Hello Friends,
As we all know that numbers speak for themselves, whats expressed in numbers is generally understood easily and also it is justifiable in a more convincing manner when compared to literature. The below mentioned ratios definitely is indicative of the performance of HR in any given organisation and is the most widely used and accepted methodology for calculation.
Employee Turnover
Well, many of us are at cross-roads as to how to calculate Employee Turnover. Each one of us has a standard and when we compare our statistics with other organizations, we are embarrassed aren't we?
Well here is the equation set by the United States Beaureau of Labor Statistics
Turnover = (Number of employee separations during the month/Total number of employees at Mid Month)*100
Lets hope that now on, all of us speak on the same wavelength eh !
Absenteeism Rate
Various methods of measuring or computing absenteeism exist. Well here is the formula suggested by US Department of Labour :
{Number of person-days lost through job absence during period/(Average number of employees) X (Number of work days)}*100
Cost of Interview
CoI = (ST + MT) / nI
ST = Total staff time spent on interviewing candidates (staff hourly rate x hours spent)
MT = Total Managers time spent on interviewing candidates (managers hourly rate x hours spent)
nI = No of candidates interviewed
Cost of Hire
CoH = ST + MT + AC + PC
ST = Total staff time spent on interviewing candidates (staff hourly rate x hours spent)
MT = Total Managers time spent on interviewing candidates (managers hourly rate x hours spent)
AC = Advertisement Cost (if multiple advt. Then divide advt. Cost by nos. of positions)
PC = Placement charges paid
Regards,
Ramya
As we all know that numbers speak for themselves, whats expressed in numbers is generally understood easily and also it is justifiable in a more convincing manner when compared to literature. The below mentioned ratios definitely is indicative of the performance of HR in any given organisation and is the most widely used and accepted methodology for calculation.
Employee Turnover
Well, many of us are at cross-roads as to how to calculate Employee Turnover. Each one of us has a standard and when we compare our statistics with other organizations, we are embarrassed aren't we?
Well here is the equation set by the United States Beaureau of Labor Statistics
Turnover = (Number of employee separations during the month/Total number of employees at Mid Month)*100
Lets hope that now on, all of us speak on the same wavelength eh !
Absenteeism Rate
Various methods of measuring or computing absenteeism exist. Well here is the formula suggested by US Department of Labour :
{Number of person-days lost through job absence during period/(Average number of employees) X (Number of work days)}*100
Cost of Interview
CoI = (ST + MT) / nI
ST = Total staff time spent on interviewing candidates (staff hourly rate x hours spent)
MT = Total Managers time spent on interviewing candidates (managers hourly rate x hours spent)
nI = No of candidates interviewed
Cost of Hire
CoH = ST + MT + AC + PC
ST = Total staff time spent on interviewing candidates (staff hourly rate x hours spent)
MT = Total Managers time spent on interviewing candidates (managers hourly rate x hours spent)
AC = Advertisement Cost (if multiple advt. Then divide advt. Cost by nos. of positions)
PC = Placement charges paid
Regards,
Ramya