Standard HR Reports for Effective Business Reporting
- November 19, 2021
- Posted by: admin
- Category: Human Resource
Without a doubt, the human resources (HR) department is one of the most key departments within an organization. In fact, the HR department can make or break any organization. This is because the HR department puts everything in place to ensure that the required talent is hired, recruited, and retained in the organization.
Moreover, collaborative HR reports provide the organizations the means to better understand their staff, identify emerging employment issues and deploy practical solutions to manage their resources in a more assured and result-driven way.
Equally, the HR department of any organization or business works in different ways to attain a smooth running of the organization. For instance, it handles the learning and development, filling the talent gaps, operations, onboarding, handling employee issues among other things. Moreover, it becomes essential for the HR department to maintain HR reports to keep tabs on the key happenings around the organization.
What is an HR Report?
Basically, an HR report is a summary of personnel data maintained on a weekly, monthly or annual basis. It analyses human resources-related statistics, insights, and metrics with the sole purpose of improving workforce performance, recruiting procedures among other relevant HR processes with the help of HR dashboards.
By working with HR-driven metrics, the HR department can spot trends, identify inefficiencies, capitalize on strengths and reinforce weaknesses in several key areas, while making human resources efforts, activities, and initiatives the best they can for the success of the entire business or organization.
HR reporting is becoming increasingly essential in helping HR professionals to derive the best possible insights on human resources through automated processes that were otherwise done manually.
What Should HR Report Include?
While every organization seeks to measure and derive different metrics and results. There are, however, some tracking key workforce metrics that should always be included in HR reports. Here are some of them:
Average Age of Employees
Keeping tabs on your employees’ ages helps to understand the organization’s hiring requirements while knowing the number of employees nearing retirement. Moreover, it helps in determining what benefits will be beneficial to your employees.
Gender is an essential factor metric in any HR report. Gender metrics help you to know whether any gender-based bias is being followed between the genders. Besides, it helps in determining whether there is a need for diversity in your staff.
Positions of seniority often affect employee motivation and productivity. With this metric in your HR report, you will be able to get insights into the number of senior employees in the business and most importantly how to maintain engagement across job roles.
Recruitment cost is important in the management of organizational budgets. This metric includes money spent on hiring new employees, advertising, and incentives.
It is essential for the organization to understand how much it is investing in onboarding and training. For instance, sales onboarding and sales training can always add up to high amounts that you can imagine.
Employee Turnover Rate
This metric helps to identify ways to improve employee retention as well as understanding the cost of employee losses.
Amount of Leaves
An HR report should include a monthly leave report. Essentially, days of missed work can directly affect business revenue owing to loss of productivity.
Compensation is another essential metric that primarily helps in determining the average amount spent on salaried employees while keeping tabs on how competitive the business is in the market.
What are the Various HR Reports?
1. Annual HR Report
HR annual report enables organizations to evaluate human resources activities that affect organization performance annually, drive competitive strategies, and determine whether any action is required in the HR departments to enhance the dynamics of human resources learning and development.
Here are a few key metrics that enhance the HR annual report requirements:
Fundamentally, employees are essential for the continuous success of the company and it is the responsibility of the HR department to help encourage and maximize employee performance on a constant basis.
The employee performance metric on an annual HR report helps to create a visual narrative of key performance indicators such as absenteeism, training costs, overtime, and overall employee productivity rate in the whole company. Besides, this metric provides the best storm of information for keeping businesses as productive as humanly possible.
The workforce dashboard is another key element on annual HR reports that helps the HR department to explore the general workforce-based metrics to help the business grow, evolve and develop over time through innovative and more data-driven employee management.
Moreover, the workforce dashboard on the annual HR report will provide the management with a level of insight that will enable improvement of how various departments engage their staff, help improve rewarding of good work, save costs in critical areas while encouraging employee loyalty for the success of the business. This metric harbors key performance indicators such as part-time employees, female to male ratio, average time stay of employees, and internal mobility.
2. Monthly HR Report
Monthly HR reports provide valuable opportunities to link businesses with new talents while obtaining an overview of what each employee is contributing. An HR monthly report affects the business results in different ways, from recruitment and hiring strategies to measuring productivity levels within a monthly time frame. A human resources monthly report captures the following areas:
To attract, motivate, and keep high performance among employees, a talent management dashboard can come in handy in providing HR professionals with a full overview of processes that are becoming key functions in human resources.
