Scorecard Metrics for HR

Human resource performance greatly affects overall performance of the company, especially a big one.  If a corporation consists of various departments and business units it is very important how personnel is managed, and whether or not human resource goals comply with strategic goals of the company.

Implementation of balanced scorecard is possible on the level of a human resource department.  Moreover, some companies prefer starting work with balanced scorecard on a department level to see how things work out.  If such companies have a positive experience in implementation of balanced scorecard then the system is implemented on a larger scale.

Satisfied employees have satisfied customers

Anyway, goals and measures of balanced scorecard should be tied to a strategy.  In other words, when drawing a strategic map, it should be evident how improvements in human resource management result in implementation of different goals in the four perspectives of balanced scorecard: financial, customer, internal business processes, learning and growth.

In other words, company management must understand how reorganization and measurement of human resource department will affect performance of the company in general.  For example, in order to achieve positive financial results in the company needs to attract more customers and to retain existing ones.  To achieve that, new approaches in customer relations must be used and the company should offer new products and services at competitive prices.  In its turn, this is only possible if personnel can actually use these methods.  Obviously, the company needs the best professionals in a certain area to gain competitive advantage.  This set of cause and effect ties vividly demonstrates how improvement in human resource policy results in implementation of financial goals.

Major HR tasks

If balanced scorecard is isolated in a certain department, it may turn out that different business units are moving different directions.  A strategy map is a well balanced system containing measures and goals related by cause and effect ties throughout BSC categories.

For example, such an indicator as employee turnover rate may directly influence sales growth of the company.  If people do not want to work for a company for a long time they are probably not even their best efforts to benefit the company.  This explains low sales growth rate.  This is just one of the various examples of how balanced scorecard can visualize company strategy and make it understood at all company levels, from top management to ordinary personnel who directly contacts with customers.

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Management of personnel is especially important in humanitarian areas.  In such fields as education, government or sports it is imperative to have well educated, satisfied and competent staff.  Interaction with people and learning requires excellent communication skills, deep knowledge of various issues as well as readiness to overcome obstacles.  Human resource management is about preparing personnel to work with people and sure finding competent employees.

Human resource management is an inseparable part of any management system.  It is impossible to reach strategic goals and local objectives without having the right people in the company.  Even the best managerial plan supported by sufficient investments will fail in case business or an organization doesn’t have efficient personnel.  Professionalism is not only about sound knowledge and excellent skills.  This is also about having the right attitude towards the business.

Human resource management in the field of education is a true art.  Usually, well-known professors and lecturers are very interesting and unusual people who require a special approach.  Moreover, the image of the university is partially formed by such professors and lecturers.  That’s why, it is important to retain personnel and the educational establishment for as long as possible.  Besides, there is a tough competition in the field of education.  That’s why most universities and schools improve professional level of their teaching staff.  In order to measure HR performance at the educational establishment of any level the following key performance indicators are recommended:

1. Average tenure per employee. As already said above, universities are interested in retaining professionals.  To the longer professor or lecturer is employed with the university, of the better the image of the university.  When choosing educational establishment, students often look at the number of professors.  Those lecturers who have worked for the university for 20 of 30 years create the most positive image and provide students with high quality education.  Average tenure per employee indicates employee satisfaction is well.  If the person is staying with the same educational establishment for a long time or even his entire life, then he is satisfied with the working conditions and his compensation.  University is with great personnel turnover usually failed to offer students solid education.  For this reason, HR managers and universities should pay a special attention to such an indicator as average tenure per employee.
2. Average number of training hours per employee.  Education and science are constantly evolving.  New inventions are made and new branches of science appear. Students demand different approaches.  That’s why education staff must undergo regular training to improve professional level, learn new teaching methods and techniques, exchange view viewpoints with colleagues etc.  A teacher working for 10 or more years at the same level without any training will not have any promotions and his career and is unlikely to offer modern students quality education.  So, average number of train hours per employee indicates professional level of education staff and their willingness for self education.

Finally, it should be repeated that approaches to personnel in the education area must be very smart and subtle.

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The supreme value for any company is the people who work there, i.e.  human resources.  Very often, top managers and business owners tend to forget this axiom.

What is HR about?

