Why Does HR Reporting Software Matter?
In September 2021, Harvard Business Review published an introspective piece. Aptly titled, "Who Is Driving The Great Resignation?". It had taken into cognizance the new report by the U.S. Bureau of Labor Statistics and analyzed more than 9 million employee records from more than 4,000 companies. As per the Bureau of Labor Statistics report, 4 million Americans quit their jobs in July 2021. The maximum number of resignations came in April 2021. The trend hasn't waned. Every now and then, news reports scrutinize the abnormally high resignations that have been turned-in in the last few months.
Maybe a few years back, this wouldn't have been a concern at all. Mostly, people wanted a stable income, notwithstanding the stress of the job. It was driven by the capitalist economy -- the desire for that bigger house, better car, fancy vacations. The aspirations were high. But the pandemic transformed many things over the last two years.
Once at home because of the many lockdowns, employees realized that life could be lived without exerting themselves with unnecessary pressure of always being on the move, always working. Life can be comfortable even with a little less of all these things. Even when the situation improved and unlocks started happening, there was hesitance in returning to work.
Over the last two years, work and life goals have been recalibrated. And here we are, with one of the most challenging times for the Human Resource managers. It is not the performance management, workforce management, employee scheduling, or some of the other core HR duties that are concerning the HR professionals the most in the current times. But, the retention of employees. Of course, everything else remains to be managed efficiently too; businesses have to run. And it's the employees who form the core of a business.
HR reporting essentially refers to the process to analyze and compare crucial barometers about the workforce. Employee turnover, the gender ratio at a workplace, open jobs, onboarding, and full-time versus part-time workers, are some of the things with which HR Reporting and Analysis helps.
That brings us to the HR Analytics and Reporting software. This system, if well-executed, improve decisions on workforce diversity, employee retention, and talent acquisition. That translates to better recruitment, retention, and forecast of talent needs, as well as management of a lot of other HR tasks. With a focus on innovation, Hr Software has eased off a lot of workload from the HR professionals. In this article, we discuss the major areas in which HR Analytics and Reporting Software can help.
There's a famous Wall Street Journal article published in 2013, The Algorithm That Tells the Boss Who Might Quit. In a tightening labor market, companies including Wal-Mart Stores Inc., Credit Suisse Group AG and Box Inc. are analyzing a vast array of data points to determine who is likely to leave a post, it mentions, as it goes on to reflect on how analytics were helping these companies determine the employees who may resign. It exemplifies further with the Human Resources software company, Ultimate Software Group Inc. The Hr Software company assigns clients' employees, and even its own workers, individual retention predictor numbers, akin to a credit score. It helps in identifying the likelihood that a worker will leave.
Almost a decade back, it was an innovation that HR leaders were probably waiting for. It may sound easy, but managing talent is a challenge in most organizations. If a company doesn't have a system that can give an insight into the minds of their employees, and the problems they may be struggling with, the employee turnover rate is going to be high. That isn't good news. After all, who wants to waste time, effort and money on training new employees frequently.
The good news is that almost 10 years after the Wall Street Journal article, the market is flooded with HR Reporting software and HR Mobile App that help businesses simplify complex HR processes. It provides powerful insights into the workforce. In most cases, a flawed HR management system and lack of data analysis push a company to hire people who aren't appropriate for a particular role, leading to a high turnover rate. HR Reporting software, with the help of data and custom reports, helps HR managers in analyzing the reasons for the turnover and rectifying it.
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For a successful business, it's important to manage the workforce well. Especially, in the competitive world that we inhabit now, HR managers need to have proper reporting skills to be on top of what's going on in an organization. Monitoring each employee and ensuring a professional environment in a workspace are some of the key skills that HR leaders need.
Clubbed with data about employee performance, and other elements like their work schedule, and attendance, helps in analyzing whether the workforce management has been adequate or not. That is the reason HR Reporting Software is a critical component. The software solution can be effectively used to manage employees' hours and schedules. It ensures that there is a balanced approach in dividing the workload between employees, apart from making sure that no one is overworked or underutilized.
