HR Reports today act as useful resources for delivering important insights about various analytical aspects. Read on to find out more about the workforce analytics reports for HR…
In this era of Data-Driven Human Resource Departments, a lot of data, insights and analysis comes from the reports of the HR. Such reports both qualitative and quantitative information on HR practices, company trends and its employees. All of them are important from the point of view of making informed decisions. Almost 94% of professionals surveyed in 2020 say that analytics, including HR metrics, are important for the growth of the business. It’s almost impossible to make informed business decisions when HR stakeholders lack insight into their own organization. This blog gives you an idea of the top 12 workforce analytics reports for HR. Regular HR reporting enables both HR and management to keep their fingers on the organization’s pulse by tracking key workforce metrics.
This is where HR Reports and Analytics come into the picture and act as handy tools. With HR reporting, new trends and opportunities can be spotted early on, and emerging problems can be addressed before they significantly impact the business. As well as identifying employee turnover patterns, HR reporting helps companies make better hiring decisions, forecast hiring requirements, track employee performance, discover the root causes key issues (such as high turnover rates and poor employee performance), as well as issues pertaining to costs — cost of absence, cost of labor, training costs, and, of course, recruitment costs.
The 12 Workforce Analytics Reports for HR
1. Compliance Reports
This is one of the most important workforce analytics reports for HR as it helps them to ensure that every person and process in the organization is compliant to the rules and regulations. It helps report the number and intensity of policy violations as well as various KPIs on diverse hiring and workplace and promotions of employees. Certain key metrics can also be tracked using such reports.
2. Hiring Workflow Reports
These reports can be used in any standard HR processes and workflows, but are mostly used in case of hiring. It helps to gain useful insights on how many candidates are active in the application process, how many have moved from the ‘application’ to ‘position filled’ status and conversion rates of applicants across various stages from one stage to the next.
3. Source vs Quality of Hire Reports
This type of report is ideal for individuals who want to get an insight on where their top talent comes from in the course of their hiring process. Such reports can be organized to view various aspects like referrals, recruiters, job boards, etc. It also helps look at elements like where the past hires were sourced from, who was involved in such processes and what were the roles for which people were hired. These are matched against the quality of hire and are important from the purview of performance metrics.
4. Process Tracking Reports
Such reports help the Human Resource Departments to find out how long the hiring process takes, track dates for the start and end of projects, recruitment phases, onboarding, etc. On top of this, you can identify and report on key stages throughout a process, like ‘number of interviews’ vs ‘interview time’.
5. Employee Information Reports
These reports on key employee metrics show how well individuals are performing, but can also be a key indicator for how well a business is supporting that performance. They can include various aspects such as use of leaves, benefits and training resources, employee engagement, etc.
6. Revenue per Employee Reports
An organization’s workforce should bring in enough revenue to justify employment. Roughly, this can be calculated by dividing the organization’s total revenue by the total number of employees. However, this is a rather crude calculation that doesn’t factor in things like cost per hire, training costs, etc. As such, more thorough HR reporting needs to be completed to arrive at the true figure.
7. Profit per employee Reports
Beyond revenue, profit per employee should also be measured for effective HR reporting. Calculated by dividing business profit by total number of employees, profit per employee can help you determine if you’re over or understaffed. For example, the organization may have taken on extra sales staff to improve revenue, but are they really adding dollars to your bottom line, or is increased staffing simply eating into profits?
8. Cost per hire Reports
This measures what you’re paying to recruit and onboard each new employee. The average cost per hire is about $4,000, according to recent studies, but you’ll need to determine precisely what it is at your organization. To do so, you must factor in everything from the costs of an applicant tracking system to man-hours spent interviewing candidates, training, and onboarding costs.
9. Time to fill Reports
This is the number of days between a position becoming available and a candidate accepting that position. The longer it takes to fill a position, the more money it costs the organization — and the longer the organization suffers in terms of lost productivity.
10. Training Expenditure per employee Report
How much are you spending on employee training? Course fees, travel costs, the cost of your learning management system, the time spent administering employee training, productivity losses due to training time — it all adds up, and you need to determine if it’s worth it using the following metric…
11. Employee Turnover Report
Another important metric for effective HR reporting — not only for purposes of predicting how many new hires you’ll need to make, but also in determining whether your employees are happy or not. As such, turnover should be broken down into revealing categories. What is your involuntary (employer-led) turnover rate, for example, compared to your voluntary (employee-led) turnover rate? And what is your unwanted turnover rate?
12. Absenteeism Reports
Another hugely important metric for meaningful HR reporting. Calculated by dividing an employee’s work days missed by total work days scheduled, absenteeism is another measure of employee satisfaction and engagement — unhappy employees take more time off.
Building an HR Analytics Report might seem like a cumbersome task if you’re trying to do it manually. With the right data-gathering tools in place — like AviaHire’s Applicant Tracking System — you can learn from a dynamic feed of information. Use those insights every day to make incremental improvements.
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