April 27, 2023

Fudging the Numbers? Know YOUR HR Metrics

In today’s competitive labor market, employers face challenges in both recruitment and retention. On April 27th, CNN published, “2023 layoff tracker: The latest on which companies have announced job cuts.” Some of the numbers are concerning given economic challenges that employers and workers are already facing.

Another source, Intellizence reported, “Since January 1st, 2023, 1431+ companies across various industries have announced layoffs.” This included hiring freezes. If you extrapolate that figure through this calendar year, it will reflect a more than 27% increase in layoffs and hiring freezes compared to 2022!

To attract talent to fill the jobs they do have available, some employers may paint a brighter picture than what their reality reflects. “Join us! Our turnover has dropped by 40%!!” Sounds like a great place to work, right? That may be a fact. But what is the cause? It may be that the reduction happened because the company imposed a hiring freeze. It stopped filling the positions left vacant through attrition. So, while the same percentage of employees are leaving their workforce, a freeze on hiring enables them to tout a reduction in turnover, which includes job filled after the employee leaves.

It is a matter of semantics, not metrics. Do you know the difference between your vacancy, attrition, and turnover rates? If you are having trouble filling the vacancies you do have, do you know where your trouble spots are? When, for what jobs, at which locations, and who is declining your job offers or “ghosting” you.

These were just some of the topics covered in the April 26th webcast, “HR Metrics and Analytics.” If you missed it, you can still register to access the recording, which will still provide certified HR professionals with 1.25 general credits. Click here for the program description and to register.