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to Track in 2024 What’s Inside: INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 RECRUITING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Time-to-Fill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Referral Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Cost-per-Hire. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 LABOR COSTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Absenteeism Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Total Financial Impact of Absences. . . . . . . . . . . . . . . . . . . . . . . . . 12 Total Labor Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Actual Total Compensation vs. Budget. . . . . . . . . . . . . . . . . . . . . . 14 TURNOVER. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Turnover Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Voluntary Turnover Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Turnover Rate by Segments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 ABOUT PAYCOR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 This is your guide to understanding the critical metrics that matter to your C-suite so they can see HR in a brand new light. HR leaders face uncertainty. The New York Fed estimates a 56% chance of a recession in 2024. Interest rates, though falling, are still at 20-year highs. And though the “great resignation” appears to have tapered off, the job market is still hyper competitive, with many industries facing what appears to be long-term staffing shortages. In this guide, we’ll show you the metrics HR leaders can track to help guide their organizations through the next 12 months. In an uncertain economy, HR can help lead the business. INTRODUCTION What keeps your C-suite up at night: Can we fill key roles fast enough? Can we find good, quality people? How much is it going to cost to recruit and hire them? RECRUITINGRecruiting THE LABOR SHORTAGE CONTINUES In 2024, the hiring market will still be primarily candidate driven, with more job openings than available talent. Some industries, like manufacturing and healthcare, will continue to see even more significant gaps in talent. According to a Robert Half survey, 51% of employers plan to increase salaries in 2024 to attract talent.
