We live in an increasingly data-driven world. Collecting and analyzing data helps businesses make decisions, improve processes, and drive results. Departments such as sales and marketing have been using data for decades to make more informed decisions, but many departments, including HR, are still lagging behind. It’s time to change this, and we want to help. We want to outline 20 HR metrics that every company needs to track. Tracking these metrics will not only arm you with data at the strategic table but will also shine a light on the strong and weak points of your organization.
What Are HR Metrics?
HR metrics are the numbers and data that human resources departments should track in order to inform their decision making. HR metrics allow companies to understand their efficiency with human capital, the happiness and engagement of employees, their blindspots in diversity, and so much more.
Why Should You Make HR Metrics a Priority?
You might anecdotally see the need to make changes or take certain actions within your company, but it will be challenging to get executive support without evidence. By tracking the following HR metrics and understanding the data, you’ll be able to supercharge your arguments with hard numbers.
What HR Metrics Should I Track In My Company?
Here is a list of the top 20 metrics that every company needs to track:
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The Most Important Thing Is To Start
There’s a good chance that you’re already tracking some or many of these metrics. If so, keep it up! You’re doing great. If you haven’t started seriously tracking HR metrics then now is the time to start. We understand that there is a lot you could be tracking, and it might be overwhelming to think about what you’re not doing. But remember, the most important thing is to get started.
Take a second and think about which of these metrics would be most important to you, your business, and your CEO. Make a list of three or five metrics that you think you should start tracking right away. Once you know what you’re going to track, make a plan for how you’ll do it.
If you haven’t invested in HR software already, that might be a great place to start. Software products have many of these tools or metrics built into their platform, and you can quickly generate reports on things like headcount, time to hire, time-off reports, and so much more.