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.
Take Labor Costs Quiz
The path to achieving excellence in labor costs management evolves over three phases. Find out which phase you’re in and get a customized plan.Take Quiz
Stay Up to Date
Sign up to receive our latest research and expert advice.
Check your inbox for an email confirming your subscription. Enjoy!