Data has the ability to empower your HR and business decisions. As a leading payroll and HR software company, we at Dominion believe we can give you the framework to make smart, informed business decisions about your people and therefore positively impact your organization. Whatever your role, it never hurts to have data back your strategic ideas. So let’s see how HR data can improve strategic decisions.
Managing the Data Available to You
Data is great to have, but if you don’t know where or what to look for, it’s not much use to you. Dominion makes it easy to pull customized or standard reports around payroll, time and attendance, and more. If you want a specific report and are unsure how to get it, our exceptional customer service team can show you how to create it.
Before you create a custom report, ask yourself how it will benefit your business, your employees, or both. Will this report benefit a particular department? Is it reportable to our leadership teams? Is it repeatable? All too often multiple reports are created and they either don’t get the results people want, or they’re used once and then forgotten - making a system with a bunch of one-off reports that clog up your profile. Contemplate which sets of reports are most useful and if they’ll create the changes you and your team want to see. That way, you can run a smooth and clean platform.
Spotting Trends in your Data
Whether it’s a report based on overtime, missed punches, or remaining PTO balances, Dominion provides a number of reports to spot trends in your data. For example, by using our overtime report, you can quickly see which employees consistently earn overtime and make the necessary schedule changes.
Conversely, if your organization is having a difficult time hiring new people, run a report and see the average amount of time it takes to hire a new employee. Do most drop out after a certain stage? Reporting features can limit the unpredictability of hiring requirements. A customized report will give you insights into your past hiring trends, allowing you to accurately predict future employment needs. Having your finger on the pulse of your company’s hiring patterns will drastically reduce the time spent looking for a qualified candidate, as well as combating lost productivity.
Having this information on hand makes it easier to justify new procedural processes.
Reviewing HR and Payroll Data
Reviewing and analyzing HR and payroll data should be done on a regular basis. That way, you’ll avoid analysis paralysis and stay up-to-date on the state of affairs of your business.
For example, perhaps you want to improve employee participation in your retirement plans or health insurance options. For health insurance, set up a time to review your plans twice a year. Once after open enrollment and six months later when it’s time to start getting bids. This way you’ll have your finger on the pulse of what’s popular, who is participating, and if you need to make any changes to boost awareness or understanding. Establishing a rhythm helps put things in perspective without being overwhelmed by data.
Remember that you don’t have to optimize every report or feature overnight. Establish a review strategy and program that works for you and provides the results you’re looking for. Once you’ve built a solid foundation of actionable reports that generate the data you need, build out from there.
Interested in learning how Dominion Systems can help your company?