How Human Resources Metrics Are Revolutionizing Business
hr-metrics-meeting

How Human Resources Metrics Are Revolutionizing Business

Information Currency

Today, businesses have more access to innovative tools and resources designed to measure and improve performance than ever before. Using advanced technology to collect HR data analytics, or people analytics, has become the new standard. While performance metrics help businesses understand the past and protect the present, predictive analytics tell the story about the future.

Tracking HR analytics and key performance indicators (KPIs) is producing objective data that is changing the way businesses make decisions. HR professionals who understand how to examine raw data and identify actionable insights will help drive better decision-making throughout the entire organization.

I Got A Hunch

In the past, companies based decisions on what they thought would work best, what they believed to be the right path and who they felt showed potential. But in this age where data helps shape and predict future outcomes, showing, not telling, is key. The single department that has the capability to deliver the most valuable information about a company’s talent is Human Resources.

Harvesting HR Metrics

More and more, executives are welcoming strategic input from experienced members of their HR team. Savvy human resource professionals are learning how to leverage technology to improve productivity, increase employee retention and develop and sustain a positive workplace culture. These valuable insights are making HR an indispensable strategic planning partner.

review-tax-withholdings

Where To Start, or The ABCs of A+C=R

It does little good to have data lying around, basking in the sun. Executives and CEOs need tangible results that can inform their decisions about workforce planning. HR can provide that valuable data. To step up your game and earn your seat at the executive table, consider the following 5 steps: 1. To successfully track performance that delivers tangible results, you must first gain a clear understanding of the company and its performance objectives 2. Develop specific and measurable metrics and KPIs by using this equation: A+C=R

Asking the right questions + Collecting applicable information = Results that effectively inform decision-making

  1. Make necessary technology upgrades/adjustments so the data you need can be easily accessed and compiled into useful reports
  2. Present your findings
  3. Wow company leadership and secure your position as a strategic asset

What Are The “Right” Questions?

Excellent question! The authors of the Association for Talent Development’s article, HR Analytics: Get Started by Thinking Big suggest thinking like an investor. If HR really wants to make an impact on executives and provide input that drives strategy, it needs to ask the questions a potential buyer or investor would want to know the answers to. This may mean a break with tradition. Investors tend to focus on risk, so if you provide data that supports how your work is mitigating that risk, you’ve just got yourself a deal! Or at least you’ll capture the attention of a room full of executives.

To secure high level buy-in on a long-term basis, consider reframing your metrics so they focus on key areas where risk is highest. For example, if you’re seeing a low employee retention rate in one department, you might collect employee survey responses that help pinpoint a practice or identify a skill gap. Data analysis may suggest implementing a new training or updating performance review practices to improve employee retention.

review-tax-withholdings

Key Areas of Risk

  • Capacity: Do you have employees with the knowledge and skills necessary to meet performance objectives?

  • Leadership Potential: Do you have the caliber of leaders in place to achieve company goals?

  • Diversity: Are you maintaining a diverse workforce?

  • Turnover & Retention: Are you experiencing a revolving door in key positions? Do your top performers choose to stay with the company long-term?

  • Talent Acquisition: Are there factors in the marketplace impacting how you reach qualified applicants?

Solve Business Problems With Human Resources Data

Are you uncovering key insights that can impact your bottom line? Paycor Analytics helps organizations get deeper insights into their people data, which means spending less time searching for data and more time solving their biggest business problems. Check out the guide below to see how your organization can benefit.

View Guide

More to Discover

Essential Business Letter (Template)

Essential Business Letter (Template)

Many states and cities are imposing complete or partial lockdowns, with most businesses forced to temporarily shut their doors or move to remote work and only “essential businesses” unaffected. This has left many employers and employees asking what exactly counts as an essential business.Download Essential Business Letter Template What Counts as an Essential Business? On March 19, the Cybersecurity and Infrastructure Security Agency (CISA, overseen by the Department of Homeland Security) issued guidance on what business count as critical infrastructure. Some businesses are obviously essential—hospitals, pharmacies and law enforcement. The list is extensive—other essential businesses include stores selling supplies which allow people to...

Webinar: COVID-19 Summit - LIVE DEMO: See Paycor's COVID-19 Command Center - 4/23/20 @2pm ET

Webinar: COVID-19 Summit - LIVE DEMO: See Paycor's COVID-19 Command Center - 4/23/20 @2pm ET

Join Paycor’s Senior Product Manager, Kelly Silverman, for a live demonstration on how Paycor is providing HR leaders with the technology and expertise to help them prepare, respond and recover. The demonstration will highlight how Paycor Analytics and HR Support Center can offer the data and resources HR leaders need to mitigate risk and reshape business strategy.Speaker: Kelly Silverman Kelly Silverman is Paycor's resident benefits and HR marketing leader. An HCM industry veteran with a strong product and marketing background, Kelly’s responsibilities include driving the go-to-market strategy for benefits and analytics to Paycor’s customer base.Thursday, April 23, 2020 2pm ET

Webinar: COVID-19 Summit - How to Develop a Business Continuity Plan - 4/23/20 @1pm ET

Webinar: COVID-19 Summit - How to Develop a Business Continuity Plan - 4/23/20 @1pm ET

We’re all doing our best right now during these unpredictable times to protect our families, communities, employees and businesses. As many organizations have scrambled to launch business continuity plans to respond to the current crisis, there are things we’ve learned that will help us prepare for the future. Join Paycor’s Adam Leisring for insights into creating business continuity plans and key takeaways that can be applied from this pandemic.Speaker: Adam Leisring Adam Leisring is Paycor’s Senior Director of Information Security and is accountable for security aspects in Paycor’s Corporate IT and SaaS offerings. Having spent over 11 years with the organization and with a background in Information Security, Enterprise Architecture,...

Case Study: Iron Arch Management

Case Study: Iron Arch Management

Paycor’s Onboarding Helps McDonald’s Franchises Improve Efficiencies and Reduce Manual Work. “Before Paycor, all new hire paperwork had to be completed during orientation. Now, employees can fill out their own information online. It’s greatly cut down the time we’re spending entering data in multiple places.” - Traci Larson, HR manager, Iron Arch Management Prior to Paycor Iron Arch Management, an 18-store McDonald’s franchise used a manual paper-based method to onboard new employees and manually enter employee data into their eRestaurant software. All onboarding paperwork had to be completed during new hire orientation before being entered into payroll. With roughly 800 employees hired each year, manually entering employee data was a...