Your business is a successful concern through tried and tested methods. However, you seem to be falling behind when it comes to recruitment of late and production and profits are slightly down from previous years. Something certainly requires attention.
You go to, speak to your human resources (HR) team who advise you that you are falling behind, but the issue can be resolved be installing an HR dashboard with HR KPIs. A data- driven approach will transform Human Resources Management on a dashboard built on Microsoft Power BI.
Here are 6 invaluable pieces of instant information offered by HR KPIs to save time scrawling through various screens or paperwork.
- Salary assessments. Percentage payments, along with the ability to call up the competitiveness of the salary being offered compared to the rest of the industry will ensure that you will be attractive to perspective employers.
- Assessing the satisfaction among employees. Satisfaction of the benefits offered in remuneration can be monitored through questionnaires and surveys, with each benefit being assessed individually. Similar processes can be used to evaluate the percentages for the happiest among the workforce regarding management liaisons and how much effort is being put in to achieve a high standard throughout. The average time each employee spends with the company will also be available.
- Staff efficiency. An instant assessment of workforce efficiency is instantly at hand, which can be determined by taking the total company revenue and dividing it by the total number of employees.
- Health of employees. HR KPIs will offer information as to how many days staff are absent from and the value of a company’s health care plan and how to improve finances in this department.
- Value for money in hiring outside contractors. A record can be compared to the difference between outside contractors and recruiting your own staff, thus allowing further decisions to be made regarding staff numbers.
- Training assessment. Find out in an instant whether the training offered to your workforce is paying off with long term retention and value to the company when evaluating how much it costs per staff member and their satisfaction with the training on offer.
Installing and using HR PTIs will allow your human resource team to offer you instant and vital analytic information vital in decision making that will help to maximise profits and direct your finances to the areas offering the best value for money.