Employees must make every effort at creating, maintaining, and demonstrating procedures and activities that are in compliance with the relevant regulatory laws. Complying with regulatory expectations is also important to satisfy important stakeholders such as investors, lending institutions, and third party administrators. These stakeholders increasingly look at regulatory compliance as a means for ensuring that resources get properly utilized and that results get rightly reported.
Towards this end, metrics and measurements that are strategic, operational, and transactional are sought out by employers in order to make sure that regulatory and business expectations are being met. These metrics, or measurable attributes, help them to locate risks of both a monetary and non-monetary nature, and help them come up with ways of managing the core areas of business, such as generating revenue, ensuring productivity, curtailing labor costs, and increasing profitability.
Get a full understanding of HR metrics
In order to achieve all these, organizations need a thorough and proper understanding of HR metrics, which will help them achieve these business aims. This is the training a webinar from TrainHR, a well-established provider of professional trainings for the HR industry, is organizing. At this webinar, the speaker is Ronald Adler, who is the president-CEO of Laurdan Associates, Inc. Please register for this webinar to gain a very thorough understanding of evaluating employee abilities by logging on to http://www.trainhr.com/control/w_product/~product_id=701680?wordpress-SEO .
HR metrics should be comprehensive
One important element of HR metrics is that though designed by HR, they should take the perspective of all the departments of the organization, and not just HR’s. That is, HR metrics should be judiciously distributed between the HR and the C-suite, other departments, and line managers, and should be an interface between all of them. These metrics should serve their core purpose and importance: That of enabling informed decision-making that is a result of the inputs provided by the stakeholders. The important aspects of HR metrics are:
- They should be proactive rather than being merely suggestive and predictive of results
- They should lead to concrete actions
- They should be focused on outcomes rather than numbers.
- Most important of all, HR metrics should be measurable, because what cannot be measured cannot be managed.
HR metrics serve several important purposes
The development of HR metrics should serve many important purposes. HR metrics help the organization:
- Evaluate the importance and value and contribution of the organization’s human capital
- Focus its attention on how human capital helps it achieve its business objectives
- Measure and assess human capital management and the risks related to liability related to employment practices
- Assess individual and organizational performance.
It is critical to select the right HR metrics
The value and ability of HR metrics to deliver depends on the kind of metrics HR develops. Selecting and using the right HR metrics, i.e., the HR metrics specific to the organization, is a direct result of the understanding HR has of the organization’s needs. Effective HR metrics are those that help the organization identify the weak links and fallacies in its human resource management and employment practices compliance activities.
Selecting or omitting the appropriate HR metrics shows the organization’s ability to judge what is best suited to it. The point of doing all this is that the rightly selected HR metrics should help HR to thoroughly assess the organization’s performance and should supply it with the inputs it needs to evaluate human capital outcomes.
At this webinar, Ronald will demonstrate how employers can put metrics in place to measure the employment brand. He will show how these can indicate and lead to the organizations’ ability to attract and retain top performers. He will also show the ways to measure legal and statutory non-compliance, which will lead to punitive actions from the regulatory authorities. He will explain what use HR metrics have in helping organizations assess compliance risks and will discuss the use of HR related Key Compliance Indicators (KCIs) that can be used as a parameter of a continuous audit process that ensures compliance.