Here are three more KPIs you may wish to consider within your business!
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KPIs for understanding your talent
Your people are your strongest asset. Or at least, they should be. These HR KPIs are about helping you to understand how effective you are at managing and retaining your top talent. There’s cross-over with the culture section, so check out those KPIs first then move onto these more specific talent related HR KPIs:
Internal to External Hiring Ratio
Hiring internally is almost always preferable to hiring externally. It’s more cost-effective, a great way to retain talent and inspires others to build their careers at your organisation. It’s also reflective of the effectiveness of your training programs and talent management capabilities. Simply measure, of the hires in the last 12 months (rolling), what was the ratio of (internal hires: external hires).
Average Duration in Position
This is an interesting KPI, because you neither want it to be too high, nor too low. A low average duration indicates a poor job fit, either something wasn’t right for the employee or the employer. But a high one can be indicative of a lack of career opportunities or stagnation in the workforce. It’s tricky to say what a good average is, but generally the most engaged in organisations where they moved (internally) every 18 to 24 months on average. Yes this is dependent on the size of the organisation, but it can be measured on projects too.
Training Investment per Employee
Whilst this is very much a lead indicator, you should closely monitor how much you’re investing in training and development. If you invest too little, it’s likely that you’ll either (a) struggle to develop top talent internally or (b) have top talent leave to pursue training and development opportunities elsewhere. It’s again hard to say what a good number but you need to look at what you are investing each year.
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