The average time to hire depicts the average duration required to hire a candidate. It is computed from when the candidate begins the interview process until they accept the entity's offer. If the average time is too long, it may indicate the ineffectiveness of the recruitment process, and, in this scenario, the candidate may lose interest in the entity and opt for another firm. Resultantly, the recruiting entity loses talent. The metric is fundamental for every entity since it enables them to plan the recruitment process better. It is computed by taking the number of days the entity takes to fill a position and dividing it by the number of jobs successfully filled. Out of the ten jobs filled at Triox Corporation, the assistant librarian position took the longest time to fill, while the legal assistant and IT manager positions took the least time. In this scenario, the entity is likely to realize a lower offer acceptance rate for the assistant librarian position compared to the other two positions. Triox Corporation takes an average of 18 days to fill the ten positions.
Offer Acceptance Ratio
The metric shows the proportion of how many candidates accept the job to the aggregate number of offers given by the entity. Candidates are likely to accept an entity that offers competitive salaries and numerous employee benefits (Biswas, 2014). If the offerings are unattractive, the offer acceptance ratio is likely to be low. The assistant librarian, legal secretary, and financial analyst positions have the lowest offer acceptance ratio out of the ten positions at Triox Corporation. All the other seven positions have a perfect offer acceptance ratio. The low offer acceptance ratio of the assistant librarian, legal secretary, and financial analyst positions can be explained by their long average time to hire. The average time of 36, 23, and 26 days respectively may have been too long for some of the candidates to complete, and, in effect, they decided to accepted offers from other entities. Another reason may be associated with the position’s salary. The $40,000, $47,000, and $76,000 compensation offered by Triox Corporation to the assistant librarian, legal secretary, and financial analyst candidates may be unattractive to them, leading them to decline the entity’s offer. Triox Corporation has a relatively high offer acceptance ratio of around 79 percent.
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Above-Average Performance Management Yield Proportion
The ratio identifies how many employees perform at a high level regarding the entity's performance review system. A performance review is vital for an entity since it is a measure of the employee's progress. The output of such reviews includes points between 1 and 5 for every employee. A cut-off point is used to separate the top performers from those who need considerable improvement. The cut-off point for Triox Corporation is 3.5 points. In this case, employees who receive more than 3.5 points can be considered as top performers. Seven job positions, including the legal secretary, legal assistant, marketing manager, sales associate, financial analyst, editor, and IT manager positions, have employees who are above-average performers. On the other hand, the office clerk, assistant librarian, and finance clerk positions have employees who performed below average. The average yield ratio based on the cut-off points of 3.5 for the ten positions is 0.73.
Employee Referral Program Success
The employee referral program success metric assesses the effectiveness of the referral program used by the entity. A high number of referrals who have been interviewed indicates that the referral program adopted by the entity is successful. The referral program success rate for various positions at Triox Corporation is zero, meaning that they have been unsuccessful. The positions that have yielded no referrals include the legal secretary, office clerk, legal assistant, assistant librarian, marketing manager, financial analyst, editor, IT manager, and finance clerk positions. Only the sales associate position has an employee referral program success rate of 50%. Overall, Triox Corporation has an overall employee referral program success rate of only seven percent.
Average Time Until Pay Raise
The average duration until pay raise shows how long it takes for the employee to receive a pay raise. It is computed by dividing the time taken for the employee to receive a raise by the number of employees that were given a raise. In the Triox Corporation example, the time taken to receive the raise is assumed to be the average time to hire since there is no date for when the employee received their compensation increments. The average time until pay raise for the assistant librarian was the longest while those of legal assistant and IT manager positions had the shortest time. On average, it took around 18 days for all the eleven employees at the ten job positions to receive a pay raise from Triox Corporation.
HR Scorecard Benefits to the Organization
The HR scorecard is beneficial to the entity since it enables it to perform better strategic planning. The scorecard offers the entire entity a strong framework for developing and communicating its HR strategy, which should be aligned with the overall strategic objectives (Becker et al., 2015) . In this case, the overall strategy's performance outcomes can be identified to formulate a full picture of the firm's strategy. In this case, the overall planning process and outcomes are enhanced. The HR scorecard is also beneficial to a firm, given that it ensures better alignment of the entity's projects (Chun, 2013) . The HR tool maps the HR projects and ensures that they are tightly focused on meeting not only HR objectives but also the entity’s overall objectives. In this scenario, the entity can ensure that the resources allocated to the HR projects are well utilized hence resulting in an increase in the entity's overall resource utilization level. The HR scorecard is vital since it enables the entity to determine its overall productivity level. The scorecard contains metrics that can be used to assess the productivity of the entity's employees. In this case, outcomes of the scorecard can allow the entity's entire productivity, given that the employees form the backbone of the entity.
HR Scorecard Benefits to the HR Department
The HR scorecard streamlines the HR processes of selection, recruitment, compensation, and training. The scorecard contains metrics that can be used by the HR department to assess whether the four aforementioned processes are running smoothly. The metrics can show areas in which the HR department needs improvement and, in the long run, allows it to save considerable costs (Phillips et al., 2012) . Resultantly, the HR scorecard ensures that the HR department remains within its allocated budget in the organization. The HR department can use the scorecard to improve its efficiency. The department can use the metrics to assess the quality of hires or the quality of the employee referral program, and such outcomes can prove valuable in improving the department's efficiency.
References
Becker, B. E., Huselid, M. A., Ulrich, D., & Brockbank, W. (2015). Human resources management success: The Ulrich collection (3 Books) . Harvard Business Review Press.
Biswas, B. D. (2014). Employee benefits design and compensation (collection) . FT Press.
Chun, E., & Evans. (2013). Creating a tipping point: Strategic human resources in higher education . San Francisco, Calif: Jossey-Bass.
Phillips, J. J., Stone, R., & Phillips, P. (2012). The human resources scorecard . Routledge.
