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Utilizing HR Metrics to Illustrate and Improve Human Resource Contribution
The Benefits of HR Metrics to HR Departments and Organizations
- Reasons for Utilizing HR Metrics
- What HR Metrics Produce
Identifying What to Measure
- Why Use HR Metrics?
- The Benefits and Limitations of Measurement
- The Key Question is How to Best Measure an HR Process and Whether the Result will be Worth the Cost of Measuring
- What are Your Customers’ Most Important Expectations?
- What HR Processes Impact/Have an Effect on These Expectations?
- How Can the Performance or Results of These HR Processes Be Measured?
- Five Categories of HR Metrics
- Four-Step Process for Implementing HR Metrics
Recruiting, Interviewing & Selection Metrics
- Cost: Per-Hire Formula
- Cost: Per-Interview Formula
- Time-to-Fill Formula
- Offers Resulting in a Hire Formula
- Quality of Hire Formula
- Other Frequently Utilized Recruiting Process Measures
- Human Reactions to the Recruiting Process
Compensation & Benefits Metrics
- Four Key Objectives of a Compensation System
- Employee Compensation Cost Formula
- Compensation & Benefits Costs as a Percentage of Operating Costs Formula
- Profit Factor per Employee Formula
- Revenue Factor per Employee Formula
- Other Frequently Utilized Compensation Metrics
- Other Frequently Utilized Benefit Metrics
Human Reactions to Compensation
- Training & Development Metrics
- Training and Development’s Biggest Challenges
- Developing a Training Objective for Your Organization
- The Four Levels of Training Evaluation
- Training Cost Formula
- Training Cost Per Hour Formula
- Knowledge Change Formula
- Skill Change Formula
- Performance Change Formula
- Other Frequently Utilized Training and Development Metrics
- Human Reactions to Training & Development
Retention Metrics Formulas
- Average Length of Service Formula
- Cost of Turnover Formula
- Quantity of Turnover Formula
- Quantity of Voluntary Turnover Formula
- Voluntary Separation Rate by Tenure Formula
- Replacement Factor Formula
- Quality of Performer Retention Formula
- Other Frequently Utilized Retention Metrics
- Human Reactions to Employee Retention & Turnover
Measuring Other HR Processes
- Other HR Processes for Which You Might Like to Have HR Metrics
Strategically Implementing Your Action Plan & HR Dashboard
- Creating Your HR Dashboard
- Four Key Summary Questions
- Questions for Taking the Next Steps
Overview of the webinar
Human Resource Departments have traditionally been concerned with the processing of transactions and administrative functions - often with little or no objective data to provide them feedback on:
- The effectiveness of their HR processes
- Or the contribution that these processes are making to the organization’s business strategy
However, many senior corporate executives are no longer satisfied with this scenario - they want HR to prove its value and effectiveness through objective data.
Human Resources metrics allow HR professionals to:
- Be seen as business partners who are customer-focused, strategic and change-oriented
- Make greater contributions to their business’ strategic and operational plans
- Speak the 'language of business
- Gauge whether they are satisfying the needs of their internal customers
- Make continuous, meaningful improvements to HR processes
- Show that they are not afraid of measuring their contribution
- Avoid being outsourced
This interactive HR metrics training will provide an overview of frequently used HR Metrics and describe a methodology for implementing them in your HR function.
Who should attend?
- HR Professionals New to the Field
- Experienced HR Professionals Looking for New Ideas
- A Refresher
Why should you attend?
HR professionals leading many of the best-managed HR departments across the U.S. rely heavily on HR Metrics to guide and improve their departments' performance. They recognize that metrics offer significant benefits to both their departments and organizations.
These HR professionals recognize that:
- Metrics is the 'language of businesses. Senior leaders are seeking objectivity. They don't speak in generalities and don't make key decisions based on opinions. Metrics communicate by painting an unbiased, objective, and believable picture
They are in the service business and their H.R. function can be seen as only an overhead expense until others see value in the function. They appreciate the fact that the results that they don't objectively report often don’t count - They need metrics to be able to compare themselves to standards and best practices in other organizations. That metrics provide early warning signals and identify performance gaps. And that it is difficult to control & improve upon any HR process that is not measured.
- Metrics provide a means of increasing visibility, clarifying performance expectations, and setting goals. Just measuring an HR process conveys its importance and tends to improve the performance of the process.
- Since the leaders of the other functions within their organizations -manufacturing, sales, accounting, customer service, etc. - measure and report their contributions and performance, they as HR professionals should as well.
At the end of this HR management training, participants will be able to:
- use HR Metrics to 'paint a picture and speak the 'language of business
- gauge whether they are satisfying the needs of their internal customers
- make continuous, meaningful improvements to HR processes
- make greater contributions to their business’ strategic and operational plans
- develop their personalized HR scorecard
- discuss ways of strategically implementing their HR metrics dashboard
- see and select from many potential HR Metrics
- show that they are not afraid of measuring their contribution
Faculty - Mr.Pete Tosh
Pete Tosh is the Founder of The Focus Group, a management consulting and training firm that assists organizations in sustaining profitable growth through four core disciplines:
- Maximizing Leadership Effectiveness
- Implementing Strategic HR Initiatives
- Strategic Planning
- Enhancing Customer Loyalty
The Focus Group has provided these consulting & training services to manufacturing & service organizations across the U.S., Canada, Europe & the Middle East. Prior to founding The Focus Group 25 years ago, Pete had 15 years of corporate leadership experience including serving as the V.P. of Human Resources & Quality
Pete frequently facilitates a variety of leadership development programs. Employees from over 3,500 organizations have benefited from Pete’s experience and perspective. Pete is also co-author of Leading Your Organization to the Next Level: The Core Disciplines of Sustained Profitable Growth.
Credits
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1.5] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org