They mistakenly think that improved production facilities, advanced IT technologies or enormous investments alone can save business from bankruptcy.  Well, of course these are very important elements of any successful business strategy.  But these are only tools in the hands of people.  If these tools are not properly used they will do more harm than good for a company.  The recent economic crisis has proved that those companies who possessed the most well educated and efficient personnel managed to survive and even increase their revenue through innovation, implementation of creative ideas that very often come from the lowest levels of the company.

• Nowadays all large and midsize companies have own HR departments.  Human resource management is not only about looking for the best professionals in a certain business.  HR management is about employment of people, creation of suitable working conditions, educating and coaching employees, monitoring organization climate, employee loyalty and satisfaction etc.

Sure thing, requirements to human resource management are different in different business areas.  But there is one thing in common – word of any HR department must be assessed.  Moreover, any actions of human resource managers should comply with the company strategy, value and mission.  This is where Balanced Scorecard system (BSC), created by Norton and Kaplan, comes into play.  BSC links strategic and operational management, or in other words it puts strategy into action.

How HR works?

So, why bother about personnel?  Statistics show that the most satisfied and loyal employees have the most satisfied and loyal customers.  What does it mean for a company?  Right!  This is regular source of income.  Making money is the goal of any commercial organization.  So, recruitment and education of personnel is inseparable part of a company action plan on its way to implementation of strategic goals.

• As already said above, HR management uses different principles, approaches and priorities in working with personnel.  It depends on business area the company works in, specific nature of running a certain kind of business, as well as company strategic goals.  For example, approaches to working with employees at an industrial enterprise and a web design in company cannot be the same.  Working conditions, motivation are compensation system are fairly different in industrial and programming business sector, and therefore HR Balanced Scorecard tends to use different metric systems and various sets of indicators (KPIs).

This article will attempt to summarize peculiar features and key performance indicators in HR evaluation in different business areas.

1.   Accounting. In this business area the cost of every mistake may be too high. That is why it is imperative to have error free documentation and follow standards of invoice accuracy. Also, accountants have access to confidential and sensitive information, and that’s why employee loyalty is extremely important.
2.   Arts and entertainment. The realm of arts and entertainment is characterized by creativity of employees. So, it is not easy to find good photographers or artists. That’s why HR managers should track how much they spend to hire one employee. Also, artists should be 1005 satisfied with their work, otherwise they will not create masterpieces.

3.   Agriculture. This is a business sector that not everybody wants to work in, as the job may be rather difficult. Also, there is a large number of part time or season employees working in farms and ranchos.

4.   Automotive. HR managers in automotive industry are to pay attention at the absence rate as this may cause production downtime. It is also important to know percentage of high and low performing employees.

5.   Banking. Employees in the bank have access to confidential information, and thus it is imperative that they sign the business conduct and ethics policy. Banker should also spend bulk of their working time on priority tasks.

6.   Building/construction services. Trade unions are very popular among construction workers due to high traumatism rate, and HR managers need to pay a special attention to these issues. It goes without saying that job satisfaction rate should be rather high among construction workers due to tough working conditions.

7.   Customer support services (tech support). This business sector is characterized by high staff turnover rate. Also, HR managers are to pay attention to average telecom costs per employee.

8.   Call centers (sales). As a rule, sales call center operators receive bonuses for completion of sales plans. It is imperative that most employees are satisfied with existing bonus system. As personnel turnover rate is rather high, average cost for recruitment must be minimized.

9.   Education. Average tenure per employee would be a good indicator, as the longer professors work at Universities the better university reputation. Also, education specialist should always improve their professional level.

10.  E-commerce. In e-commerce most employee are working remotely, and thus average cost saving per teleworking employee must be calculated. At the same time, employees must be satisfied with remote work.

11.  Chemicals. Chemical enterprises are usually characterized by tough working conditions and health dangers. That’s why it is important to track new hire retention (freshly employed people should stay in the company). If there are many employees on long term sickness leave then working conditions at the chemical plant are not satisfactory.

12.  Electronics production. Electronic devices are constantly upgrading and developing. That’s why indicator average time employees are in same job function is very important to find out whether personnel develops as well. Also, all tech and engineering positions must be well documented.

