Almost 20% of employee turnover happens within the first 45 days of employment. Business owners know an effective onboarding experience is a must. But many are unsure of how to improve the process to decrease turnover.
That’s where HR metrics come in. By measuring the success of onboarding, they will be able to identify areas of concern and opportunities in their process. Automated onboarding tools and HR dashboards make it easier than ever for companies to gain insight.
Does your company need a better onboarding process? Keep reading to find out how metrics can help.
How Do You Use HR Metrics to Improve Employee Onboarding?
HR metrics help companies understand what is working and what needs improvement. By using metrics, they can determine how to improve the employee experience. They can also measure the effectiveness of new onboarding initiatives.
HR metrics are one of the most important aspects of the onboarding process. A few areas they should measure are employee engagement, employee satisfaction, the number of new hires, and turnover rate.
Why Is a Good Employee Onboarding Experience Important?
Employee onboarding is the process of making new employees feel welcomed and valued. It is important because it creates a sense of belonging and makes them more likely to stay with the company. Employee onboarding is important for several other reasons:
- It helps the new employee adjust to their new work environment, which in turn makes them more productive
- It helps establish a strong connection between the company and its employees
- It leads to higher retention rates and customer satisfaction
- It increases productivity by creating a sense of belonging in the workplace
- It eliminates the unnecessary time spent on learning how things work
Employees who have a good onboarding experience tend to be more engaged at work. They also stay with the company longer than those who don’t have a good onboarding experience.
7 Benefits of HR Metrics
There are numerous benefits to using HR metrics in your organisation. The top seven include:
1. Improve the Onboarding Process
HR metrics help companies understand how the onboarding process is going. Once they have this information, companies can improve their onboarding process.
There are many benefits to using metrics to improve the onboarding process. For instance, they help identify and eliminate bottlenecks in the process which leads to a better experience for new hires.
HR metrics also provide a detailed view of the entire onboarding process. This allows HR teams to make informed decisions about how they want to proceed with the onboarding process.
2. Understand Voluntary and Involuntary Turnover More Clearly
Metrics show the voluntary and involuntary turnover during the onboarding process. They also help businesses determine how their employees are feeling during their first few months on the job. You can also use them to measure retention rates of new hires and whether or not they are happy with their work environment.
The benefits of using metrics to measure turnover include:
- Understanding the impact of onboarding on turnover and retention
- Identifying which jobs are more likely to cause a voluntary turnover and which ones cause an involuntary turnover
- Understanding how many employees are injured on the job
- understanding if there is a trend in employee satisfaction or turnover rate
3. Track Metrics for Each Leader
HR metrics help businesses measure individual new hire success for each leader. They also provide a better understanding of the return on investment for each new hire.
They can determine whether the company is performing better than the industry average. Or to understand how well the individual leaders are doing. HR metrics help companies understand what their employees need to succeed and what makes them successful.
You can also use them as a tool for evaluating leadership performance. This helps companies make informed decisions about which leaders should stay or go. This helps to improve the profitability and efficiency of operations.
4. Automate Reporting
Automated reporting provides a better understanding of the company’s culture. They can provide insights into how their employees are doing in a particular job. This helps them to make decisions on what to do next and whether or not they need to hire more people in the future.
HR professionals and business leaders alike use metrics for decisions. They can be a performance management tool to identify growth opportunities. They also make sure that the company’s goals are being met.
5. Increase Transparency
HR dashboards increase transparency for everyone in your company. They are a great way for businesses to become more transparent. They help in making the business more efficient and effective.
HR metrics also help in measuring the employee experience and providing feedback to employees. Businesses that use HR metrics have a competitive advantage over those that do not. Other benefits include:
- Easier recruitment process
- More opportunities for employee recognition and development
- Better retention rates
6. Enhance Communication Across the Organisation
HR metrics help enhance communication across an organization. They provide a way of understanding the values and behaviors of employees.
With HR metrics, organizations gain a better understanding of employee engagement. They also understand morale and productivity better. Metrics also help in identifying employee needs for training and development.
They provide clear insights into how employees are feeling about their work environment and the company as a whole.
7. Identify Trends
HR metrics are a part of the employee feedback system. They help companies to identify trends and change their strategies accordingly.
Workplace culture is an important factor in a company’s success. HR metrics help companies to understand what employees like and dislike about the company culture. Leaders can take that information and make changes accordingly.
HR metrics also help companies to identify employees who have the potential for growth and development. At the same time, they provide insights into how well-performing employees are doing in their roles.
How to Use HR Metrics
Businesses use HR metrics to measure the success of their onboarding process. They also use it to assess the performance of new hires. As a result, HR metrics are now a key factor in the onboarding process.
They can be a tool for individual assessment and group assessment as well. The key is to make sure that the metrics are relevant and useful for the business goals and objectives. A few targeted ways to use metrics include:
Measure New-Hire Satisfaction
New hires are the most valuable asset for any business. They bring new ideas, fresh perspectives, and new skillsets to the table. What makes them successful is their satisfaction with their position and company culture.
But what are the metrics that can help measure new-hire satisfaction? HR metrics can help measure how satisfied their employees are in their position. These include:
- Employee engagement
- Turnover rate
- Job satisfaction
There are a few reasons why companies should use HR metrics to measure new-hire satisfaction. First, it will help companies ensure that they are hiring people who are going to be happy once they start working at the company. Second, it will help them identify areas of improvement so that their company can become more efficient and productive. Lastly, it will help them understand how well their employees are doing in comparison to other companies in the same industry.
Determine Training Completion Rate
Businesses need to understand their training completion rates. This is to make sure they are getting the most out of their training investment.
HR metrics can help them do this by letting them know how many employees are completing the required training. They also showcase what percentage of those employees are staying with the company after completing the training.
It can determine the effectiveness of their training program and whether it is efficient. Employers should use metrics such as time spent on tasks and quality of work to gain deeper insight into training.
Assess Engagement Rates
Employee engagement is an important metric for businesses. It helps them understand how engaged and motivated their employees are and what they can do to improve their engagement levels.
Engagement rates are measured by a variety of factors. These include the number of complaints filed by employees and the number of hours worked per week. They can help businesses make better decisions about their employees and improve performance.
Get Started With New Onboarding Tools Today
In this article, we discussed the benefits of using HR metrics to improve your company’s onboarding process. We hope you have a clearer understanding of how impactful HR metrics can be for an organisation.
At Jigsaw Cloud, we have years of experience in helping companies just like you in utilising HR dashboards to improve operations. Our team of experts is available to answer questions or help you get started today.
Interested in learning more? Check out our SAP SuccessFactors solution that will improve your onboarding experience.