The Human Capital Institute has put out a great document that is clear and to the point. It goes through each step of their workforce planning model, and provides the metrics that should be tracked. So in all, there are probably 100 plus metrics that they pose to measure.
The details are skipped, which are, what the definition of each metic is and what a good number is. For instance, the authors suggest that you measure high-potential turnover vs. regular turnover. Which for one, can create a can of worms on how to measure turnover, but more importantly, it is intuitive that HiPo turnover should be less than regular, but is there a good benchmark? So don’t expect this paper to be the complete Bible on metrics, but it is a great table of contents to start with.
For me, this looks like a great way to build a really cool stoplight report for each step of the workforce planning cycle, and then use the specific metrics as the drill down. Could be lots of fun and even more important can definitely drive some strategic action!
My suggestion is to start with the metrics and see which ones you currently measure, and figure out which one you don’t and why. That, in of itself, will probably provide some great conversation and business direction!
My other advice is once you gather the measurements, don’t get too hung up on benchmarks unless they are numbers that are the key basic workforce movement numbers (eg turnover). Among your HR director team figure out what you think is a good result and more importantly a bad result.
So cheers to HCI for putting a great human capital metric dashboard.