13.  Financial services (insurance, loans etc). It is not an easy task to find a good financial expert. That’s why interviewing costs might be too high. Mistakes in financial decisions may cause serious problems and thus, employees in insurance and loan companies must be regularly assessed.

14.  Food industry. Staff with appropriate professional qualification is a relevant indicator for this industry as poor quality food products are denied at all markets.

15.  Government/non-profit sector. Government officials often contact with taxpayers. They must reply to correspondence on time and reply to all emails, if possible. HR managers are to measure relevant indicators.

16.  Health care. Number of patients with medical errors per 1000 patients is a great indicator for HR in medicine. Number of patients leaving against medical advice is also very indicative.

17.  Investment. Making money earn more money is a real talent. So, investment company should especially value talented investors with strategic vision. It would be also helpful to measure forecast errors.

18.  IT technologies. Often IT specialists require rather expensive equipment for their work, and thus HR department may measure average equipment cost per employee and average office space per employee.

19.  Marketing and advertising. There are not many marketing specialists who can even create a new category of customers. So, if there is huge turnover in the advertising company this may be quite costly. Also, effective work of HR department in marketing and advertising business is the situation when employees find vacancies by themselves, without ads and outsourcing.

20.  Military. The army needs to be always ready for defense or attack. Every soldier or officer has his tasks, so average number of sick days per employee should be as low as possible. Also, very few people want to serve in the army (because of health and personal concerns) much depends of average time to recruit.

21.  Mining and oil and gas production. Often this is a very hard work, so if employees recommend company as a good employer to other people it means that working conditions and attitude of management are OK in such a company. HR department must also measure expenses related to medical claims (because of tough working conditions at oil producing plans and mines).

22.  News and mass media (Internet, printed media, TV). Very often printed and Internet mass media, as well as TV channels cooperate with freelance journalists who work remotely and who should be satisfied with teleworking. Also, the company needs to calculate savings cost because of cooperation with remote freelancers.

23.  Police. Lack of training in police may cost officer his life. It is imperative that police officers undergo regular training sessions (gun shooting, physical exercise etc). HR department in police must measure balance between rookies and experienced officers since policemen risk their lives out in the streets.

24.  Publishing services. Various equipment is used in publishing services depending on type of printed production. Equipment cost per employee as well as turnover of new hire during first 12 months are a couple of very interesting indicators used in this area.

25.  Real estate/property. Real estate agents receive percentage from total sold property cost (bonus payout). Also, they travel a lot to show properties to potential customers and travel costs per employee are also to be measured.

26.  Retail sales business. In retail sales business employees are financially interested to sell more. So, bonus system should be constantly measured. Employee communication etiquette also plays an important role in the work of a retailer.

27.  Telecom business. In telecommunication business employees have to possess much knowledge and specific skills. That is why it is important that new hires do not leave the company within 12 month period. Employees should also improve their performance as compared to previous performance reviews.

28.  Tourism/hotels. Customers return to hotels only if they liked their stay there. This much depends on hospitability of the personnel which in its turn depends on employee satisfaction. To keep high service level employees should undergo regular performance reviews.

29.  Transportation and logistics. If a logistics manager is late for work this may cause failure of the entire transportation chain. Travel costs of logistic managers who accompany cargoes are to be tracked.

30.  Wholesale trade. Whole sale managers make hundreds of calls offering products and cargoes. Telecommunication costs per employee is an excellent indicator in this sense. Revenue per employee also shows efficiency of salespeople.

It should be noted that the above example of KPIs are not most important indicators in certain business areas, but rather suggestions to HR managers willing to use human recourse sis a more efficient way. If you need to more info on indicators in different business areas feel free to follow the above link.

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Balanced scorecard system has many supporters and critics.  Both of them have their own reasons to claim that balanced scorecard either perfectly works or this system is just a waste of time and money.  It should be noted that balanced scorecard will not work only in case it is improperly designed, implemented and maintained.  It is because of most common mistakes that balanced scorecard system fails to serve its ultimate purpose – communicate company strategy with operational management.

It is a fact that only about 30% of managers are satisfied with implementation of balanced scorecard when the system was designed by themselves, that is without professional assistance.  Of course there can be exclusions from the rules.  But in general, company management has to be very attentive and careful when implementing balanced scorecard as this is a lengthy and expensive procedure.  So, any mistake may cost really big money.

