The purpose of having metrics for HR is to show value for the initiatives that HR is carrying out. How can the management of your company know if the processes put in place by the HR department are saving your organization money or costing it money? Developing the right metrics to measure the right thing requires data and input from decision makers that are tasked with aligning the internal processes with your companies values and stated goals.
Metrics do not just have to be about directly measuring costs like Cost Per New Hire, it is also important to measure those factors which indirectly affect productivity and efficiency like Employee Happiness and Engagement. Measuring key performance indicators like talent management can help to manage human capital to ensure organizational success.
According to a recent study, employers can benefit from having a Wellness Program in many ways. The study looked at medium-sized and large organizations and found that:
- Recruitment and retention of healthy employees increased by over 30%
- Healthcare costs were reduced by 45%
- Decreased rates of illness & injuries resulted in a decrease of over 15% of lost time
- 12% Reduced employee absenteeism
- 10% Improvement in employee engagement and morale
- 33% in Increased productivity
Wellness programs can be costly but there is significant return on investment that should not be discounted.
If your organization does not have a Diversity & Inclusion (D&I) strategy then you’re missing out on significant value-add to the business. Recent studies have suggested that only about 67% of large companies in North America have D&I strategies and programs so there is much work still to be done. Having a workforce that reflects the customers you serve can be of vital importance and ultimately impact your bottom line. People of varied backgrounds bring differing perspectives to work which can cultivate employee engagement, innovation, creativity and more.
1. See potential as more than black and white.
Everyone has the ability to lead and excel, labeling people as either having or not having potential is not productive. While not everyone may be destined for a specific role, most people have the capability to lead specific projects or expand their role in some way. Take time to think about what you’re actually working with, don’t label people.
2. Get more people involved.
It’s easy to rely on top performers to take the lead on everything. Managers often fail to realize that this causes your top performers to burn out. Involving more people in important projects will help you identify the potential of all of your employees. Skill recognition across your team is essential for designating tasks.
3. Value all forms of leadership.
Leadership can look very differently on certain individuals. Some leaders may have a laid back approach and therefore appear less assertive. It is important to respect and recognize different leadership styles that might be better suited for certain individuals.
4. Search for leadership styles that are different than your own.
Are you unconsciously looking for individuals with similar leadership styles to your own? Accepting and bringing in individuals with varying leadership styles will add diversity and value to your team. It is important to surround yourself with people who are different from you and respect that fact that your team requires minds that don’t always think alike.