HR Metrics, Reporting and Financial Mgmt Flashcards
Labour Costs per FTE
labour costs/FTE
Labour Cost Revenue Percent
Labour costs/revenue
Cost of Benefit as a % of Total Labour Costs
benefit costs/labour costs
Return on Investment (ROI)
benefit-cost/cost
Web-Based HR Systems
these are through the internet - such as Employee Self-Serve, Manager Self-Serve or HR Portals
HRMS
Enterprise Resource Planning (ERP), Stand Alone HRIS, Speciality Products
HR Audit
review of HR policies, programs, processes, and documentation to identify opportunities to improve efficiency, effectiveness, customer satisfaction and legal compliance
Purpose of Efficiency Metrics
assessing whether things are being done right
Purpose of Effectiveness Metrics
assessing whether the right things are being done
Purpose of Operational Metrics
assessing efficiency and effectiveness of programs and services
Purpose of Strategic Metrics
assessing the linkage between HR programs and services and the organizations’ strategic goals
5C Model of HRM Impact
compliance, client satisfcation, culture management, cost control, contribution
Use of Metrics
track trends, establish base lines, conduct benchmarking, measure impact, and to justify strategic decisions
HR Dashboard
visually displays important HR metrics
Types of Productivity Metrics
absenteeism measures, overtime measures, human capital ROI
Types of Recruitment Metrics
% of positions actively recruited for vacancy rate, external hire rate, avg time to fill position, cost of external hires, quality of external hires
Types of Retention Metrics
turnover, executive voluntary turnover rate, succession planning rate
Types of Labour Relations Metrics
grievance incidence, % of grievances close,d arbitrated grievance rate
Types of L&D Metrics
cost per fte, cost as % of revenue, cost as % of payroll, incidence, duration, participation
Absenteeism Formula
of workdays missed due to illness per FTE (sick days/FTE)
Overtime Formula
Avg # of OT hours worked by each individual (OT/individual headcount)
Human Capital ROI
rate of return for each dollar invested in employee pay & benefits (Revenue - [Operating Expenses -(Compensation and Benefits Costs)] / Compensation and Benefits Costs
Compa-ratio for an Individual
individuals salary/midpoint of salary band
% of Positions Actively Recruited for Vacancy rate
vacant positions/headcount
External Hire Rate
external hires / # all positions filled
Avg Time to Fill from Outside Hiring
sum of all external days to fill / # external recruits
Cost of External Hires
total external hiring costs/ # external recruits
Quality of External Hires by Source
avg performance ratings of new recruits after 3 months from each hiring
Turnover
(resignations + retirements + involuntary terminations)/headcount
Executive Voluntary Turnover Rate
(executive resignations + executive retirements) / executive headcount
Succession Planning Rate
of succession planning candidates/executive level headcount
Grievance Incidence
of open grievances/unionized headcount
% of grievances closed
of grievances closed/# of open grievances
Arbitrated grievance rate
of grievances gone to arbitration/# of open grievances
Cost Per FTE
L & D cost/FTE
Cost as a % of Revenue
L & D cost/revenue
Cost as a % of Payroll
L & D cost/labour costs
Incidence
of learning & development events / FTE
Duration
of learning & development hours / FTE
Participation
of employees attending learning & development events / # of all employees
Research Process
1) Identify the Problem
2) Review the Situation
3) Formulate a Hypothesis
4) Design a Program
5) Implement the Program
6) Evaluate the Program and repeat if necessary
Research Designs
survey, experimental, qualitative, existing research
Surveys
used to assess change or create change
Sampling
deciding who and how many people should participate
Types of Sampling
Random sampling, stratified smapling, sampling error
Random Sampling
group of employees chosen at random from the whole organization or population
Stratified Sampling
group of employees who represent the organization in some way (ie. gender, dept)
Sampling Error
sample is insufficient to reflect the entire population
Types of Questions
structured questions, open-ended questions
Structured Questions
easy to analyze and limited in scope
Open Ended Questions
difficult to analyze, not restrictive in scope
Survey Distribution Methods
hard copy mail, email, over the internet, automated telephone
Criterion Measures
ensure measuring what is important
Criterion Relevance
ensure criteria is relevant to what we are trying to predict
Criterion Deficiency
occurs when haven’t assessed all the necessary criteria
Criterion Contamination
occurs when we measure things that are irrelevant
Nominal Scales
list of variables that have no “value” (ie. dept name)
Ordinal Scales
list of variables that have an order (oe. best or least, want most want least)
Interval Scales
scale that tells the mathematical difference between two responses
Ratio Scales
show the relationship between two variables (sales per employee)
Validity
ensures the measure is accurately assessing what is supposed to measure
Realiability
ensures the consistency of the measure
Types of Validity
content validity, criterion-related validity, predictive validity, construct validity, concurrent validity
Content Validity
ensures the measure accurately measures what it is supposed to
Criterion-Related Validity
ensures what is being measured is relevant
Predictive Validity
ensures that the measure can predict the dependent variable
Construct Validity
measures abstract constructs (IQ and Personality Type)
Concurrent Validity
when it can be show that current high performers also do well on the test
Test-retest Reliability
person achieves teh same score when tested twice using the same test
Split-half Reliability/Internal Consistency Reliability
score a person acheives on one-half of the test is the same as the score they receive on the other half of the test
Inter-rater Reliability
ensures reliability across raters; (ie two different raters have scored a candidate similarly)
Measures of Central Tendency
mean, mode, median, percentiles
Regression Analysis
uses correlations to predict an outcome
Affinity Diagrams/Mind Maps
enable us to look at groups of related issues as a whole
Cause and Effect Diagrams/Fish Bone Diagrams
identify a problem, sorting causes into four categories (machinery, methods, materials, people)
Gantt Charts
chart activities against dates
Critical Path
minimum time between start and finish of a project
Delphi Technique
brainstorming using a questionnaire
Nominal Group Technique
when voting follows a brainstorming activity
SWOT Analysis
examining Strength, Weaknesses, Opportunities or Threats
Utility Analysis
assessing the dollar value of an initiative in terms increased productivie or performance
