Employee life cycle metrics are the benchmarks that organizations use to measure employee performance, motivation, and engagement. They are often used by HR departments to help companies optimize their hiring, training, and retention strategies.
There are Two Main Types of Employee Life Cycle Metrics:
- Time-based metrics measure how long an employee stays with a company, or how long it takes them to complete a specific task.
- Performance-based metrics measure the quality of work done by employees, or how well they’re performing their job duties.
Both types of metrics can be used together to improve your company’s hiring process and retention strategy. Other metrics include;
Time to Fill Open Positions
This is an important stage because it determines how long it takes to fill an open position, but it also determines how much time your company will spend looking for new hires. It’s important to set up a process that helps you find the right candidates quickly so that you don’t waste any more time than necessary on this step in the process.
Regretted and Un-regretted Turnover
What percentage of employees leave your company voluntarily or involuntarily? The answer to this question will help determine if there are any issues with retention that need attention, such as low pay or a lack of training opportunities.
Total Payroll and Payroll Growth Over Time
The amount of money spent on payroll is one indicator of how well things are going for your company.
Employee Productivity Rates
The employee productivity rate measures the amount of work done by each person over a given period of time. This can be measured based on hours worked, the number of tasks completed, or other metrics relevant to your industry. Regardless of how you measure it, this data can provide insight into whether you’re retaining good employees or not.
Rate of Employee Promotions
The rate of employee promotions tells you how many employees were promoted during a given period (e.g., one year). This information can help you determine whether your company promotes from within or hires new people from outside sources and whether either approach is effective at keeping your best employees around long-term.
Training Hours and Cost Per Employee
Training hours tell you how much time your company spends training each new hire.
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