In 2023, we have seen many different HR KPIs that companies should pay close attention to in the industry. With the rise of artificial intelligence, companies are taking the employee experience much more seriously compared to previous years. Technology can aid in decision-making and streamline processes, but determining which actions your organization must focus on is crucial for success.
Keep reading to learn more about the importance of prioritizing the right HR KPIs and how Talentia’s HCM dashboard can help you track and measure these 6 key metrics at your company.
1. Employee retention
When it comes to the future of AI tools in HR, you can automate and predict certain outcomes, but you cannot replace human talent. Skilled staff are hard to find and even harder to retain in 2023, therefore, losing experienced team members is much more costly for your organization in the long term. Determine your company’s retention rate by taking the average number of employees minus the number who left and dividing it by the average number of workers again.
2. Time to Hire
With HRI (HR Analytics and Intelligence), you can benefit from several different HR indicators. Finding the right fit for a position can take a while, therefore, having time to look for the ideal candidate is essential. Track this by recording the number of days it takes to fill an open position through a software program. This will give you an idea of how efficient your recruitment process is. Analyze previous data and use it to reduce the time an employee spends in this process
3. Turnover rates
In the same vein, your company’s employee turnover rate indicates how many workers are leaving voluntarily or involuntarily. Track this HR KPI by recording the number of employees who have left the company by the average number of employees, then multiplying the result by 100.
4. Training Effectiveness
Next, assess the number of employees who have completed the required training programs and how much they have learned from them. Surveys can be used to gather data to get employee feedback and see if they are satisfied with the current training programs your company is offering. They also allow you to see which areas your programs may need improvement.
With more and more teams working remotely, monitoring productivity has rapidly become a top HR KPI. To calculate this, look at the number of hours an employee has worked and how much work they have produced. Track various activities to see which staff members are productive and which ones need more guidance.
6. Employee satisfaction
Last but certainly not least, employee satisfaction is one of the most important KPIs to measure in HR. It is dependent on a range of factors that go beyond financial benefits. It also indicates how much people enjoy their job and how motivated they are to perform well.
To measure this HR KPI, create surveys, collect data and then analyze the results. Full employee satisfaction can be calculated by how many employee surveys you have and how much feedback you receive.
Want to learn more about how you can accurately measure your company’s HR KPIs? Create dashboards for your most important metrics by using Talentia’s HR Analytics software and monitor their success along the way. We show you how to track the three key stages in an employee’s journey to help you analyze each staff member’s strengths and weaknesses in accordance with your HR policies.