Unicru put out a nice whitepaper entitles “Why Analyzing Turnover Is Not Enough.” You can register to download it for free here. In it, the author describes how extending the conceptual data framework around turnover and expanding data results across other measures, your turnover statistics can become drivers for higher employee utilization and cost savings. I think this whole thing fits quite nicely with the previous post on employee retention and utilization.
The author’s measurements illustrate what we all already know through quantitative analytics. We modern HR professionals all recognize that this is how we get things done – by showing impact to the bottom line.
Decreased turnover = increased tenure = decreased unproductive new hires
= decreased overall learning curve = increased workforce experience
= increased productive time = increased revenues
So along with turnover, we add the following metrics to create a total picture:
- Time to hire
- Time to competency
- Average length of service
Which brings to mind another topic for the future – I’ve never done a review on reporting systems…