A SWOT Analysis is a structured brainstorming and evaluation tool used to identify your internal Strengths and Weaknesses and external Opportunities and Threats. You can use a …
Free Excel Template : Human Resources KPI
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- Extract The Zipped File
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Introduction of this Excel Template :
Human Resources KPI Scorecard Template using typical HR KPIs and excel gauge charts. In this tutorial, we will use four essential groups of performance indicators in the area of HR. Employee turnover, Recruiting, Retention finally Training and Development.
What is the key role of a HR in a company?
Medium and large enterprises today are inconceivable without a Human Resources department. HR is responsible for recruitment, handling employee’s records, administer payroll, follow-up work performance, ensure that employees receive the necessary training for their development.
To track the company’s particular activities and the employees, HR has to set up KPIs that show the differences between targets and goals.
HR Template – A Closer Look
Let’s take a closer look at the figure below. We will use people graphs to build a dashboard template and to manage your HR related decisions! We created a speedometer section to display eye-catching visualization for the main KPIs using a free template.
Check the formulas to see how they work! How to calculate the sub-KPIs? Choose your KPI so you will see the value of sub-KPIs. Our Human Resources KPI Scorecard is free as always! You can fill column ‘Weight’ with values between 1 and 10 according to the displayed value’s importance. If the value is equal to 1, it represents the least important value in the company.10 is the most important in the given field.
In the green field, we have summed up weights; the “Employee Turnover” summarizing field on the figure is the sum of the columns Cost per Hire, Turnover Cast, Turnover Rate, and Time to Fill subcategories.
Unfortunately, onto the picture couldn’t be placed the help table in its entirely so out of the four key performance indicator, only the first and last one is visible in details.
In column Performance, you will see the sub-KPI’s value that we track in a percentage format.
The question justly arises: How to calculate the 54% rate in the Total Performance line (Employee turnover group)? We have mentioned at the beginning of the article that this is a group performance indicator.
The calculation is as follows:
(3*30% + 2*70% + 3*80% + 3*4%) / 7 = 54%
And with this, we are done with the calculation part of the human resource KPI scorecard. And now we only have to do is to create the design.
Finally, let’s summarize the phrases used in the making of the dashboard. The knowledge of these can be useful in our future work.
Human Resources KPI Scorecard – Indicators
Cost per Hire: The sum of advertising and marketing fees, employee referrals, relocation expense, recruiter salary and any other costs incurring until hiring, divided by the total number of hires.
Turnover Cost: It refers to the cost of replacing an employee who leaves the company. Not only are the costs of recruiting a new employee included but also hidden expenses like the time it takes to train the newcomer to the same productivity level.
Turnover Rate: The primary formula for turnover rate percentage is the number of separations in the given month divided by the average number of employees. Separations include employees who quit, are dismissed, move to another another business or retire.
Time to Fill: One important element in measuring the efficiency and effectiveness of the recruiting function is to measure the time it takes to fill a vacancy. In order words it means the number of days spent between publishing a job post and receiving a signed employment contract. The longer a position remains vacant, the greater the disruption to productivity.
Vacant Period: Number of overall days the positions were vacant
New Hires Performance Appraisal: Average performance appraisal of new hires, in comparison to previous period
New Hires Performance Appraisal: Evaluation of new employees’ average performance. Newcomers are usually evaluated before the end of the probation period so that the employer can decide whether they want to extend the contract with the employee or terminate the employment.
Turnover Rates of New Hires: It is calculated as the ratio of total turnovers occurred among employees hired in the last 12 months to the total number of employees hired in the last 12 months.
Financial Impact of Bad Hire: A bad hire can have negative financial impact on a company from many aspects. On the one hand the company pays the salary, benefits and the hiring cost of an employee that does not meet the expectation. On the other hand when this employee leaves the company, they most likely need to hire a new one which loads additional hiring costs on the company.
Preventable Turnover: This indicator refers to the rate of those turnovers that could have been evaded with better management, expressing expectations more clearly during the hiring process or creating an appealing workplace atmosphere. (When the reasons why the employee leaves is out of the company’s control, we talk about Non-Preventable Turnover.)
Diversity Turnover: This metric describes the rate of turnover in a given group of employees (based on gender, race or age distinction) compared to the number of of all turnovers in the company.
Financial Impact of Employee Turnover
Learning and Growth Opportunities: This metric shows the percentage of those employees who are satisfied with the learning and training opportunities and the career prospects provided by the company.
Job Satisfaction: This indicator shows the average satisfaction of the employees of the company. There are many different approaches to measure employee satisfaction with varying questions and weights. The most commonly used aspects are communication with managers cooperation with colleagues, working conditions, long-term career opportunities, salary and benefits.
As you can see, using our Human Resources KPI Scorecard, one can easily present a fancy, appealing insight on the most important and generally used HR measurements. You are free to change both the weight and the percentage of any indicators. The gauges and the people bar charts will change accordingly. I hope you will find this tool useful.
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