Posts in KPIs

Will the Airline Industry Return to Profitability in 2023? See New Reports

September 5th, 2022 Posted by KPIs 0 thoughts on “Will the Airline Industry Return to Profitability in 2023? See New Reports”

As the recovery from the COVID-19 crisis accelerates; most of the countries open their borders for tourists. In addition, the measures of travel restrictions have been eased amidst the International Air Transport Association (IATA) upgrade to its outlook for the airline industry’s 2022 financial performance. 

According to IATA’s forecast, the airline industry is expected to reduce its losses to -$9.7 billion, with a net loss margin of -1.2%. It is a huge improvement compared to IATA’s 2021 estimation of $11.6 billion loss, and from losses of $137.7 billion (-36.0% net margin) in 2020 and $42.1 billion (-8.3% net margin) in 2021.

“Airlines are resilient. People are flying in ever greater numbers. And cargo is performing well against a backdrop of growing economic uncertainty. Losses will be cut to $9.7 billion this year and profitability is on the horizon for 2023. It is a time for optimism, even if there are still challenges on costs, particularly fuel, and some lingering restrictions in a few key markets,” said Willie Walsh, IATA’s Director General.

However, it is reported that despite the airline industry returning to profitability, they are unable to meet the growing demand for travel due to much higher expenses for labor and fuel. Airlines discovered that they could not maintain the higher level of flights they had hoped to provide in order to take advantage of the escalating demand.

What Can Airlines Do?

Focus on profitability over revenue growth. PwC believes that investors will continue to reward airlines that prioritize profitability over revenue growth. Airlines could be enticed to increase capacity more quickly than demand to profit from low incremental costs and abundant resources. However, doing this will probably result in lower fares, which will reduce revenue and profitability.

Establish a positive reputation. Based on McKinsey&Company’s analysis, travelers no longer just purchase tickets based on the cost and availability. They travel more frequently and have more understanding of the variations among airlines, including their service capabilities and operational efficiency.

Monitor performance using KPIs. In order to track an airline’s potential or needs for improvement that can help the organization demonstrate positive reputation, and develop and implement a customer-focused strategy, it is necessary to have the data to support their decisions.

The KPI Institute released the Top 25 Airlines KPIs – 2020 Extended Edition, which compiles the most popular 25 KPIs used worldwide by airline management throughout 2016 and 2020. The 25 airlines KPIs identified are categorized into five divisions:

  1. Airline Service Quality – Evaluates an airline’s capacity to deliver services that meet consumer expectations as it draws attention to crucial factors that directly affect customer happiness.
  2. Airline Revenues – Assesses the revenues, which airlines generate through its service and product sales.
  3. Aircraft Fleet Management – Refers to effectively arranging and managing the available aircraft and includes information on maintenance procedures and capacity utilization rates.
  4. Airline Costs – Relate to all the expenses involved in providing airline services.
  5. Airline Staff – Indicates the sufficiency and productivity of the airline’s employees. 

Explore the 25 most popular airline KPIs today and read through each of their profiles, which are filled with in-practice recommendations. Download the Top 25 Airlines KPIs – 2020 Extended report here.

 

#greatresignation on TikTok: What Can HR Do? Read Top Reports

April 29th, 2022 Posted by Employees, KPIs, Research 0 thoughts on “#greatresignation on TikTok: What Can HR Do? Read Top Reports”

The Great Resignation made front-page news in 2021 and remains a labor market talking point this year. According to the Job Openings and Labor Turnover Survey (JOLTS), the Great Resignation in the United States continued in February 2022, with more than 4.3 million people quitting their jobs after a series high of 4.5 million in November 2021. 

While Willis Towers Watson’s 2022 Global Benefits Attitudes Survey estimates that only 11% planned to look for a job in the first quarter of 2022 out of 44% job seekers, employees quitting their jobs continues to become a trend in the second quarter and even went viral on TikTok. 

The hashtag #greatresignation gained over 163.5 million views on the popular video-sharing mobile application, followed by #quittingmyjob with over 123.6 million views. TikTok users share their working conditions that urged them to quit. 

One of them shared that employees have to report to work even if they tested positive for COVID-19. According to @saygracee23 in her #quittingmyjob video that has over 1.2 million views, employees avoid being late or absent to get eligible for bonuses. Since they are understaffed, her employer pledged a 100 USD bonus per paycheck if an employee has no call-outs.

