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 | | END-TO-END HR PERFORMANCE BENCHMARKS: METRICS THAT WILL HELP TURN THE HR COST CENTER INTO A PRODUCTIVITY DRIVER | | | Best Practices, LLC | | 07/09/2007 | | | Human Resources continues to be a big cost center, one of the functions business leaders look at first for cost reductions and productivity improvements.
So how can HR groups operate more effectively and efficiently?
A comprehensive HR metrics study by benchmarking leader Best Practices, LLC has the answers. The study provides one common set of performance metrics for your key HR functions: Staffing, Benefits, Relocation, LOA, FMLA, Workers' Compensation and Medical Services.
For example, where do companies spend most of their HR cost? According to the study, the vast majority of costs were spent on internal labor -- ranging from 55% to 82%. Outsourcing costs are the second highest at between 13 and 31% of all staffing costs. Interestingly, the largest companies in the benchmark had the most substantial investment in systems, at 32% of the total cost.
For more metrics download the 55-page report summary at: http://www3.best-in-class.com/rr852.htm
The new "HR Resourcing Excellence Series" focuses on service offerings, organizational structures, staffing levels, functional costs, activities outsourced or shared, cycle times, and effectiveness measures (e.g., end-user satisfaction) for key HR functions.
Data was collected from surveys and interviews with HR professionals at companies including: Abbott Labs, ALCOA, American Express, AT&T, Bank of America, Boeing, Bristol-Myers Squibb, Caterpillar, Cisco Systems, Convergys, DaimlerChrysler, Dell, Dow Chemical, DuPont, Fujifilm, General Electric, General Motors, Intel, Kraft Foods, Microsoft, Motorola, Pfizer, Texas Instruments, Toyota and more.
The report examines the "core" HR processes including: -- Organizational Staffing -- metrics by type of hire and by process such as applicant tracking, recruiting, sourcing, requisition management, selection, and much more! -- Benefits Administration -- savings (401k), stock options, pension and H&W administration -- Domestic Mobility -- metrics by type, duration, as well as by process including policy and relocation/assignment management services -- International Mobility -- metrics by type, duration, and by process including policy management, relocation accounting, planning/consulting services, home and host location services, tax management, payroll and accounting services -- Leave of Absence Administration/FMLA -- metrics by type and length of leave -- Workers Compensation -- metrics for self-insured, high deductible programs, fully-insured and retro programs as well as TPA, self-administered, hybrid and carrier organizations. -- On-site medical administration -- metrics for onsite clinical services, occupational health, employee wellness programs, drug testing, employee assistance programs, medical screening, onsite AEDs, and QA for clinical services View more detailed information on HR Resourcing Excellence at: http://www3.best-in-class.com/rr852.htm or contact our Solution Specialists at (919) 403-0251 or bestpractices@best-in-class.com.
For an assessment of your organization's HR administration, staffing and resource utilization contact Mark Schoeman, Manager of Research Operations at Best Practices, LLC at (919) 767-9258 or mschoeman@best-in-class.com.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC | |
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