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Understanding the difference between Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) is important to know when your responsibilities include improving employee and organizational performance. Both KRIs and KPIs are well-used tools, but they serve different purposes. Knowing how to use them correctly can help you make more informed decisions.
For example, when considering the cost implications of employee turnover, SHRM found that hiring a new employee can cost three to four times the position’s salary. This makes it crucial to monitor both turnover risk (a KRI) and turnover rate (a KPI).
This article breaks down KRIs and