That’s why it is important to do everything right when using balanced scorecard and implementing it in organization or company.  Developers of balanced scorecard designer understand that it is sometimes difficult for managers to implement the system and even make the first steps.  That’s why AKS-LABS provides its customers with quality support and guidance.

Learn secrets of BSC system with a training course from AKS-LABS

Those who are interested in the work of balanced scorecard and those who want to know secrets of using this system shared by developers of balanced scorecard designer can purchase and special training audio course which covers the most interesting and complex issues in the work of balanced scorecard.

Through the course you will learn general information about balanced scorecard an initial steps to be taken to implement this system.  One of the most important issues is selection of KPIs and determining the right number of them.  Of course, the training course will not give answers to all questions as it is not a magic solution of all business problems.  But at the same time, you’ll get to know about basic things to be taken into account when implementing and maintaining balanced scorecard.

The course will cover issues of cascading balanced scorecard and strategic maps.  Of these are the issues to the goal for any big company that wants to automate business management process.

The course comes as a serious of mp3 files recorded in a very simple and comprehensive language.  Having listened to the entire words you will listen to that five hour lecture on the use of balanced scorecard system to evaluate business performance and reach company’s strategic goals.

How BSC works?

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In a post crisis economy it is important to pay attention even to minor elements of running business.  Tough competition leaves no other choice other than control how you spend every dollar. Gone are the times when the economy was on its rise and nothing seemed to cause problems for the business.  The situation is different now.  Many companies had to fire thousands of employees to survive in the market.

So, effective work of the human resource department is a precondition for the overall company success.  But as any business aspect HR performance needs to be measured and evaluated.  Those companies who failed to pay proper attention to human resource management now bitterly regret it, as qualified personnel is the ultimate value for any company.  No investments, no new computers and equipment can make people work better unless these people are ready to operate on a new/higher level.

Use Balanced Scorecard System in measuring hr performance

Inefficient work of the human resource department means losses for the company.  This department does not review say anything.  Thus if you pay HR managers who fail to perform their duties you’re simply wasting your money.

Measuring HR performance is not as easy as it may seem.  However, if you use balanced scorecard system you will be able to save so much time and money for your company.  Balanced scorecard system is an internationally recognized business evaluation tool.  One of the greatest advantages of this system is that it can be applied in all business areas.  The only difference is a set of KPIs which are measured.

Human resource management has own set of KPIs which can slightly differ taking into account specific character and peculiar features of a human resource department.  But there are universal KPIs which all together show real performance of HR department.

Cost per hire is known as one of the most important KPIs.  This indicator shows the amount of money you spend to employ one person.  If these costs of very high you might be suffering losses.  Try to keep them as low as possible.  At the same time do not get carried away as finding a quote professional can not be cheap.

Employment length is another major indicator which represents average time and employees spends in the company.  If people work less than a year for your company (they leave for some reason) try to look for problems in your personnel policy, compensation system and general attitude towards employees.

Measuring hr performance is a complicated process which requires special software

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These days many companies pay a special attention to human resource management.  Of course, HR policy has been always important, but recent decade has shown that there is nothing more valuable than at professional and well educated personnel.  You can invest millions, by the latest equipment and use the most efficient IT support, but this all will be in vain if you don’t have the people who can make an effective use of Financial Resources, production facilities etc.  Recent crisis has also demonstrated that those companies that had creative and professional personnel managed to survive and even make profits during the crisis.

However, the work all the human resource department must be constantly monitored and evaluated.  This department does not produce anything, it renders no services.  It serves only for the company by looking for the best professionals, employing them and improving their professional level.  So if your HR department fails to achieve its goals you are simply wasting money by maintaining such human resource specialists.

Use the right human resource measures

First of all you need to select proper human resource measures, also called key performance indicators.  If you fully investigate this issue you will find out that balanced scorecard system is the most popular and effective tool to measure business performance no matter what business type or what business aspect is being evaluated.

KPIs are indicators that show and measure different aspects of business performance.  One of the greatest advantages of balanced scorecard system in human resource management is possibility to measure various indicators.  This makes it possible to find the root of the problem as general performance of the human resource department may seem OK while in fact there may be some serious problems.

Balanced scorecard system measures KPIs to offer you a full picture of business performance.  It helps locating problems, find an out weaknesses and strengths.  In other words, you get to know about strong and weak points in the work of HR Dept.

It is interesting that use of balanced scorecard system in human resource management benefits both company management and employees.  If people who work in your company know about their weaknesses they know what they should do to perform better.  This contributes to employee satisfaction, loyalty to the company and organization climate.  These are mandatory elements or a healthy business atmosphere in the company.

Regular use of balanced scorecard system will make it possible to track trends and changes in performance of the human resource department.

Use BSC system to evaluate human resource measures

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In order to analyze something you need to know how to measure it.  This is a universal rule in business.  Any business is a complex structure with numerous elements that directly or indirectly influence business success.  In order to survive in the Morton business and highly competitive markets you need to be constantly monitoring business performance.  In order to be fully informed on what is happening to your company, what strengths and weaknesses it has and what needs to be improved, you should certainly use special automated performance evaluation software, like balanced scorecard system.

Balanced scorecard system is widely used by professionals in me humorous business areas.  This tool measures so called key performance indicators, KPIs for short.  These indicators represent business performance through evaluation of different business aspects.

Select most important human resource kpi

No big company can function without efficient HR Department.  It is not a big problem to manage 10 people who work for your company.  But what if your business employs hundreds or even thousands of people?  If you cannot properly manage your personnel, even the best professionals will not show their best performance.  It is like using an expensive and smart computer program without any knowledge on how to operate it and use all its features.

Human resource KPIs mostly concern costs spend to hire, train and measure personnel performance.  Let’s review major human resource KPIs

Cost per hire.  Any company usually spends a certain amount of money to find and hire at professional employee.  The work of HR specialist is to spend as little money as possible to find the best professional in a particular area.  We refer here such costs as advertising costs, age and fees etc.

Length of employment.  This is a very interesting indicator which in a way characterizes employee loyalty to the company.  If qualified managers refuse to work in your company for more than a year than there is certainly something that bothers them.  This may be compensation, working conditions or any other factors.

Training and development.  This category includes a number of KPIs related to costs spend for training and coaching of personnel.  This KPI should be constantly compared with expected revenue rate, since goal of any training session is to make employee bring more profit for the company.

Time to fill.  This is the time HR department needs to find and you employee to a vacant position.  The faster you can do that the less money you spend and the more you save.

Human resource kpi measures HR performance

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Human resource management is an important element in running any successful business, especially in large companies which employ thousands of people.  In a crisis hit economy it is imperative that you efficiently use every dollar.  In this context, efficient human resource management is about investing in your personnel and receiving profits in future.

Have you ever wondered why some companies are doing OK while others appear to be unable to respond to more than challenges of the cruel business world?  There are many explanations and factors influencing business performance.  But perhaps human resource management is something that directly influences company performance.  No matter how much money you have, no matter what equipment and production facilities you have, this will not work unless you have educated, trained and motivated personnel.

HR managers need to control organization climate, costs for hiring and training personnel, expected revenue from training sessions and seminars etc.  It is not easy to do that without help of special Software Systems like balanced scorecard system.

This evaluation system was designed to measure business performance in all and any business areas.  HR management is not an exception.  This field of business activity has its own key performance indicators or values that show real performance of the company.  It is very convenient to analyze a number of KPIs (key performance indicators) to draw a full picture of business performance.  So, here are some HR manager tips.

Use HR Manager Tips to improve HR performance

1. Use of balanced scorecard system will save you much time as it automates evaluation process.
2. Balanced scorecard system will help evaluate the most important KPIs as well as look for additional indicators that directly or indirectly represent some aspects of business performance.
3. Regular use of balanced scorecard system helps performance history.  In such a way you will be able to track changes in performance of HR Dept and your personnel.
4. Balanced scorecard system is helpful both for employer and employees.  The former needs to know how well employees a performing and how much money the company spends to hire and train people.  On the other hand, employees will receive additional motivation if they learn about weak glance in their work.  This also concerns those employees working in the HR department.
5. Balanced scorecard system measures such important KPIs as cost per hire, turnover rate, average employment time, training costs and others.
6. Balanced scorecard system will help HR managers measure employee satisfaction and organization climate.

HR Manager Tips

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Many business owners would argue about the most important department and the company.  Some would say that production facilities are all important, while others claim that sales department is a breadwinner for the company.  Well, this is all true since every department plays in important role in running and development of any business.  However, many business owners tend to forget that their business is above all the people who work there.  Even if you have a fully automated production and business process you still need people to work for you.  This is to say that HR department is extremely important for any business type.

Every employee wants to earn more and have comfortable conditions to work in the company.  On the other hand every employer wants to pay less and have keys employees work more.  Of course, you need to find a compromise.  HR department has one ultimate goal – work with personnel in such a way so that the employees work better, get fair compensation and drain profits to the company.

Use hr balanced scorecard to measure organization climate

As any business aspect, HR department performance needs to be evaluated.  It is impossible to build any strategic plans for the future without knowing current problems, including those in the HR area.  If personnel in your company is poorly managed your employees are unlikely to improve their performance.

That’s why use of balanced scorecard system in HR is highly recommended for top managers and those employees who evaluate business performance.  Balanced scorecard system is the tool that is designed to measure KPIs which are known as key performance indicators.  In HR these indicators concern costs for maintaining employees, training costs, employee satisfaction, organization climate and some others.

Managing personnel is like using computer.  Even the best hardware and software will not give you desired results if you don’t know how to use it.  Even if you have the best professionals you need to make sure you use their knowledge and experience to the benefit of the entire company.

Balanced scorecard system will measure HR KPIs to give you an independent view on performance of your employees working in the human resource management.  Moreover, if you regularly perform such evaluation you can track trends in the HR performance and locate problems before they develop into dangers for your business.

Balanced scorecard system will improve relations in your company and improve organization climate.  And mort evaded and satisfied employee is likely to offer creative solutions to the existing problems.

HR balanced scorecard system helps in evaluation of HR performance

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Improving HR performance with balanced scorecard is very important in ensuring growth for the company. The key here is to develop a balanced scorecard that motivates workers to perform better.

Improving HR performance with balanced scorecard is indeed possible in any company or organization. You have to understand that the human aspect is very important in ensuring growth and success for the company. The productivity of each and every employee influences the success of the company as a whole. Thus, it is vital for companies to implement balanced scorecards containing relevant key performance indicators to usher in growth and success along the way.

It is actually quite difficult to control something that you cannot measure. Being human and very unique in nature, it can be so hard quantifying the worth of each employee so that you can come up with a balanced scorecard for your company. Still, this can be done, as long as the KPIs or key performance indicators being used here are indeed relevant to what is being measured. What’s more important here is that the KPIs should be in accordance with the goals and objectives set by the company.

It remains a strong fact that performance measurement systems can provide motivation for the workforce. Over the years, studies have been shown on how performance and productivity rates shoot up when workers know that they are being watched and evaluated. Call it human nature, but we really do want to appear in a positive light. Thus, when we know that we are being evaluated, we try our best to perform as productively as we can. Of course, there are exceptions to every rule, and this is no exception at all. But generally speaking, most workers are motivated to perform better when they know they are being observed and evaluated.

At present, the performance scorecard is a system employed by companies in pursuing key success factors. Both internal and external benchmarking has to be employed so that the scorecard can be as balanced as possible. For the scorecard to be motivational, the data here should then be accurate and timely. Simplicity is the underlying concept here, to ensure validity of measurements. The design for data collection should also be simple as well so that it would be convenient to maintain the databases involved in the process. This way, data integrity can be assured as well. Here are some tips that can help in developing the balanced scorecard.

First, you have to take on a no status-quo mindset. Sticking to the basics is very important here for there are no gray areas with this mindset. You are either black or white. If you are not winning, then you most certainly are losing. This is the mindset you have to take on when developing a balanced scorecard. This way, there would be no biases whatsoever.

Second, it is important to define the key success factors in the company. These may include speed, quality, and cost, just to name a few.

Third, define the stretch goals that are related to the key success factors of the company. More often than not, these goals would also be in line with corporate goals and objectives.

Improving HR performance with balanced scorecard is indeed possible with these tips. Just remember that the whole endeavor is important in ensuring the success and growth of the company as a whole.

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