What Is a Key HR Metric for the Future?

As we begin 2014 it is very important that we learn from the past so that the business decisions we make in the future are based upon facts and a coordinated strategy.  We all know that the past several years have been challenging; as some of us experienced reductions in staff resulting in colleagues losing their positions. Budget cuts, a stronger focus on expense control and the necessary reevaluation of organizational objectives all have led to greater stress on the job.  As a result, the Human Resource profession is under more scrutiny by management.   One of our goals over the past several years has been to retain talent by looking for alternative ways to respond to the economic crisis through furloughs, job sharing, reduced work weeks and early retirements.

Preserving our company’s competitive edge by retaining our high performers along with the use of HR metrics will allow us to be better positioned as the recovery begins.  The Human Resource profession over the past decade has become more sophisticated by utilizing metrics to examine employee trends in order to better anticipate future challenges and opportunities.  When we use HR metrics and evaluate historical patterns we are better able to respond to the challenges we face on the job.  A key challenge is determining if our reward and benefit dollars are being used wisely.  Metrics are a common measurement across all professions and are used as a way to retain, challenge talent and hold people accountable.

One key metric that is being used by thousands of HR professionals is the employee engagement survey.  The analysis and subsequent data following a survey is a key tool in determining employee satisfaction and management effectiveness.  With so many people in transition, the retention of a company’s remaining employees is often critical to its survival.  Understanding and responding to these employees’ concerns and questions are important components in ensuring that success.