The metrics available to you are literally endless, so you must limit yourself to tracking those that best capture what’s important to your organization. And then, as we’ll discuss today, it’s equally important to communicate that data effectively.
3 Strategies for Success
There are any number of ways to share HR metrics with your management team, but there are some pretty standard practices and features applicable to any effective metrics presentation. Read on for tips on how to communicate knock-your-socks-off metrics to the team.
- Make it clear. Explain, in commonly used business terms, the data source for each metric and how measurements were established. This helps the management team achieve a common understanding of the metrics you’ve conveyed. As much as possible, HR management should try to use formulas, ratios, and language that is commonly used by the organization’s other business leaders. For instance, ROI, or return on investment, is universally understood in the business world.
- Don’t double dip. Use relevant data that are available to you but refrain from duplicating data from other departments and/or business units. For example, the team may already have stats on the number of turnovers by department. If that’s the case, show how that number affects the bottom line by providing a cost of turnover/cost-of-hire metric.
- Keep it simple. A good metric focuses resources on key areas to facilitate improved efficiency, increase profitability, expand capacity, or plan for future needs. Like most good things, though, you can have too many metrics, so refrain from creating a deluge of data that overwhelm your audience. Create an HR metrics “dashboard” to share with the team. Give them the salient points without bogging them down with statistical overload.
Compensation.BLR.com, now thoroughly revved with easier navigation and more complete compensation information, will tell you what’s being paid right in your state–or even metropolitan area–for hundreds of jobs. Try it at no cost and get a complimentary special report. Read More.
Developing HR metrics is often one of those important-but-not-urgent tasks that tends to get shoved onto the back burner. Don’t wait until you have the perfect system in place—just do it. Even if your data are not perfect, start using them anyway and refine over time.
Begin with what you have easy access to, even if it’s only one metric (like turnover rate), and establish a baseline for the data. You can build on the data over time, and you can also continue to tweak the presentation for maximum impact.
Metrics, compensation makeovers, base pay, variable pay, incentives, increases … compensation and benefits are never easy! “Maintain internal equity and external competitiveness, with benefits and compensation, and control turnover, but still meet management’s demands for lowered costs.” Sound familiar?
Many of the professionals we serve find helpful answers to all their compensation and benefits questions at Compensation.BLR.com®, BLR’s comprehensive compensation website.
And there’s great news! The site has just been revamped in two important ways. First, compliance focus information has been updated to include the latest on the Consolidated Omnibus Budget Reconciliation Act (COBRA), Lilly Ledbetter, and the Family and Medical Leave Act (FMLA). Second, user features are enhanced to make the site even quicker to respond to your particular needs, such as:
- Topics Navigator—Lets you drill down by topical areas to get to the right data quickly
- Customizable Home Page—Can be configured to display whatever content you want to see most often
- Menu Navigation—Displays all the main content areas and tools that you need in a simple, easy format
- Quick Links—Enables you to quickly navigate to all the new and updated content areas
The services provided by this unique tool include:
- Localized salary finder. Based on reliable research among thousands of employers, there are pay scales (including 25th, 50th, 75th, and 90th percentiles) for hundreds of commonly held jobs, from line worker to president of the company. The data are customized for your state and metro area, your industry, and your company size, so you can base your salaries on what’s offered in your specific market, not nationally.
Try BLR’s all-in-one compensation website, Compensation.BLR.com®, and get a complimentary special report, Top 100 FLSA Overtime Q&As, no matter what you decide. Find out more.
- State and federal wage-hour and other legal advice. Plain-English explanations of wage-hour and other compensation- and benefits-related laws at both federal and state levels. “State” means the laws of your state because the site is customized to your use. (Other states can be added at a modest extra charge.)
- Job descriptions. The website provides them by the hundreds, already written, legally reviewed, and compliant with the Americans with Disabilities Act (ADA) mandate that essential job functions be separated from those less critical. All descriptions carry employment grade levels to current norms—another huge time-saver.
- Merit increase, salary, and benefits surveys. The service includes the results of three surveys per year. Results for exempt and nonexempt employees are reported separately.
- Daily updates. Comp and benefits news updated daily (as is the whole site).
- “Ask the Experts” service. E-mail a question to our editors and get a personalized response within 3 business days.
If we sound as if we’re excited about the program, it’s because we are. For about $3 a working day, the help it offers to those with compensation responsibilities is enormous.
This one’s definitely worth a look, which you can get by clicking the link below.
Click here to get more information or start a no-cost trial and get a complimentary special report!