Metrics are essential in tracking your successes or failures in nearly every part of a business. Yet the question often arises, “what are the metrics I should us in measuring the success of my workforce planning program?”
This may help. I recently read a book on baseball metrics, “Smart Baseball” by Keith Law and it was an insightful approach to how to understand the type and reason for metrics.
“For the past fifteen years, many baseball fans, writers and commentators have remained mired in the muck of old statistics – baseball card numbers such as batting average, saves recorded, and a pitcher’s won-lost record – while newer, smarter, and at times counterintuitive baseball stats known as Sabermetrics have become common place throughout Major League Baseball. Yet, despite their popularity, confusion persists about these new stats, with much of the “old” way – a combination of those outdated and gut instinct – to evaluate players contributions and careers.”
In workforce planning and succession management we see the same issue. Companies are stuck in the “old way” of evaluating programs and their success as well as evaluating individuals and their careers. The old numbers of head count, retirements, and time to fill in the recruiting world have taken hold while at the same time they make no sense and are not predictive. They are lagging indicators of history and yet what is needed is a predictive indicator of how to forecast the strategic need.
Leading Indicators of your corporate health include the following:
- Turnover of key talent – as related to the high performers or high potentials in roles critical to business success.
- Leadership bench strength is a percentage of individuals identified and ready to step in. Fulfills the need for continuity in the business execution.
- Percentage of divisions using an integrated workforce plan along with their business plan.
Our survey tools provide insights and real time comparisons of your organizations capabilities and performance. Leading indicator scales that we recommend are the following:
Efficiency These best practices are related to structures and capability of doing the steps necessary and to what degree there is a commitment to this program (individual business and HR areas). Each survey respondent is asked to consider how frequently you do these workforce planning best practices.
Effectiveness These best practices are related to business results indicating how well you execute and accomplish your goals and business challenges (individual business and HR areas). Each survey respondent is asked to consider how frequently you do these workforce planning best practices.
Impact These best practices are related to strategic advantage(future) these are reflective of proactive best practices that indicate areas that give your company a competitive advantage directed to the future (individual business and HR areas). Each survey respondent is asked to consider how much “impact” each of these best-practices will have on your organization in the future.
Prepared These best practices are related to the present and how your organization is utilizing your existing resources to accomplish the business objectives. These are reflective of how you react to business needs. Each survey respondent is asked to consider how “prepared” your organization is to respond to these best practices.
For more information on data visualization tools found in MyPeoplePlan software platform used to moniter your leading indicators, please contact us for a private and confidential conversation or customized evealuation of your organization.