Over the past few weeks, many who are telecommuting have seen a few meetings cancelled resulting some extra time on your calendars. You may also have fewer interruptions while working from home. Or, your company's revenue may have suffered a hit over the past few weeks and you'd like to take action to set your team up for success in 2020.

As such, it is a great time to take an objective look at how well your HR programs are performing. Are they effectively supporting the company goals and strategy? Your metrics will tell you if they are.

We're still early into 2020 and you've got a whole year's worth of 2019 data to analyze. You've also just evaluated how well you met your goals for 2019 and set your new goals for 2020. It will be time well spent to critically analyze what you're doing, how well you're doing it, and how you should measure progress as you move forward this year.

Meaningful metrics enable strategic decision making. Insights derived from this data can help to drive development, effective recruiting practices and identify adverse performance gaps. And, you don't need to be a data scientist to build a scorecard. You simply need to have a very clear understanding of your company's goals and the ability to connect strategic HR outcomes to where the business is trying to go.

As an HR professional, I've spent many years creating company scorecards and tracking meaningful KPI's. Each company's goals are different, and the HR metrics that support that strategy are unique. Here are some of my favorite HR metrics that will help to build a relevant scorecard that accurately illustrates the value of the HR strategy:

Revenue Per Employee: Total Revenue/Number of employees. This metric is useful after a reorganization or change initiative to track improvements in performance. Also commonly used for this is Profit Per Employee (Total Profit/Number of Employees).

Labor Cost Per FTE: Total Labor Cost/FTE. Most companies want to keep labor costs as low as possible while keeping their talent. This metric is used to keep salaries/wages under control. Also used is Labor Cost/Percentage of Revenue (Total Labor Cost/Revenue) and Labor Cost Percentage Total of Expenses (Total Labor Cost/Total Organizational Expenses).

Turnover: Very commonly used to decrease attrition and ensure retention of key employees, especially in times of changes in the business. Some useful metrics are:

Involuntary/Voluntary Turnover (# of Voluntary or Involuntary Terminates During the Period/# of Employees at Beginning of Period). If turnover is high and that is common in the field (ex: retail), you may want to look at your training and on-boarding spend to avoid unnecessarily draining the bottom line.
Turnover Rate of Talent (# of Terminates Who are Considered to be High Potential During Period/# of Employees at the Beginning of the Period). This metric is important because more resources are invested in this pool resulting in higher cost of attrition. If your Talent is turning over at a high rate, that investment is lost. You need to examine your retention strategies.
Turnover Rate Per Manager/Department (# Terminates Per Unit During Period/# of Employees at the Beginning of the Period). If there is an issue with a particular team, this will illuminate that. This could be a good performance metric for managers when considering promotion.
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Talent Metrics: Show the value of your succession planning and Leadership Development programs;

Time Until Promotion (Average time in months or years until promotion)
Promotion Rate (Average number of employees promoted/total headcount)
Development/Training Spend (Total Spend/# of employees) this can also be calculated for High Potential Employees. Very useful when examined in conjunction with turnover rates of this group.
Training Efficiency (Training Expenses Per Employee/Training Effectiveness)
General Workforce Metrics: These metrics are effectively used for workplace planning.

Retirement Rate (# of Employees Retired in Period/Headcount at Beginning of Period).
Average Age (Average Age/Headcount). Between this metric and the Retirement Rate Metric, you can perform great predictive analytics regarding future workforce needs for your organization.
Average Length of Service (Length of Service for All Headcount/Headcount)
Salary Hike Since Last Year (Current Salary - Previous Year/Salary Previous Year). This metric can be useful in examining specific talent groups including high potentials, or employees in high risk/high value positions. It can also be used after performance management cycle to ensure that raises are commensurate with prescribed targets for performance levels (i.e. Pay for Performance strategy).
HR Team Metrics: Inexperienced HR leaders can avoid the tendency to over hire and drive-up their total team costs by capturing these metrics. SHRM has lots of guidance and bench marking data regarding ideal HR team metrics for different size corporations.

HR to Employee Ratio (FTE supporting HR/Total Number of FTE)
HR Cost Per FTE (Total HR Cost/Total Cost FTE)
Recruitment Metrics: Most teams are tracking Time to Fill, Time to Hire, Source of Hire and Cost to Hire. Here are a few others:

First Year Resignation Rate (Employees Who Left the Organization in the First Year/Headcount). This number should be zero!
First Year Turnover Rate/First Month Turnover Rate (number of recruits who left the organization after one year/total recruits): Can help to identify orientation or assimilation issues in your organization. If your annual number is high, you may want to track by month. This will allow you to dig deeper into the data and identify trends. This number should be zero!
Selection Ratio (Number of Hired Candidates/Total Number of Candidates). This metric can indicate the health of your pipeline, especially for hard to fill roles. It can also indicate the success of efforts to build relationships with key target colleges/universities.
Yield Ratio (Number of Applicants Who Successfully Completed Stage in Hiring Process/Total Number of Applicants Who Entered Stage). Example: 1 offer to 1 hire.
Cost of Getting to Optimum Productivity Level (OPL): (Total Cost of Getting Employee Up to Speed, or Onboarding Cost + Training Cost + Cost of Supervision + Cost of OJT + (Total Labor Cost * % OPL Per Month Until 100% OPL is Achieved)
There are many more metrics that can be tracked, but your best bet is to nail down those metrics that best enable your HR strategy, which, hopefully, is clearly connected to and supports what the business is aiming to do.

With meaningful metrics and a relevant scorecard, HR Leaders can more strategically guide their organizations, accurately identify levers to pull in order to boost business performance, enable the achievement of business goals and show the awesome value of a great People Strategy.