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Key HR Metrics You Must Measure To Enhance Employee Experience

HR metrics or human resources metrics are the important data that help organizations to analyze workforce efficiency, track human capital, and measure the effectiveness of HR based on business requirements.

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Key HR Metrics You Must Measure To Enhance Employee Experience

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  1. Key HR Metrics You Must Measure To Enhance Employee Experience!

  2. WHAT ARE HR METRICS? VISION HR metrics or human resources metrics are the important data that help organizations to analyze workforce efficiency, track human capital, and measure the effectiveness of HR based on business requirements. 3

  3. CURRENT AND FUTURE HR MARKET INSIGHTS As per Fortune Business Insights, The global HR market size in 2021 is USD 24.04 and is expected to reach USD 35.68 by the year 2028. A CAGR of 5.8% is predicted during this period. Here we have also shared the industry's global HR technology market share as per the 2020 survey. 1st INTERNATIONAL SITE GROWTH CONTINUES 2nd US FLAGSHIP CENTER GROWTH CONTINUES We strategically Invested in Competent Synergies, India and opens centre in Mumbai, India and a new site in Medellin, Colombia Opens a center in Newfoundland, Canada.We acquire/opens three new centers 2 in Canada and 1 in the Philippines We acquire Vital Solutions Inc.and opens three new centers- 2 in El Salvador and 1 in Jamaica We acquire Ameridial, USA (Founded in 1987) 2004 2014 2018 2020 THE BEGINING 1st US FLAGSHIP CENTER GROWTH CONTINUES Pankaj Dhanuka and Kishore Saraogi launch Xplore-Tech & Fusion GROWTH CONTINUES 2011 2017 2019 2021 We acquire SupportSave Solutions, Inc., Philippines New Center:Tirana, Albania We acquire O'CurranceTeleservices and opens a sister site in El Salvador We acquire Finaccess BPO, Morocco 4

  4. What are the key HR metrics? 5

  5. RECRUITMENT METRICS HEADCOUNT: Total number of employees currently working in an organization. A complete insight into the employee’s age, service, experience, gender, and education level. DEMOGRAPHICS: The ratio of the number of offer letters shared to the number of offer letters accepted by the candidate. ACCEPTANCE RATE: COST PER HIRE: • Total cost for hiring a new employee. TIME TO HIRE TALENTS: Average time between sharing a job post to accepting the offer by a candidate. TIME TO PRODUCTIVITY: • Time taken by a newly hired employee to deliver quality output. EMPLOYEE TURNOVER: • Number of new hires leaving the organization within a few days. 6

  6. TRAINING AND DEVELOPMENT METRICS TRAINING EXPENSES: Total amount spend to organize training and development programs either virtually or physically. TRAINING COMPLETION RATE: Number of employees who have completed the training sessions successfully divided by the total number of employees. TRAINING EFFECTIVENESS: • Human resource management software can be utilized to measure the training effectiveness by monitoring the training programs and regular assessments. 7

  7. ENGAGEMENT AND RETENTION METRICS EMPLOYEE SATISFACTION: Number of employees satisfied with their job and highly recommend the organization to others. TURNOVER RATE: Percentage of employees leaving organization within a specific time period. This can be further divided into two categories – voluntary turnover rate and talent turnover rate. Voluntary turnover defines the number of employees leaving an organization voluntarily. While talent turnover defines the number of highly talented individuals leaving the organization. RETENTION RATE: • Percentage of employees staying back in the organization for a certain period of time. 8

  8. TIME TRACKING HR METRICS POWER OF HUMANCONNECT ABSENCE RATE : • Average number of days employees remain absent, except the managers approving leaves. OVERTIME HOURS: Time spent by the employees after their scheduled work hours. 9

  9. EMPLOYEE PERFORMANCE METRICS REVENUE PER EMPLOYEE: • Total revenue generated by total number of employees in an organization. EMPLOYEE PERFORMANCE: • Employee performance score involve assessing the self-evaluation programs, employee reviews, and manager assessments. GOAL TRACKING: • It allows setting goals, meeting business requirements, and measuring employee progress. COMPANY PERFORMANCE: • This determines how great the employees are performing, leveraging the business to a wide extent. 10

  10. HR SOFTWARE SERVICE RATIO OF HR PROFESSIONALS TO EMPLOYEES: • Number of HR professionals to a total number of employees in an organization. COST OF HR PER EMPLOYEE: • Total amount spent on HR functionalities divided by the total number of employees. EMPLOYEE PARTICIPATION RATE: • Number of employees leveraging the employee performance management software divided by total number of employees in the organization. ROI: • The ROI of HR software is calculated by taking the difference between the amount spent by an organization on software and the amount your organization can save from it. Onsite WFH 11

  11. FINAL THOUGHTS Measuring the HR metrics is the top priority if you are looking forward to providing better employee experiences and enjoying high employee retention. Every single metric mentioned here is considered pivotal. It allows managers to redesign the HR strategy based on the organization’s requirements, priorities, team collaboration, and more. Definitely, an ideal human resource management software will help a lot in building data analytics and reporting. 12

  12. Contact US Website: https://www.omindtech.com/ Address: 4775 Peachtree Industrial Blvd. Suite 310, Berkeley Lake, GA 30092 Ph: +18665810038 E-mail: marketing@omindtech.com 12

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