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Effective HR metrics are not developed in a vacuum. The "right or best" metrics require a detailed understanding of your organization: how it generates revenue, its business strategies and objectives, its business imperatives, the risks it faces, the opportunities to be seized, and what it already measures.
HR metrics should not be developed in a silo or owned exclusively by human resources. To be of value, HR metrics should measure the business factors that are important to the organization — not just HR — and should be co-owned by HR and the C-suite, other departments, and line managers. From this perspective, HR metrics should be predictive and action-oriented; metrics that do not assist organizational decision-making are of little value.
The measurement of business outcomes is a critical component of the HR auditing process. Your organization's HR metrics should help you assess the value and contribution of your human capital, focus attention on how human capital helps achieve business objectives, help assess human capital management and employment practices liability related risks, and help assess individual and organizational performance. This webinar discusses the transition of HR metrics to business analytics in helping organizations assess these risks and discusses the use of HR-related Key Compliance Indicators (KCIs) that can be used as an element of a continuous audit process that provides assurance of compliance.
Governmental and regulatory agencies have put employers on notice that they must create, maintain, and demonstrate procedures and activities that show compliance with federal, state, and local laws and regulations. At the same time, investors, lending institutions, and third-party administrators are constantly imposing requirements upon employers that seek to ensure resources are properly used and results are properly reported. Employers need metrics that are strategic, operational, and transactional — metrics that help them identify monetary and non-monetary risks and manage revenue generation, productivity, labor costs, and profitability, as well as metrics that help identify non-compliance that may result in fines, penalties, debarment, and lost business opportunities.
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President-CEO of Laurdan Associates, Inc., a veteran-owned HR management consulting firm specializing in HR audits and employment practices liability risk management, with more than 37 years of HR consulting experience. Co-developer of the Employment-Labor Law Audit.
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