Another metric would be a yield ratio.
So a yield ratio thinks about how many people move from one step to
the next in a process.
So we had 100 applicants, 50 people had phone screens,
10 came in for interviews, and we ended up having 3 and
final interviews, and we made an offer to 1.
Another one would be how many resumes did we receive?
If we know how many resumes we received from each source,
then that maybe tells us one source is better than another.
But it really doesn't tell us anything.
It's just a number by itself.
So overall, metrics provide a snapshot in time.
And they're really good for things like dashboard numbers, KPIs,
we used to use something called the balanced score card which measures
the financial numbers and different performance numbers of the organization,
and so lots of different metrics there that we can take to look at and on going
basis that gives us some sort of snapshot again of the health of the organization.
Okay so lets do a quick recap here.
Metrics do provide a snapshot in time, and they are good for dashboards and KPIs.
So, a KPI would be something like, it depends on the industry and
the organization, but
it might be something like the number of safety accidents.
How many people were injured in the last year?
How many of those injuries were lost time injures where the person had to be away
from work because of the severity of the injury?
Another KPI would be customers that have not come back.
So the customer's lost, the customer you have not retained.
And the next part then is that metrics lack insight, so
we may know that we've lost customers, people have not come back,
we don't have their repeat business, but we don't necessarily know why.
And the same thing with the injuries.
We know more people are being injured, or getting injured at work, but
it doesn't tell us necessarily why.
And so because of those things,
we're also unable to predict what's going to happen in the future.
We can look at past numbers, and we can start to see trends.
But trends don't tell the whole story, and there a lot of environmental factors and
other components that may affect future outcomes.
All right, so let's talk then instead of metrics, moving to the ideas of analytics.
And remember, we live in this world now where we have so
much data, it's really just a sea of it.
And it can start to feel very overwhelming.
The numbers that we can collect, and
the amount of information at our fingertips, because of technology we're
able to collect a lot of data that we weren't able to do that before.