10 HR Metrics To Track in 2024

Paycor has released its “10 HR Metrics To Track in 2024” guide. From the intro: “Though the ‘great resignation’ appears to have tapered off, the job market is still hyper-competitive, with many industries facing what appear to be long-term staffing shortages. In this guide, we’ll show you the metrics HR leaders can track to help guide their organizations through the next 12 months.”

Below are the 10 metrics, sorted into three categories (Recruiting, Labor Costs, and Turnover), along with a brief excerpt from each. All of the 10 metrics, of course, are explained more fully in the guide with a definition of each metric, how to calculate or analyze it, and why it matters. RECRUITING In 2024, the hiring market will still be primarily candidate-driven, with more job openings than available talent.

Time-to-Fill – Can we fill key roles fast enough? Referral Rate – Can we find good, quality people? Cost-per-Hire – How much is it going to cost to recruit and hire them?

LABOR COSTS Paycor found that 47% of HR teams don’t regularly meet with finance. Absenteeism Rate – Are employees engaged and productive? Total Financial Impact of Absences – How much are employee absences costing us?

Total Labor Costs – Are we overspending on labor? Actual Total Compensation vs. Budget – Are we compensating employees correctly based on market rates?

TURNOVER Although the job market is cooling from the peak of 2021–2022, job openings remain elevated, as do quit rates, especially in some industries. Restaurants, for example, are seeing turnover rates as high as 75%. Turnover Rate – Is our turnover rate higher than the industry average?

Voluntary Turnover Rate – Do we have hiring issues or managing issues? Turnover Rate by Segments – Where are we losing the most employees? To download the free guide, visit the Paycor site or simply click here.