With each day, more HR departments understand the importance of creating HR reports and gathering employee data to make important decisions. HR reports are useful to detect possible opportunities, and weaknesses or make decisions based on objective facts that will help small and medium enterprises make the right choices.
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5 Types of HR Reports and Analytics
There is a wide array of HR reports and analytics that can be useful to the human resources department. Here are the top 6 metrics that you should be taking into account.
1. Age-Human Resources Reports
Age reports show the different age groups inside your company. They are particularly helpful to know the average age of your business and understand the current situation and necessities of your employees. Based on this data you can see the age profile of all your workers and make decisions like what kind of benefit to offer each group of employees: childcare checks, transport, health insurance or even retirement plans.
2. Compensation-Human Resources Reports
Compensation Reports are very useful to know if your company is offering a competitive compensation that matches the salary on the market for each position. Knowing the average salary of your company can help you identify ways to optimise it, for example: offering benefits to improve your employee’s salary and decrease the turnover rate of your staff, implementing flexible payment plans to improve the average salary or just comparing what your company pays in comparison to other business.
Other important information for the human resources department is to know the salary range of each department or even according to the employee’s gender.
3. Headcount-Human Resources Reports
It’s likely new businesses will want to know their growth rate for the past few months. A high growth rate may require more help with onboarding new employees and activities to help get to know their colleagues. Team building activities are usually for teams that are hiring in a more aggressive way or that have grown a lot in a short period of time. Some companies offer breakfast once a week in the office to facilitate easy communication and contact before work starts. Others may organise group activities like Room Escapes or after work.
4. Seniority- Human Resources Reports
Seniority reports allow the human resources department to know how long an employee stays in the company. Most of the time, seniority is strongly related to workplace motivation. It’s normal for an employee to lose motivation over time, so if your employees work for an average of two years in the company, you should pay attention and make changes, as employees leaving after a short amount of time has very high costs to the business. It has been estimated that workforce discouragement implies a 34% of the losses of a business. With this data, you can foresee the situation and work on your employees’ engagement.
5. Turnover Report
Strongly tied to the previous report, the turnover report can give you a view of how many employees have left in the last year. This information is useful to know the monthly cost that the turnover rate has on the company. In addition to the costs associated with an employee leaving, you have to bear in mind a total loss of 4 or 6 months of the new employer’s salary and the time needed for them to learn and control what their new position entails before he starts to be productive.
Generate HR Reports Automatically
There’s an easier way to generate HR reports without spending hours analysing heaps of data. If you are already using Factorial’s human resources software you can access the reports section. There you’ll find all the mentioned advanced HR reports ready for you to check. Factorial generates all the reports from the information already introduced by you and your employees.
Register with Factorial for free to analyse company reports and analytics!
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