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Human Resources Dashboard Purpose: Monitor recruitment effectiveness and employee happiness.
Who is a Human Resources Dashboard for? A Human Resources Manager or Head of People Operations.
Why is a Human Resources Dashboard useful? A company’s human capital is one of its most valuable assets. As a Human Resources Manager, you’re in charge of nurturing the existing workforce and finding talent who will be a solid cultural and professional fit.
Of course, your workload complexity will vary greatly based on the size of the company. However, there are several key recruitment and employee happiness metrics to help you monitor the effectiveness of your efforts at any stage. This dashboard is a great starting point to track your activity and share key results with the team. As your needs diversify, you may think about including additional metrics to your dashboard.
What Human Resources metrics does it contain? Recruitment metrics measure how effective your recruitment process is and help identify where you could improve. At a high level, you’ll want to know the duration of your hiring process, the costs associated with recruitment activities, and how your hiring process is performing in terms of quality and efficiency. Once you gain an understanding of these key areas of your recruitment cycle, you’ll be able to prioritize your workload and optimize costs for better results. For example:
Action 1: Revise your external applicant sources. You want to invest in sources that fit your needs. If your external sources (e.g. recruitment agencies) are struggling with sourcing the right candidates, you may need to look into diversifying your sources of hire. Ask your existing employees about the right channels–they should be able to point you in the right direction.
Action 2: Revise your job description– it’s possible your advert it not attracting the right audience. Make sure it’s clear enough and includes all the relevant information, such as required level of experience, duties and expectations. This should reduce ambiguity and increase responses.
Action 3: Run an experiment to see whether you achieve better results by boosting your internal efforts. Utilize your internal channels, such as social media and existing employees to drive more traffic to your careers page and attract more qualified applications. This strategy will surely impact your cost per hire. Your external recruitment costs will surely decrease, but keep an eye on whether your internal costs skyrocket as a result. The idea is to optimize and decrease spend, not overburden the team. Check what yields the best results and find the right balance between time, resources, costs and qualified candidates.
As a Human Resources Manager, you also need to have a good understanding of how long it takes to find the right candidates. Tracking time to fill helps you plan your hiring activities better and also serves as a warning sign when your hiring process takes too long. It is useful to track time to fill per job role, as some positions take longer to recruit for than others. For example:
Scenario 2: Your team is looking to hire a new software engineer. Your time to fill a role is 50 days and based on your hiring pipeline, you know that your yield ratio for candidates who make it to the assignment stage is, on average, 8%.
Action 1: Plan how you will source the right candidates. If the hire is relatively urgent, you may want to optimize your efforts around your best performing sources. This should reduce the number of applicants who are lost between recruitment stages. That is, focus on attracting only high quality candidates who’ll make it into the first round of interviews.
Action 2: If you’ve been looking for the right candidate for a while now, you may want to rethink your strategy. You could start filtering candidates earlier in the process. For instance, you could ask candidates to perform an assignment earlier. You’ll be able to gauge ability levels earlier and eliminate unfit candidates
Sourcing talent is only part of your duty as a Human Resources manager; nurturing existing talent is the other. Making sure the existing workforce stays happy, engaged, and motivated impacts the business long-term.
Employee happiness is usually measured via qualitative feedback or surveys. Employee net promoter score (NPS) is a useful metric to start with. Some companies also measure Employee Engagement Index or Employee Satisfaction Index. You can make a call whether you need to move from informal feedback sessions to more formal quantitative methods.
To increase employee engagement and happiness, consider organizing team events and corporate social responsibility (CSR) projects to give the team a chance to celebrate success and interact more. Additionally, companies that want to make sure they retain talent invest in its continuous development. Some companies allocate a fixed allowance per employee, while others have a more ad-hoc approach to training. Either way, it’s a great way to foster employee growth, which often nurtures fulfillment and workplace happiness. For example:
Scenario 3: Has 20% of the allocated training budget been spent and you are nearing the third quarter?
Action: Remind employees about their personal training allowance. It’s a way to reinforce their value to the business.