The People Metrics you should know and care about – HRBench has them covered.
Posted:
February 1, 2024
Summary:
Platform improvements and 4 new people metrics: Rookie Ratio, Net Hire Ratio, Application Count, and Promotion Rate. Enhance your workforce analytics strategy this spring and beyond!
We’ve been busy making the HRBench platform even better, easier to use and implement and we’ve added four brand new people metrics to our platform this week! Here’s the new people metrics you can expect for your best workforce analytics strategy this spring and beyond:
- Rookie Ratio: This metric produces a ratio of employees with under two years of tenure to total headcount within the same timeframe. It helps organizations monitor the influx of new talent, assess the effectiveness of recruitment and onboarding processes, and ensures a healthy balance of experienced and new employees for sustained growth and innovation.
- Net Hire Ratio: This metric divides the number of additions by departures in a timeframe, and helps to identify if the organization is growing, staying steady, or is contracting.
- Application Count: This metric is a sum of applications received within a timeframe, and gives insights into recruiting efficiency. Seeing the number of applicants per job over a specified time period helps identify areas that might need more attention to attract talent or those roles.
- Promotion Rate: This metric measures the rate or frequency at which employees are promoted to fill open positions within a timeframe, and provides insights into talent management effectiveness, DEIB efforts, employee development opportunities, and overall organizational health.