BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

8 Metrics Every HR Manager Needs to Know


8/29/2012 3:40:56 PM

8 Metrics Every HR Manager Needs To Know By Jessica Miller-Merrell, Glassdoor.com

The human resources department is not income generating. We measure our value and effectiveness not in sales numbers, but the people we hire, train, develop and lead. How the value of HR is measured at your organization is dependent upon a number of different factors. It depends on your senior leaders and what they want from their HR team, your company’s focus and mission, and the industry you serve.

No HR department is the same and is unique to the company’s culture and the employees within that organization. When it comes to human resources measurement and metrics, there has been no short of conversations and controversy around what metrics are important to executive and organizational leadership.

While I’m not here to participate in the HR organization metrics debate, I think it’s important to start somewhere as you begin to establish a baseline and measure for the organization. Here are 8 human resource metrics and formulas to get you started in demonstrating your department’s ROI for the organization:

1. Monthly Turnover Rate = (number of separations during month / average number of employees during month) x 100).

2. Revenue per Employee = total revenue / total number of employees. This is especially important when evaluating the cost of a lost employee due to voluntary or involuntary turnover.

3. Human Capital Cost = Pay + Benefits + Contingent Labor Cost / Full Time Equivalents.

4. HR to Staff Ratio = Employees / Human Resources Team Members. This ratio is important since during the recession HR departments have reduced in number dramatically. HR serves as the internal customer support staff just like call center customer service employees serve as external facing.

5. Return on Investment = (total benefit – total costs) x 100.

6. Promotion Rate = Promotions / Headcount.

7. Percentage Female at Management Level = Female Management Level Employees/Management Level Headcount. This formula can also be used when evaluating executives at a female level and other diversity categories like veterans and race.

8. Cost Per Hire = (External Costs ) + S (Internal Costs) / Total Number of Starts in a Time Period

I encourage you to research, experiment, and understand the different metrics and formulas. Speak to your leadership teams and talk to your peers. Ask them what’s important to them in establishing value to the HR function.

Read more biotech career tips. Find more biotech and pharma jobs by visiting the career center.


Read at BioSpace.com

 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES