Employee Productivity Metrics: What Workplace Analytics Really Measures?

To run a successful company, it is very important to keep track of all the metrics. Even if you have created a very good strategy without having the relevant data, it will fail. Just imagine you have executed a plan but don’t know if it has worked successfully. There is no fun in doing that. Therefore, this article is the go-to guide that will help you understand what are Workplace Analytics Metrics and how they help in making the company efficient.

What Are Workplace Analytics Metrics? 

Workplace analytics metrics help you to show how efficient your workforce and workplace are. These analytics metrics help you to determine the areas where you are lagging and help to make data-driven decisions in the right direction. You can also use various Workplace analytics tools to get the desired results. Below are some important metrics that you must measure:

• Employee Productivity
• Employee Engagement
• Space Utilization
• Customer Retention
• Employee Retention

Benefits of Having Workplace Analytics Metrics

Workplace Analytics Metrics play an important role in analyzing the productivity of employees. Here are some of the advantages that you get with it:

• When you have the right amount of data, you can easily work on the areas that are lagging. Working on them will increase the efficiency of the workplace. 
• It also helps you to know how the workplace is used by the employees. This will help to know if anything needs to be added, improving the workplace for the people working there. 
• When you are overlooking different things in the company, like the attendance policies, communication, etc, it helps in a better decision-making process. 
• When you try to gather data related to new and old employees and other things, there are more chances to make the right decisions for the efficient working of the company. This will eventually help to get high returns on investment of time and money. 

Important Workplace Analytics Metrics You Need to Track for Employee Productivity

The success of the company depends upon how productive an employee is. In fact, on average, the labor cost can be 70% of your total business cost. Thus, it is very important to keep a check on how your employees are working. The following are different factors that you must consider while analyzing employee productivity:

Frequency of Employees Achieving Their Goals

An efficient employee has a sense of responsibility and achieves the goal given to them. Thus, make sure to check how many times an employee has completed the task on time. 

Expected Time vs Actual Time of Completion

One of the important criteria to see the efficiency of the employee is when they can achieve the task on time. Thus, you must keep track of employees who have completed the task on time. 

Employee Attendance Rates

Having regular attendance can make a big difference in the efficiency of the company. When an employee is coming regularly to the workplace, they are likely to be more productive. Thus, having a higher attendance rate means high productivity. 

Employee Error Rates 

Remember, employees are not robots, they can make mistakes too. Knowing the error rates can help you determine which employees need to get more attention or training. 

Quality of Work

Even if the work is completed on or before time, there are still chances that the work done is not up to the mark. Thus, it is also important to keep a check on the quality of the work. When you track the quality of work, it also helps to train the people accordingly. 

Employee Engagement

One of the factors that is directly related to the employees’ productivity is understanding what they feel about their work. Getting the relevant data through different surveys can help you a lot. If the employee is not happy with their work, they are likely to make mistakes in it. Thus, when you have relevant information, you can implement decisions that will make them enjoy the part they hate the most. 

Talent Management

This is the metric that is most used by the HR department of your company. Based on this data, they can select the people who are ideal for your business. When you are analyzing this metric, don’t forget to keep track of the current headcount and the headcount needed in each department to meet the goals. This will help you to select the right number of people on the list. Additionally, checking the time taken in hiring an employee and spending on employee training is also important. 

Conclusion

For any successful company, it is very important to focus on workplace Analytics metrics. They are the one that helps you to show how efficient your workforce and workplace are. There are a lot of tools that can help you to determine it. Employee Productivity plays a crucial role in the success of your company. The labor cost can be 70% of your total company cost. Thus, it is important to have a check on how your employees are working in the company. Some of the important factors that you must keep a check on are quality of work, employee attendance rate, frequency of achieving the goals, etc.