You need to care about your employees, or else they will find another employer that does. Toward that end, there are general benchmarks to consider that will tell you how your workforce is doing. In an article for TLNT, Marc Rind discusses four of those benchmarks in the form of questions:
- Where do we stand on turnover?
- Are we helping our employees grow?
- Are there potential gender pay gaps?
- Is absenteeism a problem?
Measuring the Most Important Resource
Rind recommends benchmarking turnover on a team-by-team basis to locate where it is highest. In those highest areas, you can then pick apart the reasons why people are leaving. Is management the problem? Are there fundamental problems in the workflows? Find out.
Sixty percent of employees (and 87 percent among Millennials) are hoping to find opportunities to grow within their current company, so you had better provide said opportunities. To see where you stand, Rind says to compare promotion rates in your company against the industry standard. If your rates are falling low, do more investigating. Maybe leaders are not recognizing that employees are ready for advancement, or maybe too many hires are happening externally rather than internally.
Another thing worth measuring is whether gender pay gaps might exist:
Benchmarking can help to measure salary equity based on gender. This is an important workplace issue because diverse, well-represented, and equitable teams are vital for driving innovation. Benchmarking can help companies understand where potential pay gaps might exist — as well as how they compare to other companies in this area — so they can actively work to address any issues. Gender parity in leadership positions is also a metric that can be benchmarked against competitors to ensure your company is equitably representing women in leadership roles.
Lastly, it is pretty obvious why a higher-than-industry-average rate of absenteeism would be bad for a company. It again could be a management issue. Perhaps employees are not being sufficiently engaged. Or maybe an employee is just a big loser here and there. *shrug*
For additional thoughts, you can view the original article here: https://www.tlnt.com/4-benchmarks-and-what-theyll-tell-you-about-the-business/