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KPIs should be viewed as an integral part of a comprehensive human resource planning strategy, rather than as stand-alone objectives. The following are the human resource key performance indicators that businesses should monitor:
1. Time to Fill
You should keep track of the hiring process to know how long it actually takes to find the right candidate with the right skills.
2. Talent Retention
External candidates are more expensive than retaining existing talent. Additionally, you want to avoid a situation in which your top talent leaves the organization with all organizational knowledge and experience to work for your competitors. That is precisely why talent retention should be tracked; it provides you with opportunities to act before they are forced to depart.
Top 8 HR KPIs for businesses to track. Source: Internet
3. Employee Satisfaction
To keep your talents from leaving, you have to ensure that their motivations and satisfaction are met.
4. Employee Performance
To run a successful business, all employees must maximize their potential. However, such a scenario is far from common.
Monitoring performance metrics and conducting performance reviews should provide employees with a target to aim at and an opportunity to demonstrate their value.
5. Training Effectiveness
Training and development improve morale, increases turnover, bridges skill gaps, and helps you maintain a competitive edge.
6. Benefits Administration
Offering a conclusive benefits package is one of the most important HR practices when it comes down to attracting and retaining talents, and ensuring that they are inspired for best performance. This proves to your employees that you care.
A conclusive benefits package will retain talent and ensure that they are inpsired for best performance. Source: Internet
7. Employee Productivity
Tracking employee productivity through an HR lens is not just about generating individual reports on employees and their activities, but also about obtaining a comprehensive picture of your workforce in terms of size and composition. With such an advantage, your business management becomes razor-sharp.
While you should strive to keep absence to a minimum in your business, a read of the present status can provide insight into the best approach.