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In 1977, you founded the Saratoga Institute (SI), which is well-known for its work in human capital metrics. Is there a place in HR for both metrics and analytics? By referring to the past (descriptive metrics) and studying the future we can determine WHAT TO DO to produce more positive results in the future; i.e.; prediction.
In this article, we will explore the key metrics that you need to prepare your organization for the future. For this article, I want to zoom in on the data and metrics that are useful to create in the Strategic Workforce Development process and why. This is where strategic workforce planning, or development, comes in. The must-haves.
By analyzing headcount reports alongside turnover metrics, HR teams can gain valuable insights into retention challenges and develop strategies to improve employee satisfaction. Headcount reporting plays a key role in monitoring D&I metrics, such as gender distribution, age diversity, and the representation of minority groups.
With people analytics solutions in the drivers seat, you can use historical trends and current workforce demographics to project future headcount needs based on anticipated growth, retirements, and promotion paths. By tracking these metrics, you can identify bottlenecks and optimize each stage of the process.
Graduates better understand leadership styles, workforce planning, and metrics. Tracking metrics like turnover rates or promotion timelines helps pinpoint issues early. Having clear succession plans also ensures smooth transitions when key figures leave or retire.
Employee attrition is a crucial metric that measures the rate at which employees leave an organization over a specific period. RetirementRetirement attrition occurs when employees exit the workforce upon reaching the eligible retirement age or choosing to retire early.
Overall job satisfaction is at one of its lowest points in 16 years Gallup’s yearly employee engagement survey tracks several metrics around engagement, including overall job satisfaction. Now that we’ve covered the ins and outs of job satisfaction, let’s cover some important stats.
As baby boomers reach post-retirement age, their demands on the healthcare system increase. Additionally, as the older generation of nursing staff reach retirement age , the supply of experienced nurses reduces, especially in areas that require higher levels of training such as critical care (e.g. intensive care unit nurses).
Hire-to-Retire (HTR) refers to the comprehensive employee lifecycle management process that spans from the moment an individual is recruited until they retire or exit the organization. The Stages of the Hire-to-Retire (HTR) Process HTR involves several stages that align with an employee’s career trajectory.
When appropriate, look beyond employee surveys to quantitative metrics like turnover and recruiting costs. Align HR Services with Business Objectives: You can advocate for employee well-being while still emphasizing ROI for the business. Nurturing Talent and Leadership Development Todays employees will shape the future of your business.
FTE is an important metric for HR for several reasons. Headcount (also known as employee count) is a metric that calculates the number of employees in an organization at any given time. An HRIS or payroll report can quickly give you these metrics. . You may need to combine multiple systems to track more complicated metrics.
Attrition: An employee retiring after reaching the age of retirement. Workforce demographics A company that has a large percentage of employees set to retire in a few years should be taking drastic steps to avoid high attrition in the coming years. Employee performance metrics. These include: Employee retention rate.
Organizations need to be prepared for any massive shifts in employee skills, characteristics, or large exits like the retirement of baby boomer employees. Watch Your Metrics We can’t say it enough. People will leave, be promoted, or retire. There is nothing more measurable than cold, hard stats. The market may have a hiccup.
Importance of HR analytics HR analytics examples Key HR metrics Data analytics in HR: How to get started How to transition from descriptive to predictive and prescriptive analytics in HR HR analytics certification FAQ What is HR analytics? Contents What is HR analytics? What is HR analytics used for? We discuss more real-life examples below.
If your senior engineers are retiring in two years, you must nurture technical leaders now. Source : Empowering Rain Makers and Honoring Diversity of the Culture Start your diversity and inclusion efforts: Track diversity metrics at each hiring stage to identify where underrepresented candidates drop off.
HiBob HR leaders use HiBob’s powerful enterprise HR software, Bob , to manage all aspects of the employee lifecycle —from recruitment to retirement—within a single, user-friendly platform. Prospective users are encouraged to conduct their own research to make the best decision for their organization.
Upcoming Retirements: Identify employees nearing retirement age and plan for knowledge transfer. Metrics and Predictive Analytics Incorporate metrics and predictive analytics to forecast potential turnover, skill shortages, and growth areas.
If your senior engineers are retiring in two years, you must nurture technical leaders now. Source : Empowering Rain Makers and Honoring Diversity of the Culture Start your diversity and inclusion efforts: Track diversity metrics at each hiring stage to identify where underrepresented candidates drop off.
This is essential because employees are promoted, retire, and move companies all the time, so you need a solid strategy in place to ensure your business-critical roles are always filled with qualified people who will succeed in their job. Who is likely to be promoted, retire, be made redundant or exit the business over the next year?
“As Baby Boomers and Gen Xers get closer to the ends of their careers, we’ll see a bigger emphasis from employees and employers on financial wellness and retirement preparedness. In 2024, financial wellness will be front and center as employers take a more active role in ensuring their employees are financially prepared to retire.
Compa ratio Compa ratio , also known as a comparative ratio, is a metric that compares an individual’s or group’s salary to the midpoint of a defined salary range. HR term example: “Examples of ageism in the workplace include marginalization, reduced training opportunities, (semi) forced retirement, and unequal pay.”
