Well, since you guys quite loved my post yesterday, here are some more of the formulas that I have actively used to help my job when I was still in corporate:
1. Confirmation Rate of New Employees. This metric helps assess the effectiveness of our onboarding process and training programs. A high confirmation rate indicates that employees are successfully transitioning into their roles and are likely to stay with the company. On the other hand, a low rate may suggest that improvements are needed in the onboarding process or that new hires are not a good fit.
Formula: =(Number of Employees Confirmed / Total Number of New Hires) * 100
Benchmark Guideline: Ideally it should not be less than 80% but it’s really not easy.
2. NPS on Employee Happiness. Employee happiness is a crucial factor in retention and productivity. Monitoring the Net Promoter Score (NPS) for employee happiness allows us to gauge overall job satisfaction. High scores indicated contentment and loyalty, while low scores may indicate issues that need addressing.
Formula: NPS is typically calculated based on survey responses. Here’s a simplified version:
=((% Promoters – % Detractors) / % Respondents)*100
Benchmark Guideline: A positive NPS scores indicates contentment. Scores above 30 are considered excellent, indicating high levels of contentment.
3. NPS on HR’s Services. HR services should be customer-oriented, and employees are the customers in this context. Tracking the NPS for HR services helps identify areas where HR can improve its support to employees. It’s an excellent way to ensure that HR is meeting the needs and expectations of the workforce.
Formula: Similar to the NPS for employee happiness, calculated based on survey responses.
Benchmark Guideline: Aim for an NPS score above 30 to ensure that HR services meet or exceed employee expectations.
4. Sick and Hospitalisation Leave Rates. Employee health is a fundamental concern for organisation. Monitoring this rates can provide insights into overall well-being of the workforce and save on insurance premium costs. High rates may indicate issues with work-related stress, health, and safety, or employee burnout, which should be addressed promptly.
Formula: =(Total Days of Sick and Hospitalisation Leave / Total Workdays) * 100
Benchmark Guideline: Sick leave rates should ideally be below 3%, while hospitalisation leave rates should be minimal, ideally under 1%.
These metrics demonstrate a commitment to employee satisfaction and well-being while also helping HR teams identify areas for improvement. Monitoring these metrics in Excel enables HR professionals to make data-driven decisions and continuously improve HR practices for the benefit of the organisation and its employees.
#ExcelinExcel #HRFormulas #AuntyHR
Excel with Me @Sim Ling KU here: https://cad.cadtraining.com.my/excel-video-slk
