Finding the right talent is a challenge, and keeping it is another. With data analysis, Evolusys helps you find the perfect fit, detect the pain points in your structure and better manage your workforce.
Absenteeism reports help companies understand what time of year produces the most absences so they can adapt, prepare and avoid any major productivity loss.
Absenteeism costs a lot for companies and it is one of the main indicators of the lack of motivation from employees.
If your find out that your absenteeism rate of the past month(s) is higher than the historical rate, investigate and find the reasons: is it specific to one department or a company-wide issue?
To remediate the situation, important Key Performance Indicator (KPI) can be implemented such as:
It is important to watch these metrics over time and to reduce them, because it will inevitably impact your business: be it the company atmosphere or the overall productivity, in the end your finances and the general well-being of the business will be at risk.
The Turn Over Ratio of your company is a good indicator of the success of your company in terms of retention efforts and, just like the time to fill, is a good help to plan for talent replacement.
Added to the usual costs of having to manage an employee leaving the company, you must calculate an additional loss of 4 to 6 months of salary from the new employee. That is the time the new person will take to learn everything and start to be productive.
A low turnover rate is always better for a satisfactory performance in the long run and will lower recruitment costs in total. Evolusys can provide these following measures to help you understand your turnover ratio.
With a good analytical tool that helps you track such measures, your company can take better decisions to maintain real talents.
An employee cost report is helpful to track employees’ development. These costs pile up rather quickly and heavily on a company’s budget, this is why hiring shouldn’t be taken lightly. Invest in talents that will bring even more value back, and Evolusys' employee cost reporting tool can help your company achieve just that.
It is important to analyse what it takes to find the perfect fit. The amount of resource invested can cover all the costs from recruiting (advertisement/marketing, referral incentives, time cost of recruiter reviewing and selecting CVs, conducting interviews) to training (time cost of manager/instructor, materials, and time cost of a new employee).
The amount of resources invested into acquiring the best talent can be determined by averaging the total marketing, hiring process, and referral costs per hire.
Training costs should not be limited to new hires. More and more workers today wish they had a better job development and wish for a continuous learning in their position. Investing in an employee for him/her to develop his/her already acquired skills, or new ones, is an option often too little considered by HR management.
As an organization, you want to ensure that the money you are putting into training your employees is paying off. And this can be defined as the profit per dollar invested in social compensations/wages.
Beyond reviewing employee’s performance, productivity measurements can help them understand how much they have done and how well they did it and adjust their ways of working when needed.
The Overall Labor Effectiveness is a very interesting and complete HR measure. But for a deeper analysis, it is good to consider the components that have effect on the productive output: the availability, ie. the amount of time where employees are actually working; the performance, or the amount of product delivered; and finally the quality, or the number of perfect / saleable products produced during that time.
Measuring productivity accurately can ensure greater profit, but also increase employee motivation and recognition.
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