Metrics & Finance Flashcards
ROI
Benefit - Cost/ Cost
Types of HR Management Systems (3)
- Enterprise Resource Planning
- HRIS
- Specialty Products
Federal & provincial legislation regulates what (4)
- What is collected
- How it is stored
- Who has access
- How long it is retained
How long does the CRA require documents pertaining to earnings be kept
6 years
*also stipulated in income tax act, employment insurance act and Canada Pension act
How long does the Ontario ESA stipulate employee records be kept
3 years
*some other provinces stipulate a 2-year retention
HR Audit
a review of HR policies, programs, processes, and documentation to identify opportunities to improve efficiency, effectiveness, customer satisfaction and legal compliance
Efficiency Metrics
“Doing things right”
Effectiveness Metrics
“Doing the right things”
Operational Metrics
Short-term impacts
Assessing the efficiency and effectiveness of programs and services
Strategic Metrics
Long-term impact
Assessing the linkage between HR programs and services and the organization’s strategic goals
5C Model of HRM Impact
- Compliance
- Client Satisfaction
- Culture Management
- Cost Control
- Contribution
Service Profit Chain
Engaged Employees -> Engaged Customers -> Sustained Profit & Growth
Absenteeism Measures
# of workdays missed = sick days/FTE *productivity measure
Overtime Metrics
Average # of overtime hours worked by each contributor = overtime hours/individual contributor headcount
Human Capital ROI
Revenue - {operating expenses-[comp and benefits cost]}/comp and benefits cost
Compa-ratio for an individual
individual’s salary/midpoint of salary band
*tells are they paid at the upper or lower end of salary bands
% of positions being actively recruited for is the vacancy rate
vacant positions/headcount
External hire rate
of external hires/# all positions filled
Average time to fill when hiring from outside
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
average performance ratings of new recruits after 3 months from each hiring
Turnover
{resignations + retirements+ involuntary terminations}/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
Most common HR metrics tracked (L&D)
- Cost
- Employee Participation Rates
- Training Programs
- Incidence
Statistical Significant
Determines how sure we can be about the relationship between an outcome and another variable
4 most common research designs
- Surveys
- Experimental
- Qualitative
- Existing Research
Acquiescence Response
When a person gives the same favorable response to every questions
Social Desirability
When a person gives the answer they think you want to hear
Criterion Measures
ensure we are measuring what is important
Criterion Relevance
ensure the criteria are relevant to what we are trying to predict
Criterion Deficiency
Occurs when we haven’t assessed all the necessary criteria
Criterion Contamination
Occurs when we measure things that are irrelevant
Measurement Scales (4)
- Nominal
- Ordinal
- Interval
- Ratio
Content Validity
ensures the measure accurately measures what it is supposed to
Construct Validity
measures abstract constructs, such as IQ and Personality typer
Concurrent Validity
when it can be shown, for example, that current high performers also do well on the test, it is said to have concurrent validity
Split-Half Reliability/Internal Consistency
when the score a person receives on one-half of the test is the same as the score they receive on the other half of the test
Fish Bone Diagram
Used to identify a problem, sorting causes into four categories (machinery, methods, materials, people)
Utility Analysis
Assessing the dollar value of an initiative in terms increased productivity or performance
