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September 2016 Newsletter
In This Issue
  • Thanks for Joining Us!
  • How to Determine What HR Metrics to Measure
  • The ABCs of HR Metrics
  • Quick Reference: Why Great Goals Are More Important Than Ever
  • Quick Reference: Six Reasons Why You Should Encourage Your Employees to Set Personal Goals
  • Coach’s Corner: Defining the Metrics That Matter
September 2016
Volume 3, Number 9

Thanks for Joining Us!

September is here already! Our days are getting a little shorter, school is back into full swing, and vacation season is winding down. You and your team are ready to return to action and focus on ways to ensure your organization is functioning at top steam.

This month we focus on the concepts of HR metrics, which help your organization measure and communicate the value added aspects of your business, demonstrate the contribution of human capital, and measure and manage employment related risks. We also touch on goal setting and how on a personal and organizational level they can set the path towards success.

Devoting HR resources to critical functions such as these add value, make the organization more competitive, help the organization achieve its business objectives, and reduce risks. Keep reading for more learning.

How to Determine What HR Metrics to Measure

Simply defined, human resources metrics are different measurements that are used to show the value that the human resources function provides to the organization. These measurements demonstrate how effective the efforts of the human resources department are to the overall success of the organization.

Determining what metrics to measure and report will depend on your organization’s strategy and goals. A good approach is to focus on the metrics that affect progress toward business goals. However, assessing what data are meaningful, determining how to measure them and choosing appropriate communication methods can seem daunting. When choosing what HR metrics to focus on, consider the following:

* Review business strategy and both long- and short-term goals with executives to ensure HR is aligned with these objectives. Identify how HR will contribute to achieving those goals, and pinpoint which measurements will provide targeted, relevant information about how those functions affect business objectives and strategies.

* Define each HR metric and its formula. Not all organizations define metrics the same way or use the same formulas. For example, some companies measure the cost for each new hire without including payment for recruiters as a related expense.

* Determine what data must be collected, what collection methods are available, and how the data will be gathered. For instance, will all data for cost-per-hire be captured in human resource information systems? Or will some data need to be obtained from another department?

* Decide how often HR metrics information will be collected and reported. Will it be monthly, quarterly or annually?

* Choose what format will be used to report the data and who will receive the report. Will the data be part of a regular operations report or scorecard? Will it be a stand-alone document? Who will receive the report?

* Review what is being measured on a regular basis to ensure that HR is providing relevant information. Have goals changed? Does HR need to be providing different metrics to support business objectives?

An effective HR metrics reporting practice provides measurable value to the organization by pinpointing where human capital issues exist and allowing HR staff to monitor trends.

Source: Society for Human Resource Management

Information from appropriate HR metrics can be used to assess, plan and improve HR as well as to contribute to achieving business strategies and objectives.

Contact Wendy Ellen Inc. for assistance today!

The ABCs of HR Metrics

There are an endless array of HR metrics you can use spanning payroll, compensation, benefits, engagement, retention, training, and more – all of which can provide incredible insight into how your HR function is performing. Some basic and standard metrics, along with their respective formulas, include:
Determining and measuring effective metrics takes
precision and know-how.

Contact Wendy Ellen Inc. to start planning today!

Quick Reference: Why Great Goals Are More Important Than Ever

Goal setting, given high priority and approached consistently throughout the organization, is the mechanism by which the business delivers results against its strategy. Improved shareholder value, greater profitability, increased revenue, inspired innovation — none of these can be realized without an organized process that deconstructs strategies and cascades relevant and measurable elements of those strategies appropriately through the workforce.

Quality, effective goals offer significant benefits to the organization. Great goals:

* Add a needed measure of organizational discipline that keeps everyone at every level focused on the same destination.

* Allow accurate forecasting of resource needs, foster the efficient use of those resources, and avoid costly stops, starts, and changes in direction.

* Keep the organization competitive in both the business marketplace and the employee marketplace.

* Keep employees engaged because employees know what is expected of them at work.

Quick Reference: Six Reasons You Should Encourage Your Employees to Set Personal Goals

According to a study done by Gail Matthews at Dominican University, those who wrote down their goals accomplished significantly more than those who did not write down their goals. Who doesn’t want to accomplish significantly more?

Smart leaders will always encourage employees to spend time reflecting, identifying, and recording their personal and career goals. Below are six reasons why goal setting is so important:

1. Goals Propel You Forward

Having a goal written down with a set date for accomplishment gives you something to plan and work for. A written goal is an external representation of your inner desires; it's a constant reminder of what you need to accomplish.

2. Goals Transform Insurmountable Mountains Into Walkable Hills

Break your goals into small actionable steps and assign realistic time frames to each. Planning towards these smaller goals not only makes it easier to formulate a definite plan of action that we can start working on right away, but research has shown that hitting smaller milestones provides real motivation and greater satisfaction.

3. Goals Help Us Believe In Ourselves

Setting goals for yourself is a way to fuel your ambition. Goal setting isn’t just about creating a plan for your life and career and holding yourself accountable, its also about giving us the inspiration necessary to aim for things we never thought possible.

4. Goals Hold You Accountable For Failure

If you don’t write down concrete goals and give yourself a timeline for achievement, how can you look back and re-evaluate your path if you fail? It's a concrete sign that whatever you’re doing isn’t working, and you need to make real changes if you want to get where you want to be.

5. Goals Tell You What You Truly Want

By asking ourselves what we really want and constantly re-assessing our goals, we gain the benefit of introspection and self-reflection. We can figure out what it is we really want in life – and then we can go out and do it.

6. Goals Help Us Live Life To The Fullest

When you take the time to set goals, you ensure that your life is geared towards getting the most out of every moment. There’s so much to do and experience in life, but many of the things we want to achieve and experience won’t be handed to us – we need to work for it. With a clear sense of what you want to do and where you want to go, you'll find it much easier to get there.

Adapted from:
About Wendy Ellen Inc.

Wendy Ellen Inc. specializes in providing human resource and benefits management skills to small to mid-sized companies on an as-needed basis. From recruitment, Human Resource policy development and legislative compliance, employee retention and engagement, individual advisor/coaching, succession planning to employee development and performance, Wendy Ellen Inc. will help you protect your most valuable resource, your people.

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