1.0 Purpose Statement
STAC Marine is committed to providing a fair, transparent, and effective monitoring system for tracking turnover, new hires, and sustainability issues.
1.1 Purpose
The purpose of this process is to:
- 1.2 Provide a clear procedure for tracking and managing HR metrics.
- 1.3 Ensure that all data is handled promptly, fairly, and effectively.
- 1.4 Inform decision-making and drive business outcomes.
2.0 Scope:
This process applies to all employees and stakeholders of STAC Marine.
3.0 Metrics and Monitoring tools:
We track the following metrics:
- Employee Turnover Rate
- Time-to-Hire
3.1 Monitoring Tools include:
- HRIS (ODOO HR Module)
- Exit check list
4.0 Procedure
4.1 Data Collection:
- HRIS (ODOO HR Module) is utilized to track employee data, including turnover, new hires, and retention and exit
- Collect exit forms and conduct exit interviews.
4.2 Metric calculation:
- Calculate Employee Turnover Rate: (Number of Employees Who Left / Average Total Number of Employees) x 100.
- Calculate Time-to-Hire: Average time to fill open position
4.3 Data Analysis Receipt and Acknowledgment:
- Analyze data to identify trends, patterns, and areas for improvement.
- Use data to inform decision-making and drive business outcomes.
4.4 Reporting and Validation:
- Prepare regular reports on turnover, new hires and sustainability metrics.
- Validate metrics internally and explore external validation options.
5.0 Assumptions and Limitations:
- Accurate data entry and calculation
- Honest self-identification and representative sample size
- Limited by data quality and sample size
6.0 Responsibilities
- HR Manager: Overseeing HR metrics and reporting.
- HR Representative: Collecting and analyzing data.
7.0 Review and Revision
This process will be reviewed and revised annually to ensure it remains effective and aligned with best practices.
8.0 Currency
Nigerian Naira (NGN) is used as the unit of measurement, as per our company's financial statements.