5 Human Resources Metrics Every CEO Needs

5 Human Resources Metrics Every CEO Needs

May 22, 2017 | Human Resources Metrics

Every successful CEO knows that company performance is directly tied to its ability to manage costs, minimize liabilities, and maximize employee potential. Keeping a finger on this pulse is important; small shifts in turnover, recruitment, benefit cost containment, and team chemistry can make a huge impact on long-term viability, growth, and profit margins.

Today, that “pulse” is now readily available on online dashboards of human capital management software. When supported and used fully, HCM software can improve hiring quality, reduce employee turnover, contain rising costs, and provide instant access to the latest human resource data, analytics, and reports.

Here are the 5 HR metrics you need to measure today!

Competition Compensation Analysis

Establishing competitive market rates for core positions guides decisions about hiring, promotions, internal equity salary adjustments, and general compensation budget planning.  Because labor costs are the largest cost to any organization, a solid understanding of the external value of each position allows an organization to develop an approach for setting an overall compensation philosophy and set a consistent tone throughout its organization.

Compensation benchmarking also provides the information leaders need to define the costs associated with salaries and other compensation components such as profit sharing or bonuses. The ability to balance the needs of attracting and retaining talent with fiscal corporate responsibility is often a key priority for Executives, which is why this metric is important.

Labor Cost Revenue Ratio

Calculating gross revenue to payroll percentage is relatively straightforward but often overlooked. By dividing the gross revenues by the total payroll and convert to a percentage, you can determine how much it costs in labor per amount of revenue generated. For example, if your gross annual revenues are $500,000 and you spend $100,000 on payroll for the year, your gross revenue to payroll percentage is $100,000/$500,000 = 0.20, or 20 percent.

Total labor costs, or percentage of gross revenues spent on payroll, vary dramatically by industry; in general, however, the lower the ratio, the better it ends up being for business.

labor cost revenue

Cost Per Hire

Breaking down your cost per hire is an important strategic tool to assess effectiveness and efficiency of your recruiting process. This metric helps identify areas for improvement and can guide recruiting budgets.

cost per hire

Monthly Turnover

Employee turnover rate refers to the percentage of employees who leave an organization during a specified period. People usually include voluntary resignations, dismissals, and retirements in their turnover calculations. They normally don’t include internal movements like promotions or transfers. However, most companies find quarterly or annual turnover rate calculations uniquely useful; it usually takes longer for numbers to get large enough to show meaningful patterns.

monthly turnover

Benefits Cost Per Employee

One of the toughest decisions employers have to make is how to distribute employee benefits. Many employers decide employee benefits by looking at an annual report published by the U.S. Bureau of Labor Statistics. This report reviews the average salaries and benefits paid to both private and government workers. The December 2016 report showed that benefits make up 31.6% of the average laborer’s paycheck. We’ve even seen these statistics suggesting this number to be as high as almost 44% of the average laborer’s paycheck.

Of course, human resources is much more than a numbers game.  Highflyer HR provides data-driven solutions freeing up time for you to create an engaged workforce that feels respected, satisfied, and compensated in the ways they value.

If you would like help assuring your HR technology aligns with your HR strategies, schedule an assessment with Highflyer HR, contact us at (844) 398-7800 or getstarted@highflyerhr.com.

4 Things To Look For In A Powerful HR Software Solution

4 Things To Look For In A Powerful HR Software Solution

Apr 25, 2017 | HR Software, HR Solutions, Who Is Highflyer HR

The field of human resources has become increasingly bureaucratic; paperwork, compliance deadlines, paperwork, payroll, benefits, paperwork—you get the idea. More and more HR professionals spend their time navigating separate software and duplicated data on top of their recruiting, training, and employee engagement efforts. Thankfully, more and more HR teams are turning into single-source software solutions to streamline employee onboarding, payroll, benefits, employee tracking, and many other branches of HR work.

While a company’s specific needs and size will play a role in choosing the right software, there are some universal components from which all HR departments can benefit.

