Scorecard Metrics for HR

Those who did not pay due attention to human resource management paid a very high price.  Most businesses have learned a very serious lesson from the recent financial meltdown.  It appeared that only those companies can survive and even the success during the recession time that have the most professional, loyal and creative personnel.  It is that simple!  Investments and new production facilities can do their job, but still all decisions are to be made by employees.  If company personnel is reluctant to offer new ideas and implement ambitions plans the company is doomed to fail.

That’s why human resource management gain popularity in the last decade.  Tough competition in the market forces companies to improve all the time.  Improvements should start with self employment, i.e. improvement of personnel.  If you want to invest you’d better invest in the people who work for your company.  But naturally business owners expect returns on investments in human resources.  Expected revenue pretty much depends on how human resource department works.

There is no unified were universal approach to evaluation of human resource performance for all business types.  Every business and every company is individual and it requires different approaches to human resource management and its evaluation, in particular.  However, use of balanced scorecard system can be recommended to all businesses that want to measure HR performance and align human resource measures and goals with strategic goals of the company.

When evaluating the HR performance in telecommunication business it is important to remember that people employed with telecom companies require special knowledge and experience.  Headhunting is especially popular in this business area.  What key performance indicators (KPI) might be helpful to measure efficiency of HR department in a telecommunication company?

1. New hires achieving 12 month service.  Peculiar feature of telecommunication business is use of high tech.  Even people with proper education need experience especially in telecommunication business.  Besides, telecom technologies and solutions are changing all the time.  Thus, employees should learn to use them in their work.  When a company hires a new specialist it spends some money to train him and educate.  Of course, when such an employee leaves within one year, the companies suffer losses (education costs+ recruitment costs for a new employee).  That’s why it is very important to regularly measure this indicator which can also represent employee loyalty to the company, as well as employee satisfaction (as satisfied employee will obviously not leave the company).  The lower this indicator, the better work of HR service.
2. Percentage of employees with their performance increased compared to last review.  Improvement of personnel skills is a priority task for any company.  It especially concerns telecommunication business were tough competition is observed.  If company personnel is performing better the company is likely to attract new customers/subscribers which means increased revenue.  It is important to regularly evaluate professionalism and competence of personnel, and keep this indicator at the highest possible level.  If the value of this indicator is going down, company management should look for the root of the problem.

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Recent economic crisis has proved that if a company wants to improve it should start with the employees.  Even if a business has investors and sufficient production facilities to introduce new products and services the process of conquering the market will be a failure unless such a company has professional and loyal personnel.  It is not very easy to manage personnel if the company has hundreds and thousands of employees.  Much depends on employee attitude and satisfaction.  It is not a secret that most satisfied and loyal employees have most satisfied and loyal customers.  What does a loyal customer mean to a company?  He is a regular source of income.

In a tough competition companies have to improve and develop all the time.  It is impossible to develop without having a strategy.  And it is impossible to reach strategic goals without aligning operational in strategic management.  This is where balanced scorecard helps.  This performance evaluation tools measures key performance indicators to evaluate company progress on its way to implementation of strategic goals.  Human resource management, as an inseparable part of any business management system, should be also measured.  Moreover, HR goals and strategies should comply with requirements of the company general strategy and its vision.

It is important to say that different business areas have different approaches to evaluation of human resource management.  In fact, top managers should select the most important key performance indicators which a logical a different in different business areas.

In the field of real estate/property business the following KPIs will help company management evaluate efficiency of HR department:

1. Bonus payout as of total possible.  It is a fact of common knowledge that real estate agents earn money by selling and letting property and having their commissions paid.  This indicator is very tricky.  On the one hand, real estate agent must be satisfied with the commission he receives so that he will show high performance as he is financially interested.  At the same time the company he works for is interested in greater profits for itself.  This is where balance needs to be found.  Ideally, requirements of real estate agents should be taking into account, but on the other hand the company should get sufficient profits.
2. Average travel costs per employee. Real estate agents really work in office.  All the time they have to show real estate objects to potential customers.  Houses and apartments may be scattered throughout the city or even the state.  Of Course, sometimes deals are concluded via phone.  But it is important for some customers to listen about a house or an apartment.  Besides, some real estate agents can persuade even those customers who are unwilling to buy or just don’t need property.  For this reason property agents travel a lot.  Of that’s why such expenses should be controlled and minimized if possible.  Real estate agents should not use bicycles, but they should not use taxi either.  It would be reasonable to use economy cars consuming little gas.  This indicator may be measured as often as possible as the work of real estate agent is very intense.

