6 Ways to Enhance The Potential of Your HR Data-Reading time: 4 Minutes
The data accessible to HR and payroll professionals has the potential to inform areas of the business beyond its basic necessities. There are several types of reports that can help your organisation work more efficiently, each with its specific purpose. When utilised to its maximum potential, HR & payroll data can provide useful insights such as opening up a detailed understanding of the organisation’s workforce.
So, with access to all of this data, how can HR & payroll professionals utilise this information to ensure that the business is running efficiently without compromising the employee wellbeing? When you’re clear on how each type of data can inform business decisions, it can help boost the efficiency of staff and business planning.
1. ‘Basic’ HR Data:
A report of this kind includes the basic data of employees, such as name, address, number of employees in each department, roles or even clothing size. With this kind of data in one place, an onboarding process can be arranged faster, for example, by knowing the clothing size of an employee.
2. Employee Performance and Absence:
Every business leader wants to ensure that their staff are working to their maximum potential. With a clear understanding of staff performance and absences, it is easier to see any discrepancies that may arise between potential and realised productivity. If a department is thin on the ground due to holidays or sickness, it may be necessary to redistribute staff to maximise both performance and employee satisfaction.
3. Employee Churn:
Is there a healthy pipeline of new talents applying for roles at the organisation? It’s vital to have visibility of employee churn data to understand the stability of the team. This can also indicate whether the inflow and outflow of people are balanced. Both will guarantee that finances and recruitment are both running stably.
4. Wage history:
Clarity of how wages develop over time can assure that payment has been fairly distributed both to specific employee as well as the rest of the workforce. This can be useful to justify a decision upon a raise request. If the business is operating in multiple countries, it can also ensure that the pay is fair in each and reflects the fluctuations in exchange rates.
5. Labour Costs:
Although pay and expenses may be predictable month-on-month on the whole, gross employee costs may be affected by absences, illnesses or other unpredictable occurrences in the day-to-day running of the business. It’s important to understand where these arise and how they affect the efficiency of the organisation. Moreover, having the labour cost report is handy to compare the competitiveness of your wages to other companies in the sector.
6. Sickness and Absenteeism:
Knowing when staff are absent and knowing how much this is costing the business are two different things. With a clear understanding and distinction of the causes of absences, it becomes possible to find a way of reducing the time staff are absent from their role. Is the issue internal or external? Are employees satisfied in their roles, or are they absent due to workplace frustrations that can be solved?
Data doesn’t just inform the statistics and reports: these reports can be utilised to improve financial and business efficiency but also employee wellbeing too. With wellbeing, both mental and physical, a particular focus for all businesses today, these reports are too important for payroll professionals to ignore. A happy company is a productive company, and so these reports can be used to revolutionise multiple areas of the organisation beyond simply HR and payroll.
As the leading European player in Payroll and HR, SD Worx provides worldwide services in the areas of payroll, HR, legal support, training, automation, consultancy and outsourcing. It focuses on customer centricity, fully embraces digitisation and is committed to international growth. Today, more than 65,000 small and large organisations worldwide place their trust in SD Worx and its nearly 75 years' worth of experience. Get in touch to find out more!