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February 3, 2012

HR Fact Friday: HR Metrics and Turnover

Filed under: General HR Buzz6:00 am

In considering what new and interesting HR facts to share each Friday sometimes I am rewarded by looking no further than my own front door. HRN researches, writes and distributes a new HR industry white paper each month. This month”s white paper titled, “HR Metrics and Turnover: What to Measure and How to Evaluate” is especially interesting and in my opinion a must read for all HR professionals. Below is a brief summary of the document:

Metrics may be referred to as the language of business. As we (HR professionals) strive to be part of the C-Suite, we have been told we need to bring “value” to the table. One way to do that is by effectively using HR metrics. Turnover is close to the heart of many companies and CEOs. When this topic is brought up, many questions arise. What’s your average turnover? Do you know how much it costs to replace an existing employee? How do you know if you make a good hiring decision or not? Recent surveys tell us that once the economy improves, we may need to brace ourselves for turnover in our companies. So what can we do? How can we use metrics to assist us?

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