Headcount report usually has information on every employee relating to: Job status (active or inactive) Job title Schedule status (part-time, full-time, contract) Time in role / tenure Salary Exemption status (exempt or non-exempt from receiving OT pay) Age Gender Ethnicity Education level Location Retirement age Veteran status.
You will also want to state whether or not these reduced hours will change the employees overall tenure at an organization (as this could impact retirement). This could be a furlough, unpaid sabbaticals, voluntary layoff or voluntary retirement event , or even layoffs. Do you want to eliminate costs over the holidays?
Efficiency metrics that HR has traditionally tracked fall under the descriptive analytics category. An uptick in activity surrounding retirement planning or medical and family leave policies can lead to staffing recommendations that will address departures and long-term absences. Descriptive analytics examples.
A key metric to track during this phase is the offer acceptance rate , which is the percentage of accepted offers divided by the total number of offers made. However, it’s important to note that these analytics are only of benefit when the teams understand the data points and metrics they need to collect and measure and why.
Competitive compensation and Benefits: Regularly reviewing salaries, providing comprehensive benefits packages , and offering perks such as health insurance, retirement plans, and stock options demonstrate the company’s commitment to employee well-being and financial security.
Forecasting is also used to determine shifts in the labor market, turnover rates, and retirement projections to help businesses identify what skills they will need in the long term. For instance, if the head of marketing plans to retire next year, a new candidate must be identified and trained for the role.
HR must ensure they receive the correct pay and benefits, such as health insurance, retirement plans, wellness programs, and leave credits. HR analytics : HR gathers and analyzes employee data related to employee performance, engagement, turnover, and other relevant metrics to make strategic decisions.
A self-described “numbers and analytics person,” Riddle got to use those skills during a crash course on retirement plan management in a college internship at a Washington, D.C., nonprofit. “I Click here to read more HR leadership stories.
This includes resignations, layoffs, retirement, termination, transfers, or deaths. Basically, it includes any reason of exit other than natural causes such as retirement. Did you know employee turnover rate is more than a significant and widely used HR metric? Why to Calculate Employee Turnover Rate at All?
Microsoft’s decision to retire these key Viva components affects thousands of organizations that have embedded these tools into their daily workflows. Viva Topics : A tool for organizing and sharing knowledge, retiring on February 22, 2025. Viva Goals : The platform for setting and tracking goals, retiring on December 31, 2025.
This is essentially the opposite of attrition metrics, which measure the percentage of employees who leave the company. The truth is that retention is a complex metric that, on its own, doesn’t tell us all that much about organizational health. It can often be inevitable due to retirement, layoffs, and resignations.
They establish metrics that align with the plan and provide regular feedback, facilitating employee improvement and contributing to achieving the company’s objectives. They ensure that employees receive the benefits they’re entitled to, including health insurance, retirement plans, and vacation time.
Performance management : HR managers facilitate performance evaluations, establish performance goals and metrics, provide feedback, and implement performance improvement plans when necessary. – Presented information and guidance to employees on benefits, insurance, and retirement plans.
Authentic, data-driven people analytics goes beyond the basic metrics you might pull from your ATS, HCM, or HRIS systems. These insights serve as the bedrock of effective workforce planning, highlighting issues such as looming retirements or high turnover rates among younger employees. So how does it work? The real game-changer?
Projections are made based on turnover rates—the number of resignations, retirements, promotions, and terminations that have occurred so far—to help inform how this will affect the future workforce. Metrics such as productivity levels and undesired behaviors of ill-suited employees can be tracked. Improve company culture.
Most HR metrics are “so what metrics” because they don’t create a sense of urgency or drive action. In direct contrast, the metrics recommended here have been proven to spur action because they allow managers to easily see performance trendlines, what actions must be taken, and what problems are coming.
Establish and track employee experience metrics: Data provides tangible evidence of what works well and which issues to address to enhance the employee experience. This metric helps you gauge the employee experience levels in your organization. Offboarding : Departing from the organization via resignation, dismissal, or retirement.
With Rise, you can manage all aspects of the employee lifecycle seamlessly, from recruiting to retirement, ensuring efficiency, compliance, and a positive employee experience throughout the entire employee lifecycle. Book a Demo Why Is it Necessary for Businesses to Adopt People Management Software ?
ServiceNow points to several metrics as evidence that the learning program is simplifying its learning tools and empowering employees: Within the first four weeks of launch, more than 65% of employees used frED A 73% reduction in the number of internal courses as outdated with irrelevant content being retired.
Retirement. When an employee retires, or a specific job is eliminated due to automation or some other industry or business change, this is typically not a major financial concern and can actually reduce short-term costs in many cases. When an employee leaves a company because of a natural event or process, this is considered attrition.
These characteristics could range from demographics, skill sets, job roles, work preferences, performance metrics, or even behavioral traits. For example, a millennial workforce might appreciate flexible work schedules and opportunities for professional development, while baby boomers may value job stability and retirement planning.
As a department, it is responsible for managing HR activities from recruitment and onboarding, compensation and benefits, learning and development, performance management, and employee relations to separation or retirement. It includes reviewing organizational and HR metrics to measure HR initiatives’ effectiveness on business results.
Employee turnover rates are a crucial metric for organizations to monitor, as they show how frequently employees leave the company. Beyond just tracking numbers, understanding turnover rates requires identifying the root causes of employee departures and developing effective retention strategies in response.
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