AN effective HR Reporting Software helps HR managers to monitor and control the core HR duties responsibly and with a data-backed approach. Observing employees' performance reports and other aspects on a constant basis helps in identifying areas of improvement within the organization. It is also a key for employee satisfaction. - when employees are happy, they're more productive and often stay longer at the company.
When a Human Resource manager is able to analyze HR data, the approach changes to being proactive rather than reactive. It gives the HR department strategic solution that can help in increasing employee productivity while also ensuring their well-being.
HR Business Intelligence
People-based business intelligence is still an emerging approach to workforce management. It has the ability to transform HR Reporting and Analysis from just a tool to get a peek into the HR metrics into a broader business context.
The senior management teams often struggle to get the information they need about their employees as a lot of reporting is isolated to the HR department. People-oriented business intelligence gives an insight into fundamental trends that can help in the larger context of a business.
Business intelligence is an effective data management strategy that gives centralized access to people-related information -- activities inside and out of the HR department. It helps in simplifying many complex tasks, for instance, onboarding. Deloitte's Global Human Capital Trends survey published at the beginning of 2021, revealed that people analytics was the second most important trend with 70 per cent of respondents saying that they are actively working on ways to make data a bigger part of their HCM (Human Capital Management) decision-making.
Besides providing an insight into operational efficiency, people-based business intelligence Hr Software also gives a scope to explore cost assessment, trend analysis and strategic workforce planning. With the emergence of easy-to-use software tools, and third-party distribution mechanisms like employee portals, it is easy to integrate business intelligence capability as a hosted service.
An effective HR Reporting Software ensures that the channel is always open for two-way communication. A human resource help desk is technology integrated into HR Reporting Software. It helps employees in registering issues and requests concerning them. The issues could be anything from benefits, payroll, and leave, to queries regarding company policy. The HR teams use these to efficiently manage and address employee issues.
With an integrated HR helpdesk platform in the HR portal, employees are able to save time and don't have to struggle through an endless process of back-and-forth of emails. In the meanwhile, HR teams are able to find a structure to the process. For instance, automated responses can be activated for common queries about HR processes and company policies. Additionally, integrating a self service portal streamlines workflow and makes tasks like marking attendance, and applying for leave among other things, a lot easier.
Smooth internal operations allow for better employee engagement. In the long run, it benefits administration in maintaining a record and provides real time access to the recurring problems that employees face. HR Help Desk and Self Service portals are great enablers in finding resolutions and creating standard procedures to fix them. It also ensures that HR teams are not wasting time in the resolution of recurring problems.
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Regulatory HR Compliance
The human resource team has long been responsible to ensure that businesses comply with employee regulations at the state and federal levels. With stricter guidelines keeping the benefits of employees into consideration, the scope of HR compliance has only expanded. HR teams are now liable for HR compliance violations.
With the advent of technology, the causes of such violations have also increased. It is just not isolated to payroll, or labor law violations, but has expanded to cybersecurity breaches, and new work models as a result of the pandemic.
With organizations reporting a high rate of success in using their HR systems to monitor compliance needs, HR compliance software integrated with other HR Software like HR Analytics, HR Payroll, or Time and Attendance Software, helps companies, managers, and HR professionals to follow HR business regulations and compliance laws. This solution helps in automating classified documents and reporting, while allowing businesses to understand complex and evolving state and federal compliance legislation and rules.
Additionally, HR compliance solutions integrated with HR Analytics and Reporting help businesses communicate and enforce company and legislative policies to their employees in a more effective manner.
HR Analytics and Reports reports provide a business with all the information about their employees. It helps the management in understanding how business processes are impacting their employees. Resultantly, faster and better strategic decisions can be made to strengthen HR practices.
From workforce management, and employee retention to providing a better administrative support system, well-executed HR Reporting and Analytics supports employees, resolves issues, is preemptive in forecasting employee turnover, and helps employees in doing their best work. Additionally, effective employee data, allows HR leaders and managers to work strategically toward workforce and talent management.
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