- Where HR Professionals lag?
- Implementation of new ideas as no one is ready to try something new and dirty their hands if it doesn’t work out.
- Mapping of journeys according to the changing environment.
- Better understanding of SMAC
- Output vs Outcome:
Output is ‘the What’ whereas Outcome is ‘the Why’. When we use an output it gives meaning, results, consequences, relationships i.e. it leads to Outcome.
- Metrics, Analysis and Analytics:
Metrics is a quantitative measure to assess performance, progress etc. Analysis is the process of breaking a complex topic. Analytics is the science of logical analysis and relationship of multiple metrics.
- Classification of Metrics
- Business cares about
- Only HR cares about
- Nobody cares
- Metrics and KPI:
A metric graduates a Key Performance Indicator (KPI). KPI is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs to evaluate their success at reaching targets.
- How to identify a good KPI
- Acquire good understanding of business
- Translate business objectives into measureable goals
- Select an appropriate KPI for each goal.
- Traffic Light Stories:
- Green: On plan/ to goal
- Yellow: Not on plan/ at risk/ Improving
- Red: Off Plan/ off goal/ Fixing
- Business Expectations
An overall picture or a summary is a must before we take them into individual data elements.
Majority of businesses care only about: Quality, Speed and Cost
- Recruitment Metrics: How to Calculate Quality of Hire?
PR= Performance rating
HP= % of new hires reaching acceptable productivity with acceptable time frame.
HR= % of new hires retained after 1 year.
- Approaches and Measures
- Net Promoters Score(NPS)
- Relative Market Share
- Order fulfilment cycle time
- Process downtime level
- Peer review rate
- Cash Flow: DSO and DPO
HR Metrics and Analytics provide no returns unless managers make a difference.