In the dynamic Learning and Development (L&D) world, tracking the right metrics and KPIs is pivotal. Here we have listed 10 essential metrics to track in L&D to know your baseline.
Understanding your baseline is like finding your starting point on a map. It helps you set realistic goals, identify strengths and weaknesses within the business, and tailor strategies for success. It’s the foundation for measuring progress and driving continuous improvement in your L&D initiatives.
At Guider, we’re all about data-driven decisions, so let’s delve into some key metrics that truly matter while keeping it fresh and engaging:
1. Cost per Hire
Measuring the cost per hire, a crucial talent development metric, is essential for cost-efficiency. It covers everything from recruitment expenses to salaries. According to industry data, recruitment costs can range from £2,577 to £6,707, depending on your sector. Be sure not to outpace your talent acquisition budget.
Employee engagement metrics are essential for success as we know, engaged employees perform better. Keeping employees engaged can be challenging. By implementing initiatives like virtual team activities and improving communication, you can not only understand your baseline level of engagement but also enhance it.
To learn more, check out our 6 ways to increase employee engagement.
Productivity is a key performance appraisal metric, employee skill assessment indicator and gauge for employee well-being. UK workers are facing a predicted 1% decline in total productivity year on year. Monitor productivity closely and implement performance improvement initiatives. By monitoring productivity, you can compare your organisational metrics to industry benchmarks to identify areas where improvement is needed.
4. Absence Rate
Absence is normal, but if patterns of frequent, unscheduled, and unexcused absences increase, it can signal underlying issues such as burnout. This can hinder the achievement of employee development goals.
5. Workforce Demographics
Having a real-time knowledge of your business demographics is vital in evaluating tracking programmes and diversity metrics. From entry-level to C-Suit, metrics are essential in understanding your workplace diversity and setting initiatives to improve representation in the workplace. Companies with diverse management teams make 19% more revenue, so this is one metric you can’t afford to avoid.
Employee performance metrics are essential to identify areas that need further L&D activity. Performance refers to the quantitative and qualitative indicators that assess how well employees, teams, and the business as a whole are meeting their goals and contributing to success. Knowing your baseline of performance is an essential learning effectiveness measurement to flag under-achieving teams, so you can provide more support and training. Peer learning initiatives are proven to increase performance, particularly in sales teams.
7. Skills Metrics
Data from learning needs analysis and training ROI calculations should be regularly analysed along with other skills assessment metrics, such as performance evaluations, to identify skill trends and areas for improvement. These metrics play a crucial role in workforce planning, talent development, and overall organisational success. Guider’s skill-based matching ensures that mentoring addresses specific skill development needs.
8. Retention Rate
High turnover can disrupt your organisation, it’s crucial to monitor this metric to then evaluate employee training effectiveness. Retention rates are 20% higher when employees receive mentoring, highlighting its role in improving employee commitment. Guider helps you retain talent through mentorship, providing real-time insights into employee retention.
9. Employee Wellbeing
Understanding your employee wellbeing, a crucial growth and development metric, is paramount, especially in remote work setups. Get an overview of employee wellbeing, using employee satisfaction scores and wellness surveys and training impact assessments. Guider promotes employee wellbeing through mentoring, mitigating burnout and improving mental health, even in hybrid work settings.
Read more for information on how to improve employee wellbeing.
10. Employee Skills Objectives with Guider
At Guider, mentees input their objectives and goals in order to progress with their mentor. Our fully customisable, intuitive dashboards allow you to track employee objective progress across all programmes. The number of mentor relationships, sessions booked and skills developed update in real-time, so you can conduct learning outcomes assessments and measure L&D effectiveness at any time.
Download our E-book to learn how to build an impactful mentoring programme.
At Guider, we prioritise employee skills, personalising their experience based on their set objectives. Mentees set their goals, and mentors can update their progress, all within the platform. Our intuitive dashboards offer real-time updates on mentor relationships, session bookings, and skill development across all users, so you stay informed about your baseline through every step of the process.
Incorporating these metrics into your L&D strategy not only keeps you on the right track but also helps you optimise your efforts for better outcomes. At Guider, we’re here to make sure you have the data and tools you need to promote growth, retention, and employee well-being within your organisation.
Want to learn your baseline? Speak to an expert today.