Most Used KPIs in Human Resources – KPI Onboarding
There is no magic formula that can tell you how successful and effective your new hire onboarding process is. There are, instead, numerous employee onboarding KPIs that will provide you with valuable information.
We can differentiate between three categories of HR metrics and we will include examples for each of them:
- Employee headcount
- Cost per new hire
- Offer acceptance rate
- New hire turnover rate
Related to monetary value and revenue
- Revenue per employee
- HR to employee ratio
- Overtime Hours
- Time off and absence rates
- Retention rate per manager
- Statistics on reasons for personnel leaving
- Employee satisfaction
- Turnover rate
Some specific KPIs for the onboarding process are:
- New-hire satisfaction rate (new-hire satisfaction levels data can be obtained through the employee interviews and anonymous surveys that are key parts of an employee experience roadmap).
- Training completion rate (Regardless of the content of the training – company policies, soft or hard skills – training constitutes an important step in onboarding new employees; thus it is important to know if training is being completed, and in case of a negative answer, the reasons for this situation).
- New hire retention rate (measures how many employees decide to stay in the organization for a defined period).
- Time to productivity rate (Measuring the timespan from your first day until you achieve the expected productive output is a solid indicator of how well the onboarding processes are performing).
- Engagement rate (the degree of employee engagement is a strong indication of the health of the employee-employer relationship and the employee’s drive to innovate and stay productive.
Onboarding can either become a new employee’s source of pride about how and what was done well. Or it can become the source of criticism when onboarding goes wrong. Metrics for the onboarding process can help you see what is actually working in your onboarding process and what isn’t.
With the right software tool you can optimize your new hire onboarding experiences. Introdus, employee onboarding service, offers a full package for managing your pre- and onboarding processes. In addition to pre- and onboarding modules, personalized content, a framework for a buddy program, introductions to the team and company leaders, introdus allows for the implementation of quantitative tools that provide performance metrics.
Onboarding metrics will provide insights into the success of the onboarding process and a big-picture view of what is really working and what is not working so well.