A new white paper released by CUNA Human Resources/Training and Development Council focuses on the trends and benefits of gathering data and analyzing metrics on human resources and its impact on a credit union's operations, financial performance and strategic development.

The paper, “HR Metrics: The Numbers in Support of Strategic and Operational Initiatives,” also highlights results of a recent survey on how credit union HR executives are using metrics, examples of common formulas, and case studies of credit unions in various stages of putting metrics to work in their organizations.

In May, the council surveyed credit unions on how they are using quantitative and qualitative assessments of their human capital. The survey garnered 64 responses from current council members and points to some industry trends.

Among the results:

  • Asked to rank their experience and expertise using HR metrics on a 1–10 scale, with 1 representing “no experience/expertise” and 10 “extremely experienced/expert,” 64% of respondents rated their expertise as a five or lower.

  • Asked how important collection and analysis of HR metrics was to their organization, with 1 representing “not at all important” and 10″extremely important;” 59% rated metrics at a six or higher.

  • Roughly, 85% of those surveyed said turnover was the metric they currently tracked or used. Other leading choices were involuntary turnover rate and voluntary turnover (63% each), cost of benefits (59%), average length of employment (51%), employee satisfaction (44%), promotions (37%), absenteeism (34%), transfers (34%), and employee demographics (32%).

  • Most respondents (81%) said they had used HR metrics professionally for 10 or less years

  • About half reported using either internal or industry benchmarks to monitor performance.

  • In terms of how HR metrics are shared, 28% said the results stay in the HR department, 63% share with the CEO, 39% with the rest of the C-suite (he most important company senior executives), 25% with the board, and 26% with managers with reporting staff.

  • More than half of respondents calculated metrics and ran reports monthly; 40% also generate annual reports, 37% go with quarterly reports, and 26% produce them “as needed.”

  • Eighty-seven percent of respondents produce their HR metrics without support from specialized software or vendors.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.