With each day, more human resources departments understand the importance of creating reports and gathering their employees data to make important decisions. Human resources reports are useful to detect possible opportunities, weaknesses or decide based on objective facts that will help small and medium enterprises make the right choices.
6 types of reports and analytics for human resources
There is a wide array of reports and analytics that can be useful to the human resources department. Here are some examples:
Age reports show the different age groups inside your company. They are specially helpful to know the average age on your business and understand the current situation and necessities of your employees. Based on this data you can see the your staff’s age profile and make decisions like what kind of benefit to offer each group of workers: kindergarten checks, transport, health insurance or even retirement plans.
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 on your company can help you identify ways to optimize 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 to compare 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.
Businesses that are just starting may want to know their growth rate for the last months. With a high growth rate you might need help with new employees onboarding process or even for them to get to know their colleagues.
Teambuilding 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 that first contact between their staff. Others organize group activities like Room Escapes or after works.
Seniority reports allow the human resources department to know for how long an employee stays in the company. Most of the times seniority is strongly related to workplace motivation. Is normal for an employee to lose motivation over time, so if your staff has an average of two years on the company you should pay attention and try to change it. The cost of an employee that’s been in your company for that long is high and with him not only leaves your money, but also part of your company’s knowledge and history. 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.
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.
How to automatically generate reports
There’s an easy way to get these reports and many more without spending hours analyzing tons 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 reports ready for you to check. Factorial generates all the reports from the information already introduced by you and your employees.
Reports are one of the new functionalities of Factorial Pro. If you want to try Factorial Pro for free for 14 days register now.