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The army and military cannot be compared with any business, although this is a business in a way.  The army renders services for the country.  It protects citizens who pay taxes and higher army to perform such functions.  Historically, organization structure, methods and approaches to personnel as well as requirements and goals of the army look fairly different as compared to other business areas.  There are no “buts” in the army.  Working conditions are surely tougher than in other activities, even police or the National Guard.

Perhaps, it is possible to say that human resource management is the most important aspect in the army.  Why?  Because all those equipment and arms will not work and shoot without people.  What is army? Army is the soldiers and military command.  Efficient human resource management in army results and cost savings and improving efficiency of military units.

In order to evaluate HR efficiency in military it is possible to use balanced scorecard which is known as one of the best systems that measures performance and links operational and strategic management.  If commercial businesses have financial goals, the military aims at rendering high quality services of protecting the nation and efficient use of taxpayers’ money.

As known, balanced scorecard system works through evaluation of key performance indicators which must be carefully chosen before initial steps in BSC implementation.  If we’re talking about military the following KPIs should be given a special attention:

1. Average number of sick days per employee.  This is the very effective KPI which signals about different problems and issues in the army.  First and foremost, the army cannot afford having a large number of sick soldiers because it will be very vulnerable to attacks.  If the office clerk can substitute his sick employee a soldier cannot drive 2 Hummers or shoot three guns (only maybe in Hollywood movies).  At the same time this indicator shows efficiency of Medical Service as well as state of living conditions in the army.  Low value of this indicator signals that soldiers manage to stay healthy and thus ready to perform their duties.  It is recommended to regularly measure this indicator in order to find root of the problem, learn about most common illnesses and health problems soldiers and officers experience.  In such a way it will be possible to take counter measures.
2. Average time to recruit.  As known, the military profession cannot be called the most popular one.  There are many factors which explain this fact: tough conditions, physical and moral pressure and even danger to life.  That’s why, very often the military it requires much time to recruit soldiers-to-be.  Of course, the sooner assaulted is recruited the less money the army requires to educate him.  For this reason, military human resource department should undertake every effort to shorten average time to recruit to fill in vacant positions as soon as possible.  Recruitment process consists of several stages from education and advertising to medical examination, physical and psychological tests etc.  Of course all this requires money.

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Much has been said about importance of business performance evaluation.  Performance management was created specifically to measure how well the business is performing.  However, the first concepts were developed during the industrial revolution and the mainly two into account only financial indicators.  Of course, any business has mostly financial goals, and there is no doubt about it.  But in order to achieve financial goals one should pay attention to nonfinancial factors influencing business performance.  In other words, to earn more money one should work better.

Choice of KPIs depends on strategic goals

This is where balanced scorecard concept turned out new you and in a way revolutionary.  It was the first system that proposed to measure also nonfinancial indicators.  In general, balanced scorecard measures key performance indicators in four perspectives: financial, customer, internal processes, learning and growth.  It needs saying that every of the four perspectives does not function independently.  All perspectives are interrelated and they represent everything that happen score might happen to the company.

In measurement of call center it is very important to know strategic goals in order to set relevant values for each of the four perspectives.  What does this mean in practice?  For example, if a call center has the goal of performance sales via phone and the most emphasis is to be put on sales attempts and sales efficiency.  On the other hand, if a call center is a customer support service then customer perspective (customer satisfaction) would be given priority.

Set the right weight for KPIs and categories

Implementation of balanced scorecard in evaluation of call center performance requires some knowledge of how the call center works.  In other words, it is necessary to find relevant key performance indicators and set the right weights for both KPIs and categories (perspectives).

Imagine that a company has a strategic goal of improving customer satisfaction and thus improving its image which rule result in a larger market share.  You would agree that well reputed companies easily attract new customers, wouldn’t you?

So, balanced scorecard helps communicate these strategic goals with operational management.  BSC, when implemented properly, will show what needs to be improved in order to reach strategic goals.  It is imperative that all employees of the call center including its management clearly understand strategic vision of the company and their own contribution to reaching of strategic goals.  Only in such a way balanced scorecard turns into an extremely effective tool that measures business performance and links strategic and operational management.

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The 21^st century was marked with a rapid development of the Internet and IT technologies which it its turn caused progress and globalization of business. Markets became so tough and businesses so competitive that it is really difficult to survive now, especially taking into account recent financial meltdown. Any business, irrespectively of its type, should be constantly developing. If you think that you will earn money by selling the same amount of products for several years and your business will be prosperous, then you are bitterly mistaken. Such a business will be doing OK during the first months or perhaps a year. After that you need to develop and expand it.

Improving business performance is a must. You do not have much of a choice – either you are becoming better or you are wiped out by competitors. You need to make sure that every cent you have invested in your business is working for you. Inefficient funds allocation will work against you by giving advantage to your competitors.

Test hr performance with BSC System

In this connection evaluation of business performance is a primary goal for any business or organization. Moreover, you need to start with the department which manages personnel. We are talking about HR department. In order to evaluate HR performance you need to measure a number of indicators, commonly known as key performance indicators (KPI). KPIs differ from business to business. In case of HR department these indicators mostly concern cost spend for hiring employees, training them, as well as employee satisfaction and organization climate. Sure, there many KPIs which can of different importance in different companies, depending on their goals and dominating corporate culture.

For instance, it is very important to track changes in cost per hire. If you spend too much money to hire one employee then your HR department does a poor job. This also applies to turnover rate and employment time. If employees do not wish to stay in your company for a long time, then something is wrong. If managers often leave your business, your HR department needs to spend more money to find and train new people.

Use BSC System to evaluate hr performance

With the help of Balanced Scorecard system which was specifically designed to measure business performance you will be able to evaluate hr performance, find all weak points in the work of this department and eventually come up with applicable solutions.

Use of Balanced Scorecard systems is strongly recommended for HR managers wishing to improve performance of their department.

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Some businessmen often think that their business is a management board, equipment, buildings and facilities. They tend to forget that business is people who work in the company. If these people work poorly the business is unlikely to make a huge success. Moreover, there is a very tough competition in all market. So, if your company spends money in an inefficient way, such a business will not survive.

Who manages personnel? Of course, this is HR department. Humane resource managers have one ultimate goal – use (in a good sense of this word) employees to the fullest benefit of a company. At the same time a HR department needs to keep a balance and take into account position and viewpoints of personnel.

Any business should be measured. To measure something you first need to decide what you will use as a key performance indicator. Measuring business performance by net profit only is not a smart way to see how well business is doing. If we are talking about work of HR department proper evaluation of all processes there is a MUST for any major company.

Use HR metrics to measure performance of a HR department

HR metrics is used to find weak and strong points in the work of a HR department. Human recourse managers need to know what they are doing wrong and what they are especially good at. As said above, before evaluation of any business it is imperative to set KPIs – indicators that will represent company performance.

HR metrics is a key to successful business evaluation

In case of HR management these KPIs will go as follows: cost per hire, turnover cost, turnover rate, time to fill, employee satisfaction, organization climate and others. All the KPIs are equally important, although some managers often disregard organization climate and employee satisfaction. As a result, unsatisfied employees working in a company with a negative organization climate never show top performance.

All these KPIs can represent a full picture. For instance, it may happen that the company’s HR department is generally doing OK, managing to keep low cost per hire, however, there is a very high turnover rate which means that too many employees choose to leave the company.

Thus, evaluation of every KPIs will make it possible to reveal weak points. This is good for HR managers who will be aware of own mistakes. And of course, this is great for top management that is naturally interested in better and more efficient performance of the company.

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Human recourse management is an important part of the overall organization management in business. Many people forget that business is not equipment, buildings and facilities. Business is the people who run it. And if these people are not organized in a proper way, business can face problems and suffer serious losses. Effective HR department always controls internal processes in the company, organizes training sessions for new employees, helps them integrate in the company etc.

