5 Tips for Effectively Using Your HR Metrics
5 Tips for Effectively Using Your HR Metrics

5 Tips for Effectively Using Your HR Metrics

With today’s technology, it is becoming increasingly important to measure and analyze the value of your employees. Business intelligence allows your company to use fact-based decision making when it comes to development and management of your human resources. We have outlined some measurement best practices and key properties of successful metrics.

It is important to be selective and deliberate about what you measure and report on, or else you will spend your time focusing on measuring trends that may not have an impact on key decisions. Here are five tips to keep in mind:

1. Keep your HR metrics focused. If your business is reporting on too many things, you often lose sight of the key performance indicators. Determine the key drivers in your business to focus on measuring what will truly tell the story of what is happening with your employees.

2. Align reports with your strategic goals. Be deliberate about matching your analysis with your business goals. It is important to show progress and to identify problem areas early, so they can be corrected.

3. Use metrics to drive executive action. The goal of reporting on key metrics is to compel the executive team to take action on areas of the business that may need attention and improvement. Be sure to clearly show how your employees are developing and becoming more efficient.

4. Ensure your supporting data is available and accurate. Before outlining your key performance indicators, double-check that you are able to access the required information and verify that you are reporting accurate data.

5. Share your reports to make them actionable. To make your reports actionable and easy to reference, put them in a place where the key stakeholders can easily view them.

These guidelines are a great way to start making your data analysis more effective and keeping your business on track towards its strategic initiatives. Paycor offers tools that can help you organize and interpret your human resources and help you reach your business goals. Take a look at our payroll, HRIS systems and advanced reporting solutions, and get in touch with us to learn more.

More to Discover

Webinar: How to Drive Retention with Compensation Planning

Webinar: How to Drive Retention with Compensation Planning

Pay and Compensation play a critical role in employee retention and recruitment. Join Paycor's product team as we spotlight 3 reasons to consider a compensation planning tool that will allow you to create a strong compensation strategy that reduces turnover and helps attract the right talent. We will demonstrate how to get HR Leaders out of the weeds of admin and recordkeeping and providing managers with tools to make more informed decision about pay practices.

Webinar: Industry Focus - 8 Ways Manufacturers can Manage Costs and Prepare for Future Growth

Webinar: Industry Focus - 8 Ways Manufacturers can Manage Costs and Prepare for Future Growth

Manufacturers will always be an essential business. However, even as there is an unprecedented need for this key industry, many manufacturers are struggling: worldwide lockdowns have hurt demand while all-important supply chains have been badly damaged by factory shutdowns, particularly in China. In this webinar, Paycor will cover how HR and Finance leaders can work together to help make the tough decisions now to set their organizations up for future success.Speaker:Brett Beilfuss

How Businesses are Managing the New Reality of Work: A Paycor Survey

How Businesses are Managing the New Reality of Work: A Paycor Survey

COVID-19 changed the way nearly everyone works and left a lot of unknowns about how to budget and make plans to move forward. To understand exactly how coronavirus impacted medium and small-sized businesses and their workforces, Paycor surveyed nearly 600 HR and finance leaders.Did they need government funds? How many workers did they furlough or layoff? Are employees working from home now? How’s team morale? And perhaps more importantly, what are their plans for the future?This guide offer a pretty good idea of how business leaders are feeling, what keeps them up at night, and what approaches they’re taking to solve problems.

How Manufacturers Can Both Reduce Labor Costs and Add Value for Employees

How Manufacturers Can Both Reduce Labor Costs and Add Value for Employees

Your workforce is one of your largest expenses. It’s also your greatest risk. To be competitive, manufacturers need to be agile, responsive, and understand how to maximize their talent. Cutting-edge manufacturers are adding value to their employees by providing a workplace where they can grow and develop. They’re also wisely allocating labor costs to the projects and shifts that will maximize efficiency.Labor costs are the largest item on your balance sheet, so an effective cost-reduction plan should balance resources and cost control. While a reduction in force is typically the go-to action when discussing cost-cutting, it’s often not the best way. Replacing employees can be very costly, and lost institutional knowledge can take years...