Another user named @annamsutter, who claims she is an “achiever since birth,” decided to quit her job due to struggles at work. She said, “no job should make you compromise your mental health, physical health, your well-being, personal relationship, and your personal life in general.” Her #greatresignation video has 1.7 million views.

What HR Managers Can Do

Reevaluate work setup. Mark Lobosco, Vice President of Talent Solutions at LinkedIn, mentioned in his article on LinkedIn that employees, as well as job hunters. now prefer a good work-life balance career over competitive benefits and compensation. 

Employees also desire flexibility. They want to be able to work from anywhere, at any time, and in whatever way they can. Results of a Flexjobs survey revealed that work flexibility has a “huge” or “positive” impact on employees’ quality of life. If companies allow people to enjoy flexibility, HR managers should ensure that policies and programs regarding work arrangements meet the needs of employees and are also aligned with business goals.

Welcome diversity in the workplace. Culture is one of the factors that compel employees to leave. The organization must foster an environment in which it is safe for their employees to be themselves. HR managers must promote diversity consistently in different areas, starting from how employees are recruited and interviewed to their access to programs that promote growth and inclusion. HR managers must ensure that policies affecting diversity should lead to inclusion in the workplace.

Employees are more comfortable in organizations where diversity, equity, and inclusion are being promoted. Reversely, employees felt an aversion towards experiences of disrespect and unethical behavior within the company,” Manoj Dubey, a consultant at The KPI Institute, wrote in his article on Performance Magazine titled “The Great Resignation and the Requirement of a Data-driven Approach from HR.”

Use the right metrics and KPIs. Human resource professionals are rethinking their roles, culture, and values in response to the Great Resignation. Recruiting and retaining talent has become a challenge for them due to the changing preferences in the job market. Data can help HR predict trends and problems, determine what needs to be done or improve in different areas, and understand what employees need from their workplace. 

One of the things they should pay attention to and explore further is the use of key performance indicators (KPIs). The KPI Institute released The Top 25 Human Resources KPIs – 2020 Extended Edition report, which compiles the most popular 25 KPIs used by Human Resources divisions throughout 2016 and 2020. The 25 Human Resources KPIs identified are categorized into seven divisions:

  • Compensation and Benefits capabilities capitalize on the value of effectual reward systems.
  • Efficiency and Effectiveness divisions are concerned with the measurement of productivity achievement.
  • Recruitment teams monitor the overall effectiveness of the recruitment process.
  • Retention focuses on employee satisfaction, engagement, and turnover.
  • Talent Development refers to brandishing human capital potential in a manner that maximizes its contribution to the overall performance of the organization.
  • Working Environment focuses on the consolidation of a productive working environment that harnesses workforce performance.
  • Workforce references job stratification and employee distribution as part of an integrated performance management system.

Learn more about the 25 most popular human resources KPIs today and read about the best practices in KPI selection and documentation. Download The Top 25 Human Resources KPIs – 2020 Extended Edition now!

Can Your Favorite Restaurants Recover From the Pandemic? See New Reports

January 22nd, 2022 Posted by KPIs, Research 0 thoughts on “Can Your Favorite Restaurants Recover From the Pandemic? See New Reports”

Online ordering, digital payments, the rising demand for plant-based items and sustainable packaging, and preference for alcohol-to-go and outdoor dining are just some of the trends that restaurants are adjusting to. 

While consumer behavior and dining preferences have changed due to the COVID-19 pandemic, the restaurant industry sees a glimmer of hope. Sales are expected to increase from $864 billion in 2019 to $898 billions this year, according to the National Restaurant Association’s 2022 State of the Restaurant Industry Report. Meanwhile, the foodservice industry is predicted to generate 400,000 jobs, for total industry employment of 14.9M before the year ends.

However, Hudson Riehle, senior vice president of the Research and Knowledge Group at the National Restaurant Association, emphasized that the restaurant industry may never completely return to its pre-pandemic state. 

Over half of restaurant operators believe that the return to normalcy would take a year or more. Restaurants are still grappling with employee retention and recruitment, food, labor, and occupancy costs, and supply delays or shortages of key food or beverage products.

“We still have work to do to ensure that those operators struggling the most can survive.  The Association will continue to champion the necessary government support needed at the federal and local levels to help keep these businesses — cornerstones of our communities — on a path to better days,” said Marvin Irby, Interim President & CEO of the National Restaurant Association.

