Human resource data 5.0 / 5 based on 2 ratings ? Business StudiesHuman resource strategiesASAQA Created by: konradekeCreated on: 31-03-16 11:18 What is human resource data? Quantifiable information that can measure workforce performance 1 of 15 What are some examples of human resource data? Labour turnover, Labour productivity, Employee costs as a percentage of turnover, Labour cost per unit 2 of 15 What is labour turnover? The rate of change in a firms workforce 3 of 15 How do you calculate Labour turnover? Number of staff leaving / Average number of staff X 100 4 of 15 What are the problems with high labour turnover? High training costs, loss of skilled workforce 5 of 15 What are some benefits of a low labour turnover rate? Low training costs, Maintains skilled workforce and doesn't lose highly trained workers to other businesses 6 of 15 What is a retention rate? The measure of a firm's ability to keep its workforce within the business normally for more than one year 7 of 15 How do you calculate retention rate? Number of employees serving more than 1 year / average number of staff X 100 8 of 15 What is labour productivity? Total output / Number of workers 9 of 15 How do you calculate employee costs as a percentage of total revenue? Employee costs / Revenue X 100 10 of 15 What are labour costs per unit? The average employee cost per unit of output 11 of 15 What is the formula for labour costs per unit? Total labour costs / Total output 12 of 15 How can data be used to plan and make decisions? Assess employee performance, Negotiate with trade unions, Inform decisions re redundancies if necessary 13 of 15 What are some internal influences? Current workforce, Performance data, Corporate objectives 14 of 15 What are some external influences? Current and future labour costs, Sales forecasts, Forecast migration, Cost and productivity of relevant production technology 15 of 15
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