Unified HCM solutions turn workforce data into strategic action
The rise of C-level HR roles such as chief human resources officer (CHRO) in recent years illustrates the importance workforce data plays in aligning your employees with the financial goals of the organization. Employees have been referred to as an organization's “most-costly Asset”, which underscores the elevated role HR executives can play in harnessing the increasing amount of human capital data and transform it into meaningful HR metrics that align to business goals and ultimately financial success.
These intersecting C-level roles highlight the need for organizations to continuously analyze key HR metrics to proactively manage workforce issues and compliance challenges that can affect business performance. But it’s important to focus on the the HR metrics that really matter to your business and lead to actionable insights that support company goals. Tracking too many metrics can be overwhelming and counterproductive especially if you lack the tools or systems to easily produce these complex reports and analyses.
Determining which metrics to measure and report will depend on an organization’s strategy and goals, but there are some universally accepted HR metrics that highlight important workforce trends. Harnessing HCM solutions like OnePoint give HR departments and senior management a powerful tool to generate the most powerful and meaningful HR metrics, in real-time with a click of a button. The single database architecture unifies data from HR, Time keeping , Payroll and Benefits to produce the specific HR metrics that a business or industry efficiently and accurately.
Some of the critical HR metrics our clients can access on demand are:
Tracking turnover not only helps an organization budget more accurately for replacement and training costs, but it alerts HR and operations to potential problems, such as noncompetitive salaries or low employee engagement. With the right HR metrics HR can direct their attention toward the issue and drive down turnover rates and costs.
OnePoint HCM Standard HR Metric: Turnover Rates Report
Employees approaching OT Overtime:
Reliance on overtime can quickly send labor costs spiraling out of control. Tracking overtime can help managers identify patterns, understand relationships to demand. But the advanced ability to configure alerts for managers when an employee is approach OT, allows managers to proactively adjust schedules to limit OT use only to those circumstances where it makes good business sense.
OnePoint HCM Standard HR Metric: Calculated Time Summary and Exceptions
Tracking the number of part-time, full-time, temporary, and contract workers — and how that correlates to supply and demand — helps organizations maintain an optimal employee mix that balances service and cost.
OnePoint HCM Standard HR Metric: Pay Grade Report
Tracking employee time off provides insight to help control the costs of unplanned absenteeism including overtime pay and temporary replacement labor. The more accurately time off is monitored and managed, the better organizations can plan and budget for unplanned absences.
OnePoint HCM Standard HR Metric: Late/Early/Absent Report
Employee Training, Certification and Compliance:
Because cross-training is fundamental for building functional flexibility into the workforce, it’s important to track employee skills and certifications. These metrics make it easier for managers to fill open shifts or replace absent workers with qualified employees to meet service level agreements and minimize compliance risk.
OnePoint HCM Standard HR Metric: Training and Certifications
HR Metrics Power Decision Making
Unified workforce management technology offered by OnePoint captures the pertinent data, including labor hours and costs, absences, leave, schedules, skills, certifications, and more, in one database. This streamlines reporting and analysis needed to calculate and track HR metrics most critical to their business. Access to centralized employee data provides a wealth of powerful insights HR and senior management make informed decision that keeping the workforce aligned to meet — or exceed — performance standards and achieve corporate goals.