Magic Numbers For Human Resource Management: Basic Measures To Achieve Better Results

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This book simply outlines a range of the key measures that any HR, financial or business manager can use to address their situation in a more business-like manner. For each definition, there is not only a description of the measure but also why it has vital significance to managing business better. It is written as a basic textbook in easy to read language but with a powerful underlying message - HR managers must measure the main features of HR in order to get their voice heard at the executive table and make a demonstrable impact on business operations. About The Author Hugh Bucknall is a Worldwide Partner of Mercer Human Resource Consulting and the Asia Pacific leader for Mercer's Human Capital Advisory Services business. In his current role, he sets the strategic direction for the business in Asia Pacific and provides technical leadership for major projects across the region. He has worked extensively in Asia and Australia in the areas of reward strategy, job classification, team building, group facilitation, assessment centers, performance management, organization review, and job design. His wide client base includes multinationals and domestic companies across a number of industry sectors such as health, hi-tech, retail, and the public sector. On the topic of Asian HRM trends and issues, Hugh has spoken at a number of international forums and client events. Prior to joining Mercer, Hugh worked in the areas of HRM, computer systems, and management consultancy over a period of 14 years with Myer Stores, BHP, the Australian Public Service Board, The Australian Bureau of Statistics, and the Victorian Department of Conservation among others. Dr Zheng Wei is an associate director of Mercer Human Resource Consulting's Beijing office. He leads the Human Capital Advisory Services business in North China. He is an economist specializing in performance measurement, incentives, and financial analysis. His main work involves helping both Chinese and global clients with alignment of their human capital strategy with business strategy. He also helps organizations identify and measure their essential productivity drivers, and project the economic gains for making changes in those factors. He has worked on performance measures for a variety of clients spanning many industries including manufacturing, telecommunications, and financial servicesindustries. His telecommunications clients include Aliant, Vodafone Group, Verizon Communications, Windstar, and China Netcom Group. Table of Contents Acknowledgements Glossary Introduction Part I: Magic Numbers for Productivity and Efficiency Absenteeism rate by job category and job performance Accident costs Average time for dispute resolution Cost per hire Finance staff as a percentage of total staff Overtime hours The HR budget as a percentage of sales HR staff as a percentage of total staff IT staff as a percentage of total staff Marketing staff as a percentage of total staff Payroll staff as a percentage oftotal staff Percentage of employees making suggestions Process-cycle time Profit per employee Response time per request for information Sick-leave rate Sick days per full-time equivalent employee per year The cost of medical disbursement by category of ailment Time taken to fill a job vacancy Part II: Magic Numbers for Staffing and Learning Staff-Turnover cost by recruitment source Employee-engagement index Involuntary staff-turnover rate Turnover rate by job category and job performance Voluntary staff-turnover rate Competency-development expense per employee Training hours per employee Cost per trainee hour Percentage of employees trained, by category Part III: Magic Numbers for Talent and Reward Internal-hire probability Retention rate of key employees Range (distribution) of performance-appraisal ratings Job Evaluation Firm salary/competitor salary ratio Incentive compensation differential the Black-Scholes method of calculating stock-option values. Total compensation expense per employee Conclusion Appendices Index