Key performance indicators (KPIs) are a measurement tool that allows people leaders to assess the progress and effect on organizational goals or objectives. They’re crucial to a business’ decision-making process and long-term plan, but they’re also pertinent to HR and the department’s ability to communicate objectives across a company.
KPIs can be molded in HR’s image to help them assess and underline the information that visualizes a company’s health; retention and recruitment are two that we’ve become familiar with. However, the future of work requires HR eyes are set on progressive workplace perks and values and as we settle nicely into the start of 2020, our newest and trendiest KPIs for predictive HR analytics are aligned with those core values.
These are the KPIs to watch for in 2020
Gender pay discrepancy is a hot topic that requires an innovative solution. Using this KPI will do more than just visualize a pay gap in your company, but also track the success of a closed pay gap based on retention efforts. Through bob, this KPI can be calculated by comparing the average pay for men as a group to the average pay for women as a group. By visualizing the difference between average pay for men and women in your company, you can find an imbalance and where it needs to be rectified.
When analyzing the gap you find, take a few things into account; look at how genders are dispersed through different job roles or identify the reasons a male employee is receiving more money than a female at his lateral level. The gender pay gap KPI is meant to catapult us into the new world of work where pay is equitable and fair, allowing HR to find their company’s gap so they know where and what questions to look into.
The terminated employee KPI
It’s always sad to see one of your people go, but it’s still necessary to recognize the number of departures your company faces quarterly. A termination KPI is an important tool that allows people leaders to review company growth over time, even if it’s in reverse, and also opens the door for transparent communication that may otherwise have been neglected before a top talent’s untimely departure.
The truth is that terminated employee data is a central metric to HR’s analytics toolbox.
Our terminated employee KPI provides insight into the number of employees that left your company within a selected month, calculated through the last day of the month. By assessing and understanding the rate at which and reasons why you’re letting go of people, HR can adjust onboarding and culture components to reduce firing and increase retention.
The days taken KPI
Time and attendance is an interest amongst the workforce masses, and days taken is of particular to HR professionals around the globe. You need to keep tabs on your people’s time away and requests can flood an HR professional’s inbox to the point of frustration.
The goal is to help your people achieve optimal work-life balance while staying one step ahead of burnout – for both you and them. bob’s Days Taken KPI offers you with information on the number of days off taken by employees by the month, in accordance with each of your Time Off policies. This particular KPI can be crucial to aligning with regional policy and attendance laws, saving HR a headache from manual calculations that waste valuable time.
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The turnover KPI
In a quitting economy where retention is everything, the need to mitigate turnover grows greater by the day. HR strives to create a culture of belonging and learning that retains top talent long term. However, while it’s inevitable that employees move on to other companies, you still want to keep them for a substantial amount of time.
Our Turnover Rate KPI refers to the percentage of employees who leave the company (voluntarily or involuntarily) over a given time. The metric found indicates just how successful your current retention efforts are and helps to plan for talent replacement. This information on turnover can help HR identify high churn and its root causes, so you can take action to save the company costs of recruiting and onboarding new hires.
Each KPI mentioned is essential to the growth and branding of your company. The goal is to create a workplace and a culture, spearheaded by HR, that makes people want to stay and remain productive while on the clock. The only way to build such an environment and sustain it over time is to take advantage of the newest KPI trends that measure and monitor metrics that contribute to and visualize your people’s happiness and development.
From Stephanie Stevens
Stephanie is Content Marketer at Hibob. She has a background in Clinical Psychology and Crisis Management, and enjoys abstract painting and watching horror films in her spare time. She believes that people can connect with themselves, their peers, and the world around them through creative writing, helping them foster a deeper sense of self and their life goals in the process.