The built-in reports in Dayforce and UKG provided a solid overview of your organization’s key metrics. But for many businesses, standard reports stop short of delivering clarity or the level of detail required to make better-informed business decisions. In short, built-in reports serve a purpose, but most companies can be getting so much more from their reporting.
Here are some proven strategies to increase the effectiveness of your HCM reporting to achieve maximum ROI on your system.
Narrow your focus to only the data you want to look into
There is so much data in a system that many standard reports include interesting—but ultimately superfluous—information. At best, stakeholders may have to wade through extraneous information. At worst, extra data could paint an inaccurate picture that could skew executive decision-making.
Getting more out of your HCM reporting means taking the time to clarify exactly which data you want to report on—and why. Meet with stakeholders to uncover which data is most meaningful to them, and ask them to outline the context behind why it matters. Understanding how the data will ultimately be used enables you to configure reports for apples-to-apples comparisons or for use across departments.
Use your system to track current trends
Your HCM system contains a trove of valuable information that can reveal unseen forces at play in your organization. Take COVID-19, for example, which has had an unprecedented impact on companies’ HR management.
The obvious impact on this in the industry has been turnover, which includes lay-offs and voluntary resignations. You can tap into your HCM reporting to discover a deeper context surrounding change:
turnover motivation, associated costs, flight risks, etc. The pandemic also required companies to introduce new tracking codes for more granular visibility, some of which directly corresponded to a financial incentive, like the American Rescue Plan’s (ARP) tax credits.
COVID-19-related or not, standard reporting may not account for the motivations behind specific HR metrics. Configuring HCM reporting to track important organizational trends enables decision-makers to anticipate and mitigate shifts in their workforce.
Utilize custom reporting
Many companies leave quality data (and associated insights) on the table by not creating custom reports. Every HCM platform features canned reports that come standard with the system— but unleashing the real magic of these systems comes from creating complex, dynamic reports that dig much deeper than the basics.
Creating and utilizing custom reports enables your company to track issues that impact your bottom line and take informed steps to offset risk.
Many companies lack the resources to configure custom reports, which is where experienced HCM consultants like Seequelle can be a game-changer. Certified consultants who understand Dayforce and UKG inside and out bridge the gap between the reports your company needs and the data contained within your system.
Bad data in = bad data out
Your reports are only as good as the data contained therein. Messy or out-of-date data could skew the metrics of your reports leading to inaccuracies that could negatively impact decision-making. To get the most out of your HCM reporting, your data must be monitored and maintained.
The most troubling data inconsistencies are the ones you’re unaware of. Discrepancies and duplicates can be disastrous for effective decision-making, which is why successful companies review their own data at minimum once a year—some perform self-audits quarterly. If your organization lacks the resources to monitor and cleanse data regularly, partner with an external HCM services provider to ensure your data is clean and current. Their HCM system optimization services can put you in a stronger position for standard or customized reporting.
Partner with HCM experts
Many medium-sized businesses aren’t maximizing their HCM reporting because they lack an in-depth understanding of the full scope of information their system is capable of generating. For most businesses, the HCM platform works “well enough” and they don’t have time or the resources to dig further. But custom reporting and other personalized configurations should make your job easier, not harder.
Independent HCM experts bring a depth of experience that unlocks a new level of sophisticated reporting almost immediately. Their knowledge of the platform’s full capabilities saves businesses a significant amount of time on trial-and-error solutions. Instead, HCM consulting firms have already completd most of the leg work. Discuss your reporting needs with them—as well as the context surrounding each report—and let them carry the project seamlessly to completion.
Ready to take your HCM reporting to the next level? Contact our experts and we’ll show you how.