When you run or are involved in a company, it is important to always keep track of your numbers. There are so many different metrics and numbers to track in each business area from accounting, to marketing, to operations.
While HR largely deals with people, there is still a need there to know your numbers there as well. This article will go over a few of the most important numbers that you need to know in human resources.
Know Where Your Employees Come From
One of the most common numbers to track is the time it takes to fill your job. However, in addition to knowing how long it takes to fill a position, you should also know where that hire came from. You should have an applicant tracking system in place, that will keep track of where hires and candidates came from.
This is good as it can help you realize where your candidates are coming from (both good and bad), and if a place is lagging behind others, find out what you can do to get more candidates from there. Realistically, the more candidates from different sources you have, the better chance you will have at hiring an exceptional talent who will help your business succeed.
Know How Much a “Bad Hire” Will Cost
While we all wish we could have every person hire be an absolute superstar, that simply isn’t the case. Every now and then, we hire someone that isn’t right for the job or doesn’t work out for some other reason. Not only that, but sometimes there can be a rush to fill a position, which could end with you settling one someone who wasn’t the right for the job.
While this seems harmless, having a “bad hire” can actually be quite expensive. When you account for training, rehiring and more, they can potentially can cost you thousands of dollars, but that will, of course, depend based on a number of factors. So before you make another bad hire, you should be sure to find out how much it will cost you, and think if it’s really worth it to make a bad hire, or to take a little longer to fill the position to ensure the right person is found.
Hopefully, the potentially high cost that you discover will help you to make the necessary changes and steps to make sure you are making the correct hire, the first time.
How Many Hours You Need to Fill?
When making hires, you need to be aware of who you bring on, but also how many people you bring on. Some jobs, areas or projects may only require a single person, but others might require more. However, the more people you bring on and the more hours you give them, the more expensive it will be.
That is why it is so important to know how many hours you can afford to fill, and how many you need to fill in order to get the job done right? While this is a thing many companies don’t think about, it has the potential to be more important than you think, as paying employees is generally the biggest cost for many companies. Also, with many workers admitting to not doing anywhere close to their scheduled hours of work each week, the last thing you want to do is pay people for doing nothing.
If your firm struggles with accurate and effective scheduling, be sure to check out this link to help: https://www.humanity.com/employee-schedule-maker
In conclusion, these are just a few of the numbers you should be sure to know as an HR professional or HR team. Of course, there are other metrics and statistics that you should keep track of, but these are three that we felt don’t get talked about too much and are incredibly important.