6 - Human Resource Data Flashcards
What Is HR Data?
Is quantifiable information that can be used to measure workforce performance.
What Does HR Data Include?
(4 Points)
~ Labour turnover and retention rates.
~ Labour productivity.
~ Employee costs as a percentage of turnover.
~ Labour cost per unit.
What Is Labour Turnover?
Is the rate of a change in a firms labour force.
What Is The Formula For Labour Turnover?
Number Of Staff Leaving / Average Number Of Staff x 100
How Is Labour Turnover Normally Shown?
Over a period of 1 year.
What Are Retention Rates?
Are a measure of a firms ability to keep its workforce within the business, normally for more than 1 year.
What Is The Formula For Retention Rates?
Number Of Employees Serving For More Than 1 Year / Average Number Of Staff x 100
How Do Low Retention Rates Present A Threat To A Business?
(3 Points)
~ High recruitment, selection and training costs.
~ Risk of loss of important information.
~ Loss of talent.
What Is Labour Productivity?
A measure of workforce performance that looks at output per worker.
What Is The Formula For Labour Productivity?
Total Output / Number Of Workers
How Is Labour Productivity Normally Shown?
Over a period of 1 year.
What Is Employee Costs As A Percentage Of Turnover?
All the costs associated with the workforce.
What Will The Percentage Of (Employee Costs As A Percentage Of Turnover) Be Influenced By?
(3 Points)
~ Capital or labour intensive.
~ Tertiary, secondary or primary sector.
~ Skills and qualifications of the average employee.
What Is The Formula For Employee Costs As A Percentage Of Turnover?
Employee Costs / Revenue x 100
What Are Labour Costs Per Unit?
A measure of the average employee cost per unit of output.
