5 metrics you should have on your HRMS dashboard
HR metrics are integral to your success, and your HRMS dashboard is the perfect distribution method to provide just in time access to your HR data in an easily understandable format. Here are five metrics to feature on your HRMS dashboard.
The cost of replacing an employee has been estimated at 100 to 150% of compensation, along with a lead time of one year for a new employee to be fully operational. Turnover usually gets high visibility at the C-level since employee salaries and benefits represent a high cost. Turnover is an item to track throughout your organization, especially when it is conveniently located on a dashboard where managers and directors can easily find it and spot trends as they arise.
2. Flight risk of key employees and high potentials
It is always less expensive to retain an employee rather than sourcing, hiring and training a new one. Are you spending more time coaching underperforming employees at the expense of incentivizing top performers or those in critical positions? Your HRMS knows which employees receive top performance reviews and yet are underpaid based on market rates and stagnating in a succession plan where there is no room for career progression. This metric should be on your HRMS dashboard for higher level management.
3. Employee skills match to expected business needs
A common organizational struggle is a mismatch between a company’s strategic goals and the ability to execute against them. For example, if you are planning to ramp up product design in five years with the requirement of more engineers but your engineering workforce is nearing retirement age, a mismatch will occur. Your HRMS dashboard can help to chart progress or identify sections where improvements are occurring so they can be replicated in other areas, such as highlighting locations which are finding university hires with engineering degrees.
4. Diversity and inclusion
It has been proven that high performing teams tend to have a high level of diversity across a variety of factors. The combination of differing skill sets and backgrounds creates a better product and customer experience. While government required EEO-1 reporting may provide some insight, your HRMS dashboard is a perfect place to internally chart your company’s progress against your self-identified diversity targets.
5. Employee survey participation and results
Employee engagement has been shown to have a positive and tangible effect on business outcomes in research by Gallup. An employee who does not bother to participate in surveys as ‘nothing will change’ is on the way to becoming disengaged and a liability. Through regular small surveys, you can monitor the morale of your workforce and keep on top of your results on your dashboard.
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