Any big company needs to have a HR department. However, just having a few HR managers is not enough to organize an effective work with personnel. The point is that HR department does not produce anything. So, a company spends money for personnel management and naturally expects some output and feedback.

That is why it is imperative to evaluate performance of department with the help of special system called Balanced Scorecard System. Such systems are widely used in all business spheres, including HR management.

Test employee performance with HR metrics system

Evaluate employee performance using Balanced Scorecard system

Why evaluate performance of HR department? As said above, HR managers need to work in such a way so to minimize company’s expenses for recruitment and training of personnel. If these two performance indicators show poor performance, then HR department fails to cope with its tasks.

Balanced Scorecard system for HR management traditionally evaluates key performance indicators (KPI). KPIs are values that altogether represent overall performance of the entire HR department. These are cost per hired employee, turnover cost, time to fill, average length of employment.

For instance, if it turn out that average length employment for a manager is less than one year then something is wrong with the company internal policy and working conditions. If cost per hire is too high, it means that HR department is using inefficient recruitment methods or simply hires wrong people.

It is very important to know what aspect of HR management work need to be improved. This is important both for business owners (as they spend their money to maintain HR department) and employees who will become aware of won weak point. An employee who knows about his weaknesses is a strongly motivated employee since he knows what needs to be done.

HR metrics help optimize work of a HR department which means that the entire company will perform well. Besides, HR department can monitor employee satisfaction and learn about problems and concerns of the personnel.

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They say that it is impossible to evaluate something without measuring it. In business terms, performance is measured in different values, often by money to time ratio. Thus, to analyze performance of your business, you need to find aspects of the work to be measured. Almost all businesses use IT support. Moreover, many firms use special software to evaluate performance of the company to find out what needs to be improved. Of course, in tiny companies this software is not very popular since it is possible to evaluate everything without automated tools. But why do extra work which can be done by computer?

All business professionals would admit that Human Resource Department is an important part of any business structure. You may have the best technologies, output capacities and equipment but you may be not getting proper profits because you personnel is poorly managed. When HR management works at its best you will immediately see positive results. However, the work of HR department also needs to be evaluated. HR managers should always get better and improve performance.

When it concerns companies and departments with 200+ employees it is not so easy to find out who or what makes the company perform worse than expected. Employee A is responsible for negotiations, employee B does the calculations, employee C goes through paperwork. If one of them fails, the entire chain fails. This influences the company’s overall revenue. Businesses must always get better, otherwise they will be wiped out by smarter competitors. In terms of HRM, one should always get better way of dealing with people and streaming their skills in the right direction.

For the purposes of performance evaluation thousands of companies are using Balanced Scorecard (BSC). What is a BSC? This is a mechanism of making personnel familiar with strategic success factors which are reached through key performance indicators (KPI). Different business and occupations have different KPIs. If we are talking about HR, KPIs mostly concern how efficiently personnel is managed in terms of finance and performance.

These days, many companies are using BSC metrics to evaluate performance of their HR department by key performance factors. So, let’s analyze how BSC metrics can help HR managers and HR departments. In order to perform an overall analysis we need to analyze KPIs, i.e. those factors influencing performance of HR department.

Cost per Hire. By evaluating this factor you will be able to see how expensive the recruiting process is. This process starts from posting job offer to the moment when a new person is officially employed in the company. Logically, the shorter this process is, the least expensive is cost per hire. This is a very important value, especially if the company counts hundreds and thousands of employees. This amount includes expenses related to advertising, agent’s fees, recruiter pay, relocation etc. to lover the average cost, a new person must be employed as quickly as possible.

Turnover Cost. These are the costs related to termination, new hire and learning. In other words, these are expenses related to integrating a new person into the company.

Turnover Rate. This value represents the situation in your company related to leaving and hiring new employees. Many people would agree that it is not good to change personnel too often. If the turnover rate is very high, then maybe you are treating your personnel wrong? Or is it something wrong with your business in general? Find out.

Time to Fill. Basically, this is the time needed to fill a vacant position in the company. Of course, this time depends on how well HR managers are working with recruiters, advertising and people in general. The shorter this time, the better performance of your HR department.

