Metrics for Balance for Successful Workforce Management Forecasting
There are many factors that make a successful manage your workforce, And when it comes to prediction, you can choose to consider them all or just take a handful into account. Regardless of the metrics you choose, experience has taught us that the following four are essential to measure for better workforce management.
1. Retention
Frequency of staff turnover can be costly to your organization, and not just in a monetary sense. Productivity and morale are affected by you employee retention and refraction rate. While keeping track of your turnover rate is important, you should also make a note to see who is leaving – your high-performing employees or those who are sluggish and you can really do without?
2. Total Workforce Cost
Essentially the sum of each cost related to your workforce. This includes compensation, benefits, full-time and part-time worker expenses. These types of metrics help build a reliable picture of your workforce spending that can guide and inform strategy and decision making.
3. Productivity
tracking equipment and scheduling software Huh The easiest way to keep track of your team’s productivity. For more mathematical ones, check out this simple formula by the Houston Strategy Forum. Another way to measure productivity is to request that employees keep timesheets and lists of everything they worked on during a week. However, this approach is the most time-consuming, although it, like the others, encourages accountability.
4. Effectiveness Ratio
Effectiveness is subjective, isn’t it? Well not at all. There are a few formulas you can use to calculate the overall effectiveness of your team(s). Which we have found to be the most reliable and therefore we would recommend that for each rand spent on salaries of all full time and part time employees, how much gross profit does your company get.
