Over 40 workforce planning metrics analyzed, including new-hire attrition rates.
The Institute for Corporate Productivity (i4cp), a research organization that focuses on the people practices that drive market performance, has released new research that helps business leaders build strategic workforce models by identifying the most critical workforce planning metrics to track.
i4cp's new report, Workforce Planning Data Choices for High-Performance Organizations, outlines the usage and correlation to market performance of over 40 metrics that companies use for workforce planning.
The research revealed that, for example, high-performance organizations are almost 3X more likely than low-performers (53% vs. 18%) to measure new-hire attrition rates. High turnover rates for new employees can signal problems with recruitment, onboarding, training or even employer branding.
Looking at turnover rates, or other rate-related metric, is also more common among leading companies. ”When it came to turnover data, i4cp found that high-performance organizations were more likely to track rates—attrition, new-hire attrition and the like—while lower performers focused on simply capturing numbers,” said Carol Morrison, Senior Human Capital Analyst at i4cp and author of the report. “Those rate metrics are the measures reflecting the strongest correlations with market performance.”
This research was developed in conjunction with i4cp's Strategic Workforce Planning Exchange, a peer working group that includes Raytheon, FedEx Ground, Aerojet, Luminant and other leading organizations. The group is designed to help workforce planning professionals learn how high-performance organizations far outdistance others in workforce planning effectiveness, and to collaborate with peers to develop and share tools and practices that will aid in building workforce planning capability. Learn more here.