“This week, we studied and discussed metrics relevant to workforce and staffing. For this assignment, you will demonstrate your understanding of these metrics by writing a short paper that addresses the following questions:
What can each metric demonstrate? What is its importance to HRM and strategic decision-making?
What would be learned from statistics derived from this metric?
Where might one find (or collect) the raw data for this metric? How would you implement tracking this metric in an organizational dashboard/balanced scorecard?
What, if any, potential difficulties might create challenges in tracking this metric?
workforce and staffing metrics
Efficiency of Workforce and Job Satisfaction (Quantitative)
Metric 1: Absenteeism Rate and Cost
Metric 2: Turnover Rate
Diversity and Minority Composition within the Workforce (Quantitative)
Metric 1: Measuring for Disparate Impact
Metric 2: Ratio of Grievances to Employee Population
Metric 3: Minority Representation by Category
Metric 4: Minority Turnover Rate
Efficiency of Recruitment and Selection Systems (Quantitative)
Metric 1: Average Days to Fill an Open Position
Metric 2: Offer Acceptance Rate
Metric 3: Yield Ratios
Understanding the Applicant Experience and the Exit Interview (Qualitative)