  1. HR Software should be easy to use, with intuitive navigation to allow company-wide, strategic collaboration.
  2. HR software should provide targeted reports and analytics aimed at helping manage their employees more effectively.
  3. HR software should be accessible from any device and anywhere in the world. This minimizes downtime and increases the ability to make strong decisions based on the most current information.
  4. HR software should include all the major facets of the department, including applicant tracking, time and attendance management, benefits enrollment, applicant and employee tracking, and payroll.

Highflyer HR’s iSolved software combines the necessary functions of human resources into one interactive app for professionals. iSolved provides full payroll reporting opportunities, time and attendance trackers for each employee and field, automated benefit processing, new hire reporting, and more. iSolved brings all aspects of HR together seamlessly to ensure the easiest most complete reporting and tracking.

Our goal at Highflyer HR is to make sure your business begins and ends with Human Resources. Easy to use, iSolved streamlines the staggering list of HR responsibilities into a single-source software that cross-references information, profiles, and goals, freeing up time for HR departments to focus less on resources and more on humans.

And we call that a win-win.

Not convinced iSolved is the program for you? Click here to take the software for a test drive.

As mandated by the Affordable Care Act, Section 6106, long-term healthcare providers now must submit staffing information in the form of a payroll-based report. Including the number of employees and total direct care hours worked by these employees, the information reported is used to track the level of staff plus employee tenure, retention, and turnover—all valuable numbers HR professionals of healthcare providers need to know and have on hand.

Payroll-Based Journal Reporting – Highflyer Can Help

Payroll-Based Journal Reporting – Highflyer Can Help

Apr 14, 2017 | HR Software, Payroll-Based Journal Reporting

Beneficial for both HR professionals in charge of compiling the report and the Centers for Medicaid and Medicare Services who receive the reports, payroll-based journals:

  1. Allow for the collection of more regular and frequent data.
  2. Ensure accuracy of data by providing an auditable method of data collection.
  3. Standardize data collection.
  4. Inspect the quality of care delivered at nursing homes and other long term service providers by using data.

The payroll-based journal streamlines the recording process for HR managers and holds them accountable to strict time tables. Organization, for HR managers, is key to success. Payroll-based reporting is another tool to help these professionals execute a large part of their job as HR with minimal effort.

Creating a payroll-based journal will require HR professionals to compile data from a number of digital programs. It is important to make sure your software providers understand what is required by the report and what data to provide. Be sure your software partners are willing to assist you in compiling these type of reports.

There is no question as to whether payroll-based reporting will continue to be enforced—it is here to stay. Failure to comply could result in civil money penalties and citations. It is important to create a report that encompasses all employees and utilities used by the healthcare provider with complete and accurate data.

Highflyer HR possesses the resource you need to compile this comprehensive payroll-based journal. Our software is the perfect tool for fulfilling the Affordable Care Act’s mandated payroll journals. We provide users with full payroll previews with anywhere/anytime viewing. We provide HR with end-of-year administrative services processing and automated tax filing.

Highflyer HR is fully integrated with every function required of an HR professional from the payroll records to benefit administration. Want to learn more about our top-notch HR software? Highflyer HR is here to assist.

The 4 Things Your HR Software Should Absolutely Do

The 4 Things Your HR Software Should Absolutely Do

Mar 24, 2017 | HR Software, HR Solutions

If your current human resource software is causing more headaches than solving them, it could be time for a switch. HR software should be intuitive, consolidated, and accessible; the whole point of a human capital management solution is to create improve time management, accuracy, and the human relationships necessary to drive better employee engagement, retention, and satisfaction.

1) Fit Your End User

Human Resources personnel are more tech-savvy than ever, but that doesn’t make them computer programmers or developers. Before purchasing HR software, it’s always a good idea to determine who your end users are. They could be hiring managers, directors, assistants, legal, security, and employees, as they manage their own benefits and time off. The best HR software on the market is created with specific end users in mind, with intuitive customizations, workflows, and processes.