Length of Employment. This indicator is very easy to understand. It is possible to calculate an average value. For instance, in average an employee works 5 years for your company. Of course, everything depends on the position. If you are changing couriers or secretaries, this is not a big problem. But if chief managers work for your company less than a year, this is definitely not good.

Training and Development. Even if you hire the best specialist you need to integrate him into your company and train. Of course, you bear costs, related to training. If you manage to cut this cost without harming quality of training, then your HR department is doing a great job.

Salaries, compensation, bonuses. It is very important to know that you are not overpaying and allocating recourses wisely. This also concerns HR department of any company. With Balanced Scorecard you will be able to see how effectively company’s funds are being used in HR branch.

Cost Effectiveness. It all comes to cost effectiveness after all. All above-mentioned factors influence performance of HR department which has one goal – minimize costs and boost performance. If you HR department manages to cut costs and at the same time increase effectiveness, you can be proud of your HR specialists who know how to keep pace with the modern bsuiness.

Balanced Scoreboard will help you evaluate performance of HR managers and find solutions to problems. Once you enter all data, you will see graphs and values in percents which will indicate how well HR department is performing. Sometimes, it is difficult to find what takes the department down or what causes losses. With Balanced Scorecard you will be able to evaluate all KPI to see what needs to be improved.

Use specialized software to measure your business performance

HR metrics is important for large HR deparments

As to psychological aspect, BSC metrics will make managers and employees more enthusiastic. If they know where they need to work harder they will do that to improve overall performance of the company. In other words, they will channel their energy, knowledge and experience in the right direction. It is very important to know own weak points. Using Balanced Scorecard, heads of HR departments will know weaknesses of their employees. It may be not a problem if the department consists of 2 people, but what if we are talking about 200? If people working for you are self-assured and confident, your company will surely benefit.

HR metrics is a must have tool for heard of companies and departments. How can you achieve your goals if you are not performing the way you expected to perform? Besides, sometimes it is very difficult to find the problem or the factor which takes the whole department down.

It may happen that your HR department works in dissonance with other department and branches. For example, managerial braches need more employees and HR department cannot find them on time. It is possible that costs for training one employee are so high that the company suffers losses for the first two or three months of his employment. It is very difficult to find the root of the problem. Balanced Scoreboard is the tool which makes it possible to detect the problem and offer solutions. If you neglect problem you will be simply wiped out by competitors. Of course, this is not something you want to happen to your business, is it?

Many managers never think of organization climate. Indeed, why should they? The company seems to be doing OK. The work is being done. So, what else do you need? Well, this is not true. You company would perform better if employees have a loyal attitude towards the company management. Do not disregard emotional state of your colleagues. It is very important to measure organization climate. With the help of anonymous questionnaires you will be able to get basic info on climate in the office and use it in BSC. HR Scorecard metrics is a very useful tool in this sense. What is there is a negative climate in your company? What if something makes people disagree with the company policy? Why not change this little thing and perform better? BSC will surely help you out here.

If the curve of emotional state goes down, then something bothers people. There is only one way to learn it. All indicators can seem perfect but the work is not done the way it should be done. Again, the answer might be found in emotional climate.

Balanced Scorecard is the best tool to improve performance of HR department within a short period of time. You do not need any meetings and seminars to get information. Of course, personal meeting will also let you know what is wrong in the company and what needs to be improved, but with specialized software you will do that faster and more efficiently.

To sum it up, it needs saying that HR metrics tool is a MUST HAVE instrument in a top manager’s toolbox. This software will save you much money as well as let your earn more. This is the ultimate goal in business, isn’t it? So, take advantage of IT progress to become a true leader. As a true leader armed with HR metrics tool you will always know what needs to be improved in your company. Thus, you will have all chances of staying on the business Olympus.

Balanced Scoracard will help evaluate business performance

Improve performance of your HR deparment with Balanced Scorecard

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Financial crises and downturns are forcing businesses and companies to strive to control recession effects on HR performance by going back to the basics and focusing on their people.

Financial crises, recessions, and economic depressions are not new phenomena, but their occurrence is definitely a cause for great concern among many. This is because no matter how well we study the history of downturns such as these, dealing with them when they do happen again is still just as difficult. Most organizations will wonder, for instance, how to control recession effects on HR performance, and employee performance in general. For the most part, this would fall to the efforts of the human resource department. In fact, the HR department would probably need to handle the most important part of the recession coping strategies.

