Human resources is transforming into so much more than simply a business function. Data is enabling HR to be a strategic partner in organizations.
“Data-driven insights are now uncovering issues, influencing organization decisions and investments, and driving continuous improvement within firms,” writes David Fineman, former leader of Deloitte’s Workforce Transformation People Analytics and Workforce Planning program. “While yesterday’s data was used to understand what was happening, HR measures are now allowing organizations to better understand why it is happening and provide input into predicting what could happen,” he explains.
HR departments are developing those insights by tracking and analyzing advanced HR transformation metrics focused on improving business outcomes. We look at some of these metrics below and why they are so valuable.
Quality of Hire Metrics
Quality of hire measures the value of a new employee to the company and provides insights into your hiring processes. This is an important part of ensuring that you are bringing the right people into the right roles. The data points used to determine this metric vary based on company goals, but some of the most common include performance reviews, retention rates, hiring manager satisfaction, and productivity.
Employee Turnover Predictions
Employee turnover can be