KPIs or Key Performance Indicators are essential for data-driven insights and business growth. However, it is not always easy to identify the most relevant metrics for your professional context. If you work in the manufacturing industry, here are the key HR metrics you should use to ensure your success!
Key HR Metrics For the Manufacturing Industry
HR Metric 1: Employee Accident Rate
Employee accident indicators are a critical marker for manufacturing companies. Measuring this parameter is crucial to creating a safe work environment for your employees. This will allow you to quickly identify potential technical and material problems and act accordingly. You will also be able to immediately implement the necessary measures to manage the affected employees and therefore save time on your administrative management of workplace accidents.
In addition, Folks’ Accident Rate KPI allows you to determine which employees are most regularly affected by workplace accidents in a few clicks. Therefore, it will be easy for you to identify who should receive training to solve these issues so that you can avoid any problems in the future!
HR Metric 2: Absence Rates
Absenteeism can be particularly damaging for manufacturing companies. To help you overcome this challenge, Folks offers a dedicated KPI to help you quickly identify recurring employee absences, allowing you to act before they impact your productivity and prevent the smooth running of your business.
Identifying which employees are experiencing absenteeism facilitates strategic human resources management in your organization. By using this HR indicator daily, you will make smarter decisions and optimize your productivity and employee satisfaction!
The dematerialization of time and absence management is a must for all industries. Indeed, absenteeism has become a significant issue throughout the current pandemic. With Folks HR’s absence feature, you will be able to efficiently manage your employees’ absences and quickly proceed with replacements and shift changes! You will never have to worry again about running out of manpower, and you’ll keep exhaustive information on absence rates throughout the year on your platform.
Discover our essential KPIs to optimize your manufacturing company’s processes. We offer a free and customized demonstration!
HR Metric 3: Employee Turnover Rates
The turnover rate in Canadian businesses has been growing steadily over the past few years. This overwhelming wave of voluntary departures represents both an organizational headache for managers and HR professionals and a costly and time-consuming issue for manufacturing companies. Moreover, it can be discouraging for employees and managers alike to see coworkers constantly leave their jobs.
The negative impact of this high voluntary turnover rate is also increased by the current labour shortage and pandemic, which particularly affect the manufacturing industry. Therefore, there is only one solution to proactively address these issues: using the turnover rate in your daily management!
This KPI will allow you to measure employee engagement and establish mobilization strategies to prevent future waves of departures. In addition, by making a comparative study of your KPIs over a period of time, you will be able to determine the relevance of your action plans for a considerable gain in time and efficiency daily!
HR Metric 4: Retention Rates
Improving and maintaining employee retention in a manufacturing company is not always an easy feat. Unfortunately, the industry does not allow much flexibility or leeway in human resources management.
Thankfully, a good retention rate analysis allows you to build a relevant engagement strategy throughout the year!
To retain your employees over the long term, you need to understand the reasons for voluntary departures and improve your daily HR practices. Analyzing the retention rate in your organization will help you build accurate and comprehensive reports in record time. Afterwards, you will be able to present clear strategies to address the issue.
By using Folks’ KPIs, you will build appropriate action plans and finally be able to back up your reports with numbers! You don’t need to like math: our dedicated module takes care of the statistics so you can focus on the people and improve employee satisfaction and retention effectively.
In need of ideas on how to increase employee retention in your manufacturing business? Here’s an article with all the valuable tips you need!
By using the KPIs that are best adapted to your daily life, you will quickly ensure the success of your manufacturing company. These metrics will allow you to make a precise organizational diagnosis, give you valuable insights to build business strategies and measure the effectiveness of all the action plans implemented throughout the year.
Optimize your human resources management and create a healthy and engaging work environment to increase employee productivity and talent retention in the long term! Our HR software for manufacturing companies offers all of these critical KPIs and much more. The icing on the cake: our demos are customized to show you all the benefits of using human resources metrics in your daily management.
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