What Can Restaurants Do

Use data to adapt to changes. The NPD Group recommends studying restaurant visits each daypart–morning meal, lunch, dinner, and P.M. Snack–and adjusting operations according to the behavior and motivations of diners. “The ability for restaurants, particularly full-service restaurants, to operate at total capacity, consumer comfort with dining in, and more business and recreational travel will aid recovery at the dinner daypart,” NPD states.

Exceed expectations to retain customers. Heleri Rande, a partner at Think Hospitality, a Florida-based real estate development and hospitality company, believes that restaurants should go beyond their usual services. They can add special touches like recipe boxes and contactless drop-off. She also suggests upselling “sides, bottles of wine, and desserts” and encouraging customers to buy gift vouchers. 

Track performance using KPIs. During uncertain times, every business decision is critical. Understanding where a restaurant has potential or needs improvement can help owners develop and implement a customer-focused strategy. This is only possible when they have the data to support their decisions.

The KPI Institute released The Top 25 Restaurant KPIs – 2020 Extended Edition, which compiles the most popular 25 KPIs used by food and beverage units worldwide throughout 2016 and 2020. The 25 restaurant KPIs identified are categorized into six divisions:

  • Restaurant Financials – Incorporate the sales generated by the business from different perspectives and the investments made for its functionality
  • Service Quality – Refers to issues that influence customer’s satisfaction, such as unavailability of menu items or service diversity
  • Customer Feedback – Offers information regarding the customers’ assessment of the restaurant as an indicator of their satisfaction and loyalty
  • Restaurant Occupancy – Represents the attraction of customers and the capacity at which the restaurant operates
  • Restaurant Workload – Reflects on the intensity of the restaurant’s activity and the impact of peak periods on employees
  • Restaurant Governance – Indicates the principles and practices that guide the decisions of the restaurant’s management

Discover the 25 most popular restaurant KPIs today and read each of their profiles, all packed with exclusive in-practice recommendations. Download The Top 25 Restaurant KPIs – 2020 Extended Edition now!

2021 Highlights: Discover The KPI Institute’s Top Courses, New Partners, and More

December 31st, 2021 Posted by Certification, Courses, E-learning, Employees, KPIs, Research 0 thoughts on “2021 Highlights: Discover The KPI Institute’s Top Courses, New Partners, and More”

The KPI Institute (TKI) capped off  2021 with numerous feats. From welcoming more participants to revenue growth to signing new partnerships, take a look back at how the organization navigated changes and chased success throughout the year.

Here are the 10 highlights reflecting our steadfast drive for progress:

  1. New courses: TKI launched the Agile Strategy Execution, Certified Performance Audit Professional, and Executive Education Program  as a response to
  2. A growing online community: Smartkpis.com, the world’s biggest database of documented KPIs, attracted over 2000 new subscribers and members.
  3. Unparalleled KPI research: With more than 17 years of experience in the field, The KPI Institute remains a valuable source of the most popular KPIs in various industries and functional areas. You can learn more about them by downloading the Top KPIs reports and KPIs of the Month infographics.
  4. Trusted by Major Organizations: TKI provided consulting services for the National Grid (KSA), Andes Petroleum (Ecuador), Power International Holding (PIH) – 14 Entities, Solutions by STC, Islamic Development Bank, Program for Health Assurance and Purchasing, Sharquia Development Authority (KSA), and Al Nahdi Family Office.
  5. Expanding organizational structure: The company saw a 64% increase in the number of employees this year compared to 2020.
  6. Nurturing a multicultural environment: As a global research institute, the TKI ecosystem is composed of skilled professionals, specialists, and consultants with different cultural backgrounds. Its employees and collaborators come from Romania, Indonesia, Jordan, Lebanon, Australia, Egypt, Malaysia, Philippines, India, Mauritius, Nigeria, Greece, Italia, Turkey, and Vietnam.
  7. High-quality training sessions: TKI recorded a 121% increase in the number of training courses organized in 2021 compared to 2020.
  8. Most coveted certifications: The certification program with the highest number of participants in 2021 was the KPI Certified Professional and Practitioner, followed by the Strategy and Business Planning Professional Certification. The Balanced Scorecard Management System Professional Certification, the Certified Performance Management Professional and Practitioner Certifications, and the Certified OKR Professional also made it to the Top 5.
  9. Significant partnerships sealed: Three new partners strengthened the presence of TKI in different markets. Thanks to Strategic KPI from Tunisia, Enroute International Limited from Bangladesh, and Third Sector Center for Training and Management Consultancy Saudi Arabia.
  10. Attracting audiences worldwide: The number of course participants during open training sessions in 2021 rose by 82% compared to 2020.

