Private businesses of all types are looking to HR to help improve workplace productivity as they leave no stone unturned to boost profits and streamline operations.
And they’re not alone. State and local governments, too, say that addressing workforce management and planning are priorities for them, according to a recent report by the Center for State and Local Government Excellence. Like businesses of all sizes, governments are challenged when it comes to
recruiting, especially in the areas of IT, public safety and finance.
Guess what this prestigious organization recommends to combat the problem?
Right. More effective efforts to forecast workforce trends and to improve decision-making.
That’s where HR dashboards come in. But while most HR departments seek to provide their organizations with the insights they need to reach business goals effectively, there are challenges along the way. First, what data should be captured to report what metrics? Secondly, how can that data be transformed into meaningful, congruent and actionable insights that inspire methods that bring about optimal results within its workforce?
Let’s start with the data. Here are a few key performance indicators (KPIs) that are valuable to many HR departments. Of course, every business will identify a unique set of KPIs to align with their business goals and strategies.
• Average Cost to Recruit (per position)
• Average Time Open
• Average # of Responses
• Average # of Interviews
• Average Time to Recruit
• New Employee Satisfaction Rate
• New Employee Retention (%)
• Job Offer Acceptance Rate (%)
• Vacancies Filled (%)
• Average # of Interviews from Applications
• Recruitment Source (Internal vs. External)
• Recruiting Fee (% of salary)
Improved decision-making comes with having the right information at your fingertips. When HR dashboards allow data to be pulled in from multiple places across the enterprise, regardless of format, you get more accurate insights and clearer understanding of complex issues.
When you are armed with time-sensitive, real-time data, feeding your reports with current metrics, you can seize opportunities to take advantage of workforce trends on the one hand, and tamp down sparks before they turn into fires, on the other.
Start building your HR dashboards today!