Simple,Steps,How,Develop,Metri business, insurance Simple Steps How to Develop Metrics
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Every program or business needs to have a way of measuring how it is performing. The only way to quantify whether the business is achieving its goals is through numbers and these are measured through metrics. How to develop metrics may sound like a daunting task but once the task is done, it will be easier to manage the business in ways one cannot imagine. Metrics are there to measure the entirety of a whole unit or team. This can also be used to measure an individual regarding his performance. This is because the very employee is the person who contributes to the overall performance of an entity.Certainly, there are many things that should be considered when metrics are formed. The very first thing here is to identify customer specification. What do your customers want? Or better yet, identify who your customers are. Once these customers are identified, it will be easy to correlate what kind of standard you should have. These standards are then the goals of each employee and the entire program. Once these standards are set, the percentages of the every goal for every aspect of the job should be measured.In many cases, attendance is a specific metric that companies use to gauge the performance of their employees in terms of dependability. Normally, companies use a scale of 1-5 to rate the performance of an employee. For example, one absence is already equivalent to 4 pints. Then two absences will be equivalent to 3 points. This point system is then multiplied into a percentage. The percentage or weight of the attendance is dependent on what the company values more.Other metrics that may be considered are tardiness, productivity, average handle time, customer satisfaction rating, customer retention, sales per hour, conversion rate per hour, quality, and many more.Once each has been quantified, the management can now set percentage values for each. Let us say that the quality of the product than an employee produces has more significant financial impact than the other metrics, then a heavy percentage may be assigned to this metric. Let us say 30% of the employees total performance is based on quality. If a quality assurance specialist scored him an 80% and 80% is just equivalent to 3 in the mentioned 5-point scale system, then 3 multiplied by 30% is equivalent to 0.9.If attendance is another 30% and the employee got a perfect attendance, then the measurement equivalent is 1.5 because we will multiply 30% by 5 since 5 is the perfect attendance score in the 5-point scale. There is still 40% missing points in our example and let us assume that this is CSAT or customer satisfaction. Let us assume that the ratings of 80-85% are equivalent to 4 and 85.01% above will be equivalent to 5. If the employee got a rating of 83% that will be equivalent to 4 multiplied by 40%, which is 1.6.If we add up the total of the three metrics, that will be 0.9 for attendance + 1.5 for quality + 1.6 for CSAT for a total of 4. In a 5-point scale rating, the common passing score to maintain employment is 3 or 2.5.
Simple,Steps,How,Develop,Metri