At a time when uncertainty is rampant and decision-making can make or break a business, HR metrics are being used to examine different segments of workforce operations, model future impacts, and assist with forming effective solutions. For employers of hourly, distributed workforces, HR metrics are indispensable for supporting your business’s ongoing recovery efforts during COVID-19.
By studying Key Performance Indicators (KPIs) and analyzing the long-term results of metric data, you can harness your operational results to resolve inconsistencies and hazards for the future. Let’s look at some of the top HR metrics to be aware during COVID-19!
Benefits of Tracking HR Metrics
As you know, HR metrics includes data that represents your broader organizational strategies and business goals. By tracking and analyzing elements like employee turnover or overtime expenses, your HR department can adapt to coronavirus and better meet its objectives in a variety of ways— with things like increased cost-savings, improved employee engagement, and more efficient workforce management practices.
During months of operational setbacks and pandemic-related changes, managing accurate HR metrics can also safeguard compliance and create ease around reporting employee data to the U.S. Equal Employment Opportunity Commission (EEOC). Even though the EEOC has delayed the opening of its 2019 EEO-1 Component 1 data collection and 2020 EEO-3 and EEO-5 data collections, the EEOC has advised filers to begin preparing 2021 data submissions now.
HR Metrics You Should Be Tracking During COVID-19
The benefits of using metrics are clear, but where do employers begin? Which metrics are the most useful at this time? Even though every industry faces its own unique circumstances, let’s discuss some of the baseline metrics helping businesses the most.
Consider tracking the following metrics to support your business during COVID-19:
- Headcount Data: As you transition to resumed operations, metrics tracking the various roles and distribution throughout your work sites can be invaluable for managing recalls, furloughs/layoffs, or the redistribution of roles. The geographic data linked to this can help with monitoring the status of pandemic efforts at your various regional locations as well, and can contribute to cross-training efforts for understaffed processes.
- Absences “Sick” Data: Tracking absences is huge for supervising the spread of potential COVID-19 cases, as well as for managing last minute absences—something that can cause huge strain when operating with fewer, social distanced employees. This metric is beneficial for helping meet Service Level Agreements (SLAs) and ensures that managers are enforcing your HR attendance policies properly.
- Hazard Pay: Depending on your industry, you may be experiencing payroll changes linked to hazard pay or “hardship pay”. You will want to track this record to show that you are not only paying your employees fairly, but so you can safeguard against complex compliance requirements and liabilities as well.
- Time to Hire: Given the current pandemic climate, your business has likely already seen its fair share of layoffs, furloughs, and new hiring initiatives for getting through this difficult time. Tracking hiring time provides insight into the roles and managers that are having the most success and which hiring areas may need additional support.
- # of Employees Who Have Completed Training: As you rollout pandemic response plans and new operational procedures, you need to make sure your hourly, distributed workers have actually completed the required hazard training on facility standards, temperature testing, disinfecting processes, and more. With this metric, you will be able to pinpoint those who still need to complete their training courses and those who are ready to safely re-enter facilities.
- Budget Impact: HR metrics can guide your business spending to improve bottom line, ROI, and budgeting directly. Whether your workforce has had to adjust to increased production demands, or is facing a static or declining financial period, you need accurate reports on how all funds are being used. Employee pay, benefits and cost data can contribute to headcount reductions as well, so having the appropriate data to make judicious decisions is critical.
Reporting and Analytics with a Provider You Trust
As data analysis has become more essential than ever, HR departments need a qualified professional—or solution—that can keep up. EPAY’s workforce management solution includes Reporting and Analytics that can track advanced KPIs like those described above and so much more.
Because our time and labor system is designed for employers with an hourly workforce, so isour workforce analytics. We give employers unprecedented visibility into what their workers and managers are up to, so you can continue adapting through COVID-19 with ease.
If you’d like to see our solution in action, be sure to watch our on-demand webinar, How to Implement and Leverage Workforce Analytics, or download our Workforce Performance Indicator Dashboard and Reports data sheet!