The ability to respond quickly to Executives, Directors, Managers, and employees sometimes can be a daunting task. From “What’s the cost of our turnover?” to “Why is my paycheck short?” HR Professionals are bouncing around reports and systems continuously to answer “People” questions and solve problems. It is essential for any business to invest in a tool that can assist HR Professionals in the strategic outcomes of the organization.

Tools? You mean excel?!? No!!! It’s time to get out of spreadsheets and stop using pivot tables to visualize what is happening on a day-to-day cadence. Let’s be honest we (HR Professional) never know when your email or phone will ding and what ask will be on the other side. Be prepared, respond quickly, and be a partner and strategic ally with fast People Analytics. Finding a strong solution that can and will support where you are and where want to go is key.

In this article, from identifying the key metrics of a good tool and to offering practical benefits on sharing your metrics with your workforce.

So, let’s dive in and discover how to adopt and use a problem-solving HR tool.

Key Metrics you need in your Tool

Workforce Headcount

Real-time or near real-time of your workforce is something that is not always easy to get your hands on. An astounding 43% of organizations said they produce it either ad hoc or not at all. Internal data and external data can help an organization understand growth patterns and trends in company demographics for better recruitment strategies. Having a dedicated dashboard can create consistent communication and eliminate risk of human error.

Recruitment and attraction

Easy and fast access to time to hire, cost of a hire, and conversion rate of applications to hire are crucial to know when creating a recruitment strategy. Do you know the ROI on your recruitment sources? According to a 2022 study the average cost per hire is $4,425 and takes approximately 36-42 days to fill a position.

Productivity and performance

Input vs. output are topics of discussion and how we can evaluate the true productivity of employees. One of the top data points is being able to assess how often an employee is absent or late. Is there a correlation? The average number of days an employee is absent or late varies by gender and age. On average men aged 18-24 missed 2.1 days of work vs. 25-44 missed 3.7 days.

Engagement and wellbeing

Employee engagement is a foundational component to positive workplace outcomes. Most companies conduct semiannual, quarterly, or monthly employee surveys to understand their workforce eNPS score. The average eNPS score for organizations is 26 and is the top 45% compared with all other industries. Engaged employees perform better and can drive real change in an organization.

Retention

How long are your employee’s staying at your organization? What’s your average tenure by age, department, gender? Is there a glaring trend on a certain department that is losing a high percentage of their employees? By knowing these data points, you can address, coach, and create strategies to retain more of your workforce. In 2022 the median tenure of workers ages 25 to 34 is 2.8 years and age group 55 to 54 is 9.9 years.

Benefits to Sharing the Facts

Motivated Workforce

When employees are given the tools and knowledge to tackle challenges on their own, they feel a sense of ownership and accountability which in turn makes them more productive and empowered to lead others.

Enhanced Creativity

Employees who possess problem-solving skills are more willing to take on challenging tasks when given the baseline facts of problems or pain points. By eliminating gut-based decisions they will take calculated risks to explore new ideas leading to enhanced innovation which will lead to growth.

Improved Leadership

Managers will have a newfound self-reliance and confidence when you give them the freedom to solve their own problems. As a result, this independence will equip them with better leadership skills to handle challenges and well as build trust amongst peers and colleagues. Strong leaders translate into a strong organization.

Enhanced Retention

When your employees feel heard and a part of the “conversation” they are engaged and have a sense of belonging. They are driven to grow and develop their own roles and more likely to stay with the organization long-term. This in turn will save the company money on recruitment, hiring and training costs.

Attracts Talent

Lastly, you build a “buzz” around a positive working environment and culture. Your people are your best advocates. By not only highlighting but by showing you have built a problem-solving and inclusive organization you will attract new talent and gain a competitive advantage. Prospective employees are drawn to organizations that offer opportunities for growth and development.