What are the most common Human Resources reports every business requires? Every company has to submit reports of some sort. Financial reports are not uncommon as, of course, we keep an at the flow of cash, budgets, income and profits. However, not all companies pay enough attention to their HR information. If you’re not familiar with your employees’ numbers, you cannot have access to vital data that will assist you in managing your business efficiently and effectively.
Good HR reporting will allow you to identify patterns and problems, plan for the future, and make better decisions. The timely delivery of HR reports to the hands of HR, who manage them, can help them finish their tasks.
Five HR reports that small businesses will require
There are five areas that small businesses need to keep track of regularly. Although the reporting requirements will vary between businesses and from one company to the next, examining these HR-related metrics at least every month – and looking at the data on a quarterly and annually to see long-term trends is suggested to make the most out of your information. In each of these areas, there are various types of HR reports that you could want to analyze.
Reports on absences and attendance
When it comes to a person’s absence in the workplace, there are a few key elements that all businesses must know. It is important to understand the amount of absence occurring, when it is occurring, as well as what causes it. You should consider determining the total amount of days of work that are lost due to sickness absence, average duration of absence (which can help you determine if your usual absence is either short or long duration in a sense), and which health conditions can be causing employees to miss to work.
The calculation of Bradford Factor scores can be useful in determining the effects of short vs longer absences, based on the basis that short absences cause more disruption for businesses.
The data on absence you collect can assist you in determining how to handle absence. For instance, if you find that stress is a key reason for absence, you should consider the factors at work that could contribute to stress – and what kind of support your company can provide. Additionally, every business needs to know the costs of absence to the company in the form of sick pay or lost productivity.
In the case of absenteeism, many HR reports can make the business decision-making process regarding the hiring process. It would help to consider the average time for hiring a new employee and the cost per hire. These numbers will allow you to assess the efficiency of your recruitment procedures. To make your reports reach the next level, you could examine the number of applicants who responded to open positions and the locations where candidates received information about the position and track the number of applicants who applied.
These additional metrics can give valuable information about the effectiveness of your marketing plans and your employer’s brand. Be sure to examine hiring in the context of whether those hired are successful and remain long-term with the company.
- Retention and turnover reports
All companies should be aware of who is leaving, the reasons, and the location they will visit. There could be substantial expenses resulting from employee turnover, not just the cost of replacing employees but also reduced productivity and the loss of knowledge about the organization. But, not every person who leaves is cause for concern.
Some turnover is normal because it’s not your top talent that you’re losing. The percentage of turnover is accompanied by qualitative data, too. This can typically only be identified through a discussion.
Of course, it isn’t just about who’s going but also who stays within the company. Why do people remain, and what’s the average time of time? Analytics on HR retention and turnover can identify areas of concern and help you create solutions to keep the best talent on the job.
- Management reports on performance
Nearly every company has the same process for managing performance. However, they cannot report it in full. Reports on performance management can be as straightforward as a report on disciplinary and capability issues or probation period performance.
The most effective way is using HR reports to assess your employees’ strengths. Which employees are performing well? Who could be promoted, or is a potential leader? Are you getting high scores during your performance appraisal process?
Knowing the performance and talents across the entire organization is an effective decision-making tool that will allow you to make plans shortly. It can also assist in determining areas in the company that require more focus and assistance.
- Reports on training and development
We’ve covered this in our previous blog post on the advantages of training employees; offering opportunities for development and training for employees is essential to ensure that you have a skilled and enthusiastic workforce.
It’s also essential to evaluate the progress and learning of your employees. What percentage of your employees have attended mandatory training? What amount have you spent on training? What is the average cost of training your employees go through every year? These are the most common examples of training and development-related HR analytics.
Standard HR reports can be created using the software.
Of course, there are plenty of ways in which data about employees can be handled. Collecting these HR reports on your own or using spreadsheets is feasible. However, this can be an administrative burden that could be significant. Employing HR software to produce reports will help ease the time and effort involved and gain business insight you can get using your information.
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