2) Minimize Gaps. Maximize Efficiency.

Speaking of processes, if your current HR software doesn’t handle every aspect of your department, it’s time to find a software-as-a-service that does. Integration among several programs wastes time, increases the likelihood of errors, and is ultimately ineffective. “We built Highflyer around the fact that HR professionals don’t have time to pull data from several sources,” Craig Broome, President of Highflyer HR. “Single-source technology is the best way to increase efficiency and productivity while minimizing mistakes, missed opportunities, and compliance hassles. And this means human resource teams have more time to focus on the growth and development of their company’s objectives and talent.”

3. Put Human Resources At Your Fingertips

Human resources shouldn’t exist in a vacuum, and its software solutions shouldn’t either. The best HR software uses secure, cloud-based technology that allows you access to the information you need no matter where you are. Your HR software should allow you to manage and approve payroll, timesheets, days off, benefits enrollment, and ACA compliance from your office computer, tablet, and phone.

4. Focus On What Matters

HR software should solve problems, not create them. It should save time for everyone who uses it. It should streamline the onboarding process through automated form fills and secure storage. It should give employees the ability to manage portions of their own benefits and personal accounts. It should keep you apprised of errors, compliance deadlines, and benefits enrollment. It should give you the reporting tools you need to make smart, strategic decisions for your business. In other words, it should work.

When HR software does its job properly, so can everyone else. “We all know that when Human Resources is happy, everyone is happy,” Broome. “Every company owes its success to its people, which underlies the importance of a strong HR department. Give your human resource professionals the right tools, and they can effectively minimize risk, recruit top talent, develop innovative and driven teams, and retain the strong leaders that drive the company forward.”

And that’s why Highflyer is here.

Who is Highflyer HR?

Who is Highflyer HR?

Mar 14, 2017 | Who Is Highflyer HR

If you’ve been on our website for a minute, you have a pretty good idea of what Highflyer HR is and what we can do for your growing business. The truth is, our software performs several human resource roles and tasks, creating a highly efficient—and highly customized—human capital management solution for small- to medium-sized businesses. The question isn’t so much “Who is Highflyer HR?” but “Who is Highflyer HR to you?”

Highflyer HR is your HR partner.

Whether you have five employees or 500, Highflyer HR is a human resource tool that streamlines the heavy workload of payroll, time and attendance, benefits, onboarding, and compliance. In human resources, there are portions of the job that absolutely requires person-to-person interaction, and Highflyer HR’s efficient, streamlined processes make those interactions possible and productive. It removes the stacks of paperwork between you and your employees so that you can increase engagement, retention, and satisfaction.

Highflyer HR is your virtual assistant.

We believe that humans are a company’s best resource and time is a close second, which is why we’ve designed a software-as-a-service solution that makes the best of both. It’s like having a personal assistant who is constantly on pace with you—processes have structure, emails have replies, and questions have answers. All of this means you now have the bandwidth to do what’s important.

Highflyer HR is your employee engagement coach.

According to a recent Gallup pole, employees who are engaged with their jobs and who report a high level of well-being are 59% less likely to look for a job with a different organization in the next 12 months. They are also likely to miss 70% fewer workdays than their less-satisfied counterparts. Highflyer HR streamlines HR processes so human resource teams can focus on obtaining and maintaining a talented workforce. It creates the space and time for proper onboarding, rewards and recognition programs, salary comparisons, and individual achievement and retention strategies.

Highflyer HR is your compliance auditor.

Because it allows you access to payroll, time and attendance, benefits, and employee records at a glance, Highflyer HR ensures compliance with state and federal regulations at a glance. With our software, you’ll understand what needs to be done, how to do it properly, and when to have it completed. From taxes to ACA compliance, Highflyer HR removes the guesswork and replaces it with validated results.

There are only so many hours in a day, and only so many people in your HR department. Give them the tool they need to maximize their bandwidth, minimize errors, and optimize results.

Learn more.