Business News

Forbes HR Council recommends new metrics for measuring business performance 

Senior human resource leaders under the Forbes Human Resources Council have recommended new and emerging metrics that should be adopted by businesses while assessing performance. 

These metrics are centered on remote work, employee well-being and diversity initiatives, and are capable of  revolutionizing the modern workplace. 

According to these HR leaders, by adopting these metrics, businesses globally can foster workplaces that are more adaptable, inclusive, and productive. 

This is the in light of the global workplace landscape which has been undergoing significant transformations over the past decade, with numerous changes, innovations, and challenges shaping a new landscape of work.   

Nigeria and other nations globally are not exempt from the rapid transformation in the new world of work. This has resulted in a gradual shift from the traditional ways of measuring performance and engagement, which no longer fully addresses the complexities of contemporary work environments. 

These metrics are proposed by senior and experienced HR leaders who have been accepted by Forbes Human Resources Council based on their experience and work in companies with revenues of at least $1M or secured a minimum of $1M in financing. 

Karen Perham-Lippman of Otis Elevator Company recommends Workplace Loneliness Index to evaluate the prevalence of workplace loneliness and the effectiveness of initiatives aimed at fostering inclusiveness and psychological safety. 

Dr. Timothy J. Giardino of BMC Software proposes ROC to measure the value of commuting in terms of productivity gains against the time and cost of the commute, influencing in-office attendance. 

stresses the importance of a low new hire turnover rate, advocating for robust recruiting and onboarding processes to retain top talent and support them through comprehensive job descriptions and managerial engagement. 

Karina Bernacki from VSCO proposes remote engagement efficiency as a metric for hybrid workplaces. This evaluates the equilibrium between employee engagement and productivity in remote contexts, underscoring the effectiveness of virtual collaboration and work-life balance.

It helps organizations enhance remote work practices, thus improving both well-being and productivity outcomes. 

Rachel Fletcher of Stellar Elements, an Amdocs company, highlights HR effectiveness as a crucial metric today. It evaluates how well HR strategies align with organizational goals, acting as a crucial indicator of HR’s role in fostering organizational success amidst evolving dynamics. 

Melissa Banek from IMC – Trading introduced the Neurodiversity Index, measuring an organization’s support and integration of neurodivergent staff. This metric looks at recruitment, modified work schedules, and retention rates among neurodiverse employees, promoting inclusivity. 

Katrina Jones of Acacia Network suggests the CDES to measure and improve the impact of diversity in team settings. It assesses how diversity and collaboration enhance organizational success, emphasizing effective teamwork among diverse groups. 

Vishal Bhalla of Advocate Health recommends measuring the time from application to the first workday or paycheck. This applicant-centric metric reflects a shift towards consumer-focused HR, crucial for evaluating hiring quality and efficiency. 

Nicky Hancock from AMS discusses the TMR, which assesses the effectiveness of using internal resources for role fulfillment and career advancement, contrasting it with external hiring practices. 

Nicky Hancock from AMS discusses the TMR, which assesses the effectiveness of using internal resources for role fulfillment and career advancement, contrasting it with external hiring practices. 

Bala Sathyanarayanan of Greif Inc. emphasizes an employee well-being score that gauge mental, emotional, and physical health, highlighting the supportiveness and sustainability of the workplace environment. 

Tammy Harper from CAI focuses on employee engagement and well-being, crucial for retention, performance, and culture, ensuring a workforce that is productive, agile, and recognized. 

Liz Corey of Velosio introduces the RPI, which would assess remote work effectiveness based on task completion, collaboration, and employee satisfaction with their tools and support. 

Heide Abelli of SageX advocates for a Skills Agility Index to evaluate the adaptability to new skills necessitated by market changes and technological advancements, encouraging continuous learning and development. 

Bryan Passman from Hunter + Esquire highlights the importance of measuring extra-role support efforts by employees, recognizing and rewarding those who significantly contribute beyond their job descriptions. 

Ursula Mead of InHerSight emphasizes the importance of recognition as a key driver of employee satisfaction, advocating for visible acknowledgment of individual achievements in a remote-forward environment. 

John Feldmann of Insperity suggests measuring the time it takes for new hires to become productive, evaluating the effectiveness of onboarding and training programs across various roles and locations. 

Niki Jorgensen of Insperity examines early turnover, identifying the percentage of new hires leaving within the first year as a critical metric for addressing issues in onboarding, culture, or compensation. 

Michael D. Brown of Global Recruiters of Buckhead measures authentic advocacy through the Employee Net Promoter Score (eNPS), gauging employee loyalty and the genuine appeal of the organization as a workplace. 

Erin ImHof of CertiK evaluates benefit plans based on enrollment and usage, assessing the necessity and popularity of different benefits to optimize health plan offerings. 

Marcy Klipfel of Businessolver identifies empathy as a vital component of employee engagement and retention, noting a significant increase in CEOs recognizing the value of an empathetic approach to leadership.