Human Resource Metrics and Workforce Analytics

Introduction

• HR metrics and workforce analytics are gaining popularity in organizations.
• Interest is rising across all organizational sizes.
• Organizations are exploring useful metrics and analytics.

Definitions

• Metrics:
  • Data numbers reflecting details about outcomes.
  • Example: Success in recruiting new employees.
• Analytics:
  • Strategies for combining data into metrics.
  • Examines relationships or changes in metrics.

Importance of HR Metrics and Analytics

• Metrics provide descriptive details about organizational outcomes or processes.
• Analytics help in examining relationships and making informed decisions.
• Comprise an information system for organizations.

Impact on Organizations

• HR metrics and analytics impact only if they lead to better managerial decisions.
• No ROI unless managers change decisions based on the information.
• Time and effort spent on HR metrics and analytics are wasted if decisions remain unchanged.

Reporting HR Analytics

• Commonly reported through dashboards.
• Dashboards enrich reporting by:
  • Aligning real-time analysis of HR processes.
  • Increasing the capacity for aggregated organizational data.
  • Allowing business unit analysis to drill down on metrics.
• Dashboards provide:
  • A current snapshot of key HR metrics.
  • Summarized graphical and tabular information.

Conclusion

• Dashboards serve as a crucial tool for executives to make HR and employee decisions.