000:$250,000 = 2:1 included the cost of the time of managers and HRBPs to Total Cost-Benefit ratio is 2 to 1. participate in the program. Advanced Analytics: Using Data to Drive HR Excellence ©2016 Society for Human Resource Management Page 2

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SHRM HR Metrics Advanced Analytics: Using Data to Drive HR Excellence ©2016 Society for Human Resource Management Page 1 HR Metrics (based on Functional Areas) Table of Contents Metrics Introduction ................................................................................................................................. 1 Strategic Management .............................................................................................................................. 2 Return Analyses ............................................................................................................................................................ 2 HR Management ........................................................................................................................................................... 3 Financial Management ................................................................................................................................................. 4 Workforce Planning and Staffing .............................................................................................................. 6 Staffing .......................................................................................................................................................................... 6 Talent Management ................................................................................................................................ 10 Development .............................................................................................................................................................. 10 Training ....................................................................................................................................................................... 10 Performance Management ......................................................................................................................................... 11 Succession Planning .................................................................................................................................................... 12 Total Rewards ......................................................................................................................................... 12 Pay .............................................................................................................................................................................. 12 Benefits ....................................................................................................................................................................... 13 Employee Relations ................................................................................................................................. 14 Organizational Effectiveness ....................................................................................................................................... 14 EEO Compliance .......................................................................................................................................................... 15 Risk Management ................................................................................................................................... 15 Safety and Health ........................................................................................................................................................ 15 Liability ........................................................................................................................................................................ 15 SHRM HR Metrics Advanced Analytics: Using Data to Drive HR Excellence ©2016 Society for Human Resource Management Page 1 Metrics Introduction Included in this Job Aid are suggested metrics for each of the HR functional areas. Several important points should be noted about the use of metrics in HR and Human Capital man

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