This is because, essentially, what crises force organizations to do is to go back to the basics and try to maintain an intact, dynamic core. This core consists mainly of the organization’s leaders and employees – all united towards accomplishing their mission and achieving their vision. The panic and worrying induced by uncertain, or worse, poor economic conditions will tend to obscure this simple fact, but human resource departments should strive to realize this, better sooner than later. The sooner HR is convinced of its central role in surviving the crisis, the sooner planning and implementation could start as well.

Drops in sales and profits will inevitably lead management to consider laying off employees, especially the poor performers. While this may be necessary in a lot of cases, it should also be realized that this often has unintended consequences. This is manifested in the loss of productivity caused by layoffs, however small, as other employees suddenly feel less secure in their own jobs. Another effect may be lowered morale, since those who were laid off were friends and close colleagues of those who remain in the organization. The best thing to do to try and lessen these side effects would be to maintain open channels of communication among the management, human resources, and the employees. They should be able to ask questions and get straight, honest answers. This will, in the long run, lead to a better understanding amongst the different parts of the organization, which is crucial for long-term survival.

HR should also do the best they can with the employees and resources available, in terms of training programs. While recessions are usually seen as periods where organizations should do all they can to just stay afloat, it would not do to neglect the future for the present. That is, training budgets are often cut mercilessly during tougher times, with the rationale that they give no immediate payoff. However, companies that follow this policy too closely may find themselves unprepared to cope with the changed situation once the crisis has passed. Strategies should be made looking at the long term, and not just the short term, no matter how tragic the short term may seem to be.

HR departments truly do have their jobs cut out for them in times of crisis, but with a smart and sensible plan, managers can effectively control recession effects on HR performance.

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HR performance is a vital aspect of any organization that deserves attention. Its various processes are undeniably linked to the performance of the organization as a whole.

HR performance refers to the effectiveness of people management, or human resource management, and is usually seen as one of the most difficult aspects of organizational performance to measure. In contrast to the financial aspect, for instance, which more or less has a strict, objective set of metrics (or measurement parameters) and performance criteria, people management is less cut and dried.

Intuitively at least, the link between HR practices and organizational performance is quite undeniable. Managing people well will inevitably lead to improved performance, in general. To be systematic about investigating and characterizing this link, over the years, many people have considered various types of metrics. Here, we present an overview of the different metrics and parameters commonly used to describe and evaluate different aspects of HR effectiveness.

The human resource process typically begins with selection and recruitment. Whenever there are vacancies to fill, it is the HR department’s job to find applicants and select from those most qualified to fill the available jobs. The relevant measurement dimension would then be the sophistication of these processes. That is, it would be useful to look at whether or not the application and selection process makes use of psychometric tests, whether or not there are clear criteria for selection, and whether or not interviews are well-structured.

The next processes are induction and training. Induction refers to the official entry of new employees into the organization. Once again, metrics that measure the sophistication of these processes are the most relevant. For instance, the duration of these programs in terms of time spent per employee may be a relevant metric. The effectiveness of induction and training, on the other hand, may be measured using targeted surveys of participants.

The final and perhaps most important HR process would be performance management, or how HR monitors and supervises the daily workings of the organization, with respect to its employees’ performance. It is important for these performance management processes to be coherent; that is, they should be orderly, logical, and they should fit well together. It is also important for these processes to have as large a coverage as possible; that is, as many aspects of organizational performance as possible should be managed. Relevant metrics would then be manpower and man-hours dedicated to performance management, percent increase or increase over time of employee efficiency due to management, and so on.

And of course, it is also important for performance managers to have a solid set of metrics to measure employee and organizational performance. These metrics would differ from organization to organization, depending on their business processes and the services they offer or perform.

So, in a nutshell, HR performance may be measured by looking at its processes, from selection to induction and training to day-to-day performance management. These processes may be evaluated using relevant metrics, some of which have been enumerated above. The measurement and evaluation of the HR aspect is a useful complement to the measurement and evaluation of the financial aspect of any organization, and thus should be given the same amount of consideration.

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