As companies grow, the amount of internal data they generate grows along with them. Typically, employee data is stored electronically, which provides easy access as well as a convenient way to update and change information. However, in today’s business landscape you need to be able to visualize key human resource data in order to see which processes are running smoothly and where operations can be improved. Having a Reporting feature allows you to streamline this process. Let’s dive into 7 reasons why your business can’t afford to not have a reporting feature.
1. Hire the Right People Faster
One key benefit to organized data is it allows you to spot trends in your company. A customized report will allow you to make faster, easier decisions about hard choices, such as hiring the right candidate. With access to information about previous hires, you can spot beneficial qualities, key personality traits, and other tangible data points indicating future success.
For example, if your report indicates employees with less than 3 years of experience struggled to meet quarterly goals, you could implement a new requirement asking for more professional experience.
2. Predict Hiring Requirements
Reporting features diminish 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 needs will drastically reduce the time spent looking for a qualified candidate, as well as combating lost productivity.
3. Proactively Identify Turnover Trends
Employees leave positions for a variety of reasons, but with the right reports, you can spot patterns and act proactively to retain the best workers. Usually employees leave a company for better benefits, higher pay, more promotional opportunities, or a mix of all three. Identifying the hardest working, highest achieving employees is easy with the right reporting feature. And once you’ve identified your star workers, you can proactively reward them and make them feel valued.
On the other hand, reports can help you identify team members not pulling their own weight. While it may be obvious who is disengaged from their daily tasks, properly identifying weak performers provides valuable insight. In either situation, reports will provide you with the right information to make effective decisions.
4. Monitor Employee Performance
Along the same vein of identifying strong and weak employees, a well-run, customizable reporting feature will allow you to monitor employee performance. Whether you perform yearly or quarterly performance reviews, reports will give you data-backed feedback to recognize and reward your strongest employees. Accurate employee performance reviews allow you to adequately reward the highest performers while showcasing who might need more training or guidance.
5. Identify the Source of Company Issues
HR professionals handle a lot of company problems, even though they may not always be the sounding board for serious company complaints, causing some issues to not be vocalized at all. Reports can be a great resource in discovering the source of company problems. For example, if you’re seeing a trend in underperformance among new employees, it’s possible they were all trained under the same manager or coworker. Reports can help you identify common variables you may not be conscious of.
6. Manage and Analyze Compensation
Adequately paying employees is a balancing act. Your employees need to be paid well enough to feel valued and satisfied, but their pay scale needs to fit into your company budget. Reports allow you to achieve this balance. Real-time access to employee pay and benefits allows you to compare the data to their individual performance, worth, and any other factors you’d like to include.
7. Strategically Position Your Company
A well-organized reporting feature allows you to look back at past trends while identifying what you need to do to meet future goals. With the analysis that comes with detailed reports, you’ll be better positioned to make accurate, strategic decisions for your company. Managers, supervisors, and HR professionals alike can effectively utilize the vast amount of internal data to improve day-to-day activities, as well as annual performance.
With Dominion’s Reporting software, you can streamline reports for Payroll, ACA Reporting, and Time & Attendance, just to name a few. Whether your Reporting feature is outdated or doesn’t properly handle what your business requires, it’s never a bad time to reevaluate your Reporting process