Today, it is not enough to only attract the right talent into an organization but also to keep such talent through measuring their satisfaction levels. turnover rates as well as introducing rating systems across the departments.
Recruiting is another significant element that must be captured in HR report templates and it boils down to the acquisition of fresh new talent that can help steer the business forward. The employees are the ones who can make or break your business and thus hiring the right talent for your organization is important.
The recruiting report can provide you with valuable insight into hiring specific talent for specific positions. Besides, working with a mix of targeted key performance indicators, you will be able to make recruitment more efficient in terms of time, cost, and turnover.
3. Weekly HR Report
A weekly HR report often focuses on metrics that require checking regularly to avoid potential monthly or quarterly HR shocks. Here is what is captured in weekly HR reports:
Monitoring Overtime Hours
This metric can capture the number of overtime hours that helps HR managers to spot whether there is a temporary higher volume of workload if the employee is under pressure, or whether the metric increases over time and there is a need to examine the situation further.
Besides, you can bring together the overtime hours with the absenteeism rate to find out how many employees call in sick. Should the overtime hours continue to increase, this is an indicator that more employees are losing motivation and therefore skipping work. The outcome of this is serious underperformance of the business.
The Recruiting Conversion Rate
The creation of recruiting conversion rate metrics on hr dashboards will enable hr officers to keep tabs on recruiting conversion rates thereby enabling you to automatically update your HR data and provide a time-efficient solution to monitor the weekly performance of your human resources department.
This metric is the best tool for use by both internal HR officers or agencies looking to have a clear overview of their hiring outcomes. The recruiting conversion rate mainly focuses on the HR departments, especially where professionals what to monitor their weekly performance so as to stay competitive.
These three main reports can feature different kinds of HR reports that can be produced within these periods. Now let’s look at the standard HR reports for effective business reporting.
6 Standard HR reports for Effective Business Reporting
The most prolific HR teams rely on effective and business reporting. Quality HR reporting allows HR professionals to spot trends and issues with the business, plan for the future, and make better-informed decisions.
However, with so many employees at different stages of the employee lifecycle, this undertaking may be a little daunting. Regardless, HR reporting shouldn’t be cumbersome or as time-consuming, especially when you can generate human resources report with ease using an all-in-one human capital management platform. Without much ado, let’s see the various HR standards that will contribute to a more effective business reporting, decision-making, and deeper understanding of your staff.
1. Attendance and Absence Reports
Every organization should understand that there are key things to keep tabs on when it comes to absence from work. It is necessary to know; how much absence is happening, when it is happening, and what is the cause. For instance, you can zero in the total number of working days lost due to sickness absence, the average length of the absence, and what health conditions are causing employee absence.
This absence data you collect can help you figure a strategy for mitigating the absence. For instance, if you find out that stress is the main factor for employee absence, you can identify what work factors may be causing high-stress levels among your employee. Most importantly, every business should know what absence is costing them in terms of lost productivity or sick pay.
2. Recruitment Reports
As the attendance and absence reports, the recruitment reports can also help inform your business decisions concerning the hiring and recruitment process. With these reports, focus on the average time to hire a new employee and the average cost per hire metrics because these are the key to understanding the success of the entire recruitment process.
You can make your recruitment report more detailed, by considering including the total number of responses to various vacancies, where applicants heard about the opportunity as well as monitoring diversity. These additional metrics can provide valuable data on the effectiveness of your marketing strategies. More importantly, don’t forget to also focus on recruitment in terms of if the recruited employees are effective and can stay in your business for longer.
3. Performance Management Reports
Performance management reports provide valuable insights into aligning employee action with business goals. These HR reports can help you better understand your staff talent in terms of who is performing well, who has promotion potential, or who is getting better scores in HR performance appraisal processes.
Having a better understanding of performance and talent at your company-wide level is an effective decision-making tool that you can effectively use to plan for your business’s future in terms of performance and human resources needs. Moreover, these reports can help you identify the various areas of the business that require more attention and support for optimum performance.
4. Turnover and Retention Reports
Every business should understand who is leaving and most importantly why and where they are going. This is because there can be substantial costs related to employee turnover, not only on replacement costs alone but lost productivity and loss of organizational knowledge as well. Regardless, not every leaving employee causes a concern.
