How to Quantify the Real Value of Your Workforce


In the world of human resources, it’s hard to put a number on certain aspects of the personnel management game. Typically, businesses can be slow to adopt HR metrics and it can be difficult to quantify certain strategies in HR. But as HR professionals, it is up to us to make a case for the decision that we make each day in the office. Here’s how to quantify your workforce.

Experts advise that it’s best to focus on three core areas of the workforce that impact the bottom lie the most – all related to hiring and retaining the best possible employees.

Where are you sourcing the best employees for your company?

Where you are finding your new hires is a major factor in quantifying your workforce. The source of your hires needs to produce a good track record of placing high-quality employees with the right skills into the right jobs. Part of the problem with doing recruitment on your own is that decisions can be made out of haste during employee replacements or rapid growth cycles. A temporary staffing agency partner can drastically improve the quality of your workforce, and reduce the time and cost of staffing the company.

What areas or departments have the highest turnover rates?

Turnover among employees can be a sign of trouble. In fact, is can be the only sign that things are not going well with the workforce. Quantifying your human resources means nailing down the problems that are causing employee turnover. Sometimes they can be related to poor management or outdated business practices. A strong workforce is one that is actively engaged and loyal to the company. This is a valuable asset to have, and worth the effort.

Who is tracking or managing the departing employees?

Just as your company needs an onboarding program for bringing new hires in, it also needs a strategy for dealing with off boarding of departing employees. This very critical time when an employee is leaving the company can be the only opportunity to capture certain information that the company needs to quantify its workforce goals. Exit interviews are a must. Find out who is handling employees who are leaving and if there is any correlation with certain departments or managers where there is high turnover. This could be an opportunity to retrain managers on ways to keep good people instead of losing them to the competition.

When your company can quantify the value of its workforce, it will be well on its way to being a better place for employees to thrive and the company to meet its earnings goals. Partner with Advance Staffing Solutions today, and let us place top-quality candidates in your workplace!







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