HRMN 395-Week 7: Putting it all together
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PresentationTotalRewardsMetrics.pptxPresentation Total Rewards Metrics
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INTRODUCTION AND PURPOSE OF THE PAPER
The presentation will go over total rewards metrics and how the US Air Force's total rewards initiative is evaluated for success using metrics.
Additionally, this presentation will list, define, and give instances of metrics and their connections to the organization's achievement.
DEFINITION OF METRIC
Metrics is only a tool for evaluating the impact of a specific activity or project. They are often referred to as measures or key performance indicators. Although they are frequently numerical or quantitative in nature (e.g., increase sales by 20%), they can also be qualitative (e.g., raise staff customer satisfaction) (UMGC Module 5, n.d.).
Metrics are numerical representations of essential data about a process. They give you exact calculations about how the process is performing and a foundation for recommending improvements (MSG, n.d.)
EXPLANATION OF THE USE OF METRICS
Business metrics are employed in measuring performance (Reh, 2020)
Financial metrics are employed to assist shareholders and management in evaluating and tracking an organization's overall financial condition over time (Reh, 2020)
Non-Financial Metrics focus on customer loyalty, employee satisfaction, and process effectiveness. (Reh, 2020)
Marketing Metrics are about acquiring new customers, retention numbers, and brand sentiment. (Izquierdo, 2020).
Metrics are a way to call attention to what is important (UMGC, Module 5, n.d)
THREE METRICS
Employee satisfaction
This is used to describe how much employees are happy in their job and getting their needs fulfilled within their current job, which significantly affects their performance. Factors include treating employees with respect, recognition, good benefits, compensation packages, and employee perks, resulting in high employee performance. (Heathfield, 2020).
Poll employees and conduct surveys to obtain the level of satisfaction within the squadron. Look at previous assessment surveys to track any decrease or increase.
The benchmark will be to go back through the last few years of surveys and establish an average. Also, review retention rates and see if more people have separated in the last few years than normal
THREE METRICS
Timeliness and efficiency
Efficiency is doing things in the best way using the least amount of time and resources. The Air Force has a ton of processes, and it's essential to review them to see if they can be changed for the better with new people and new technology (WorldatWork & Dan Cafaro, 2020).
The timeliness of products is already tracked at the highest level and posted quarterly for anyone interested to review. Pulling prior year data would show any trends.
The Air Force benchmarks are already established, so comparing the unit with the Air averages and against the goal will show how well they are doing.
THREE METRICS
Recruitment
The Air Force and all military branches are constantly recruiting to keep the numbers at max strength. The success of those numbers will show how attractive the rewards program is.
Research the number of people recruited each year and determine how many actually complete basic and technical training. Unless this is complete, they are not really part of the Air Force and do not receive any benefits.
The benchmark will be to look at the total force strength goal and to see if the recruiting numbers match up.
JUSTIFICATION
Measuring employee satisfaction will also correlate with employee performance and retention rates and show how effective the Air Force is in getting people to reenlist in the military (Lawler & Boudreau 2020).
Measuring how effective processes are and how timely products are completed will ensure time and money are not wasted and that employees are being used effectively.
Measuring recruitment numbers will show how effective the Air Force is in attracting new personnel into the military. This keeps the overall number high enough to keep everything running correctly.
CONCLUSION
When assessing the contribution of their total rewards programs to organizational success, organizations sometimes choose more than one sort of statistic. (UMGC Module 5, n.d.).
When a factor is crucial to the company's success, organizations won't rely solely on one measurement, so it's better if the measurements combine qualitative and quantitative data. (UMGC Module 5, n.d.).
References
Heathfield, S (October 31, 2020). How to Foster Employee Satisfaction. Retrieved from: https://www.thebalancecareers.com/employee-satisfaction-1918014
Izquierdo, R (June 22, 2020). The Most Important Business Metrics to Track. Retrieved from https://www.fool.com/the-blueprint/business-metrics/
Lawler, E., & Boudreau, J. W. (2020). HR Analytics and Metrics Effectiveness. In Achieving Excellence in Human Resources Management (pp. 75-82). Stanford University Press.
Reh, F. J. (November 2, 2020). What are Business Metrics? Retrieved from https:// www.thebalancecareers.com/what-are-business-metrics-2275174
UMGC (n.d.) Commentary – Module 5: Possible Pitfalls, Evaluations, and Metrics. Retrieved from https://learn.umgc.edu/d2l/le/content/544198/fullscreen/20456221/View
WorldatWork, & Dan Cafaro. (2020). The WorldatWork handbook of total rewards: A comprehensive guide to compensation, benefits, HR & employee engagement. Wiley.