Join us this year in conquering new heights and empowering the world to achieve exceptional performance.

If you don’t find what you’re looking for above, email us at [email protected] or call at T: +61 3 9028 2223 / M: +61 4 2456 8088.

Year-end Recap: The KPI Institute Identifies the Most Popular KPIs in 2021

November 29th, 2021 Posted by KPIs, Research 0 thoughts on “Year-end Recap: The KPI Institute Identifies the Most Popular KPIs in 2021”

most popular KPIs

The wave of changes in the past two years has compelled businesses to review their performance and realign their strategies to the times. The losses, leaps, and lessons vary in different industries, but organizations, from multinational companies to brick-and-mortar stores, have to answer the same question: What is the best “new normal” for us?

As businesses adapt to a rapidly changing environment and figure out what works for them, key performance indicators (KPIs) are more important than ever. KPIs can serve as the order beneath the chaos, helping organizations achieve and monitor a desired level of results for their activities.

The KPI Institute, carrying over 17 years of experience in the field, continues to share its expertise and knowledge on KPI best practices through the Top KPI reports. As the year comes to a close, we’ve bundled up the most popular KPIs released in 2021. The results are based on the data from smartKPIs.com, the world’s largest database of documented KPIs. 

This series of reports provides companies, practitioners, consultants, and professionals with updates and resources on how to select and use KPIs in their respective industries or functional areas. Each report features the profile of every KPI, analysis, notes on KPI reporting, and other information related to the performance management discipline.

2021 Top 25 KPIs

The Top 25 KPI reports present the most popular KPIs in various industries and functional areas, such as procurement/purchasing, marketing, production, human resources, customer service, hotels, restaurants, finance, and real estate development and transactions.

2021 Top 10 KPIs

Download the Top 10 KPI reports for different industries for a more compact version of the KPIs’ profiles, analysis, and in practice recommendations.

2021 KPI of the Month

Discover the most popular KPIs in their respective industries or areas through the KPI of the Month poster collection.

For more information on the research reports of The KPI Institute, get in touch with Cristina Mihăiloaie, Business Unit Manager – Research Division: [email protected] | +61 (390) 282 223 | +40 (749) 424 517.

50+ KPI Templates, Scorecards, and Dashboards for Measuring Business Success

October 22nd, 2021 Posted by KPIs, Research 0 thoughts on “50+ KPI Templates, Scorecards, and Dashboards for Measuring Business Success”

KPI templates are developed to help organizations find the right key performance indicators (KPI) for their business.

With over 17 years of research on KPI best practices, The KPI Institute emphasizes that KPIs and their value are defined and perceived depending on the industry, functional area, organizational focus, and public, private, or personal domain of application.

What is a KPI?

The KPI Institute defines KPI as a measurable expression for achieving the desired results in an area relevant to the evaluated entity’s activity. KPIs make objectives quantifiable, providing visibility into the performance of individuals, teams, departments, and organizations and enabling decision-makers to act on achieving the desired outcomes.

Typically, KPIs are monitored and communicated through dashboards, scorecards, and other forms of performance reports.

In performance management, a dashboard is used for monitoring data daily. It is characterized by visual representations of data that enable a fast and easy understanding of the performance status.

Measuring performance with dashboards and configuring it requires using enough KPIs, aligning KPIs across the organization, and establishing accountability. To design an effective dashboard, an organization should choose the most relevant KPIs, ensure the presence of precognitive attributes in the visuals, make the features interactive, and regularly provide updates.

A balanced scorecard is a tool in strategic planning and performance management that shows the four dimensions of an organization: financial, customer, internal processes, and learning, and growth. Some of the benefits of using a balanced scorecard are integrated strategic planning, the alignment of KPIs with strategy at all levels of an organization, and a comprehensive view of business performance.

The KPI Institute has put together KPI templates and a platform where you can download scorecards, dashboards, and other performance templates.

key performance indicators

For inquiries, email us at [email protected] or call T: +61 3 9028 2223 M: +61 4 2456 8088.

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