Turnover refers to the percentage behind which there is significant qualitative data that can be often identified through a conversation. Certainly, it is not all about who is leaving but who is staying with the business as well. Therefore, consider why people stay and how long they stay. HR analytics on turnover and retention metrics can help the management identify areas with productivity issues and put up solutions to help keep the best talent in place.
5. Training and Development Reports
Providing training and development opportunities to employees is very critical to any organization that is looking to have a competent and engaged workforce as well as stay afloat. Equally, it is essential to also measure the learning and development of your employees. In this case, look at who has enrolled for your mandatory training, how much is spent on training, and the average amount of training that employees are undertaking annually.
6. Compensation Report
The analysis of compensation report is an essential HR report for understanding earnings growth over time and helping the business to design and implement the following processes.
- Appraisal system
- Compensation tools
- Allocation of allowances
- Outsourcing policies
- Relocation and retention
- Salary reviews and negotiations
- Overtime and flexible work policies
- Payroll deductions
- Paid leave
Some compensation reports may also include the generation of benefits reports. The generation of benefits report provides the HR department with information on employee benefits such as pension plans, insurance, special occasions among other benefits. However, these plans are often based on policy, organizational budget, and employee ranks.
Why Do You Need HR Reporting?
Now it is clear to you how critical HR reporting is to effective and efficient operation and thriving of a business. Comprehensive HR reporting provides businesses with the ability to forecast future HR events for risk management and focused planning through predictive analytics capacities.
There are several reasons to use HR reports at specified periods such as weekly, monthly and annual. To put this into perspective, below are some of the main reasons why you should take seriously the impact of HR reports in your organization.
Identify Problem Areas
Human resources reports provide a better way for the organization’s managers to keep tabs on issues in an analysis-driven method. With this, managers and other organization professionals are able to accurately determine the turnover rates per employee while paying close attention to employee retention.
The HR department, on the other hand, can leverage the data and information gotten to define and implement strategies for human resources improvement. Besides, bringing together HR data in a single pool of access via key performance indicators dashboard brings faster response to potential problems and development of not only better HR management information reports but also solutions.
Human Resources Monitoring
HR reporting enables organizations to follow critical metrics with their workforce and unravel trends and opportunities in their early stages. Besides, any arising problems can also be handled as soon as possible before they negatively affect the smooth running of the business.
Moreover, automating the HR monitoring process can help bring HR professionals more time to focus on other critical tasks and goals for better performance of the organization.
HR reporting also provides a dependable means of predictive forecasting through the analysis of digestive data that aligns with both the organization’s short-term and long-term goals and objectives. With accurate, informed decisions backed by quality visual data, your organization will improve its performance. The introduction of predictive analytics to the human resources department has greatly improved decision-making processes for the faster and efficient running of businesses.
Effectively Manage Information
A weekly, monthly, or annual report template offers comprehensive insights on the progress of events and development within different employees, teams, and departments. Moreover, this may include an indication of risks like an abnormally long replacement time period when an employee is about or leaves the organization.
More importantly, effective management of information in HR is essential for the success of the business while regular HR reporting can greatly increase efficiency among employees.
The flexible and user-friendly designs of HR weekly, HR monthly, and annual HR reports imply that every employee working within or outside the HR department will be able to derive information and data contained in these reports without a hassle.
Besides, with the advancement of technology, these reports can be accessed via a live dashboard from various devices or media around the clock.
With this, the business will have an improved communication system. Moreover, automating the monitoring process, for instance, through modern solutions and presenting data and information in an office space via a TV dashboard can greatly ease the communication challenges with the organization while enhancing HR meetings.
Quality HR reporting is a great way to effectively plan strategies and initiatives in various departments from hiring, recruitment, to employee engagement by crafting a clear, data-driven picture that will, without doubt, allow the HR professionals and other business managers to make informed decisions that deliver real short-term and long-term results.
Moreover, with advanced reporting processes, data and information can be instantly accessed as the organization questions arise but equally enable managers and other professionals to plan more effectively, efficiently, and strategically.
Without a doubt, a cohesive, well-organized HR department, and a set of standard HR reports can ensure your business stays more organized, productive while allowing employees and managers to understand and work towards a common goal.
With the 6 standard HR reports, you can harness the productivity of your organization’s data and information, and come up with actionable strategies. As such, you will be able to hire, engage, and retain the best talent for better business performance.