Best HRMS features for measuring HR metrics and KPIs
You’re on board with metrics and measuring your organization’s HR-related performance. You have specific and measurable KPIs, and you know which metrics you’re going to measure. But what do you need in terms of HRMS features to really be able to dig deep into those data-driven insights? Here we give you a brief rundown of the key HRMS features that support measuring your business HR performance.
Importance of measuring HR metrics and KPIs
Traditionally, HR was seen as a ‘soft’ discipline. Anyone actually working in HR knows full well the vital role they play in the business but sometimes non-HRers are a little skeptical. This is where the metrics and KPIs come in. By agreeing and measuring targets and standards of performance, the HR function is better able to prove its business-related contributions, show its strategic support, and demonstrate the impact of its policies, programs, and initiatives.
Best HRMS features for measuring
Setting up your own HRMS dashboards is the best way to have all your HR metrics and data at your fingertips. Essentially, dashboards are the on-screen display of reports and analytics, and can be customized according to the user – i.e. the CEO will have access to different information to a department manager. Unlike the analog equivalent (a pile of printed reports) a dashboard allows for combinations of datasets and drilling down to deeper insights.
HR reports are basically the data outputs of your HRMS. They can tell you whatever you like, depending on what you ask for, but examples of common reports used by managers include; a list of vacant positions within the department/company; updates regarding employee leave and time off; monthly payroll details; and of course, various budget and costings information.
This is where it gets more strategic. HRMS predictive analytics are forward-looking measures of HR performance, using historical datasets to anticipate future needs in areas such as hiring and recruitment, employee retention, performance-related rewards, and even retirements.
Your metrics are your data measures that are used by the predictive analytics software but also offer valuable information and insights in their own right. Common metrics to measure include employee turnover; flight risks (i.e. who is likely to leave the company in the future); workforce skills and experience (allowing you to match people to priority tasks and projects); and employee satisfaction and engagement.
The use of data to inform better decision-making has become a core HR skill set, one which will be increasingly essential in the future. The ability to gather and understand hard information, then combine and cross-reference it to gain more accurate insights into what is really happening with your organization’s people is a critical competency for managers and HR staff alike.
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