In today’s highly competitive market for top-tier talent, small businesses need every advantage to hire quality candidates and retain them longer. HCM reporting from sophisticated platforms like Ceridian Dayforce and UKG can help small businesses make more intelligent workforce-related decisions—that is, if the company is capitalizing on the full scope of reporting capabilities.
Here are three useful HR reports that can help small business leaders achieve more meaningful insight into their workforce.
Losing quality employees or focusing on the wrong candidates wastes time and resources—a luxury most small businesses simply can’t afford. Hiring reports help your team determine where you are spending resources and whether your investment is generating sufficient returns in terms of quality hires and employee longevity.
The key elements of a quality solid report include:
Cost per hire: This metric should capture how much it costs to hire a new employee, from job posting to recruiting to onboarding. Use this as a comparison tool to assess the employee’s value.
Time to fill: This metric shows long it takes your organization to fill a position. Tracking this metric will help you with planning and the impact of the vacancy.
Hiring reports are standard on nearly every HCM platform, so these valuable insights are always within reach, even for small businesses.
Employee Value Report
Understanding both the qualitative and quantitative value of each employee can help you identify performance issues that need to be addressed as well as top performers who deserve recognition.
The key elements of an employee value report are Employee Quality—which measures the employee’s overall performance, seniority, and productivity—and Revenue Per Employee, which is total revenue divided by total employees. Uncovering the Revenue Per Employee average will help determine if revenue grows as your company grows.
Dayforce and UKG contain the data to create employee value reports, but these measurements are not usually part of most standard HCM reporting. Partnering with HCM experts can help your business quickly configure custom employee value reports that reflect the above, plus other organization-specific metrics.
Employee Engagement Report
Tracking team member satisfaction and engagement reveals where your organization should invest further to retain quality talent. Most HR managers have seen firsthand that an engaged employee is more likely to be more productive, stay with the organization longer, and contribute positively to company culture. Generating employee engagement reports regularly can help you and your team identify trends and make changes proactively.
Employee engagement reports aim to demonstrate whether employees are thriving within your organization. These reports should include employee satisfaction measurements, performance reviews, absenteeism, turnover, and employee goal achievement.
Employee satisfaction reporting enables your company to reveal areas where the organization is potentially under-serving staff, so you can take decisive corrective action. This information should be gathered anonymously, so you can get honest feedback.
Performance reviews provide insight into whether or not individuals are achieving their performance objectives as well as advancing their careers. Meanwhile, how often employees are taking time off, arriving late, and leaving early can indicate their level of engagement. Turnover is also closely tied to employee engagement. High turnover may be an indicator that it’s time to make changes.
Employees who are engaged have set goals and are working towards them. Tracking goal achievement through performance modules enables your business to recognize/reward employees who are advancing while identifying those who may need extra help.
Overall, employee engagement reports allow your leadership to see if employees are achieving their full potential. The conclusions revealed by these reports facilitate strategic decision-making backed by data, not guesswork.
That said, employee engagement reports combine multiple, organization-specific elements that are not found in general reports. Partnering with independent HCM experts allows your business to hit the ground running. Using your organization’s HR objectives as a guide, HCM consultants apply in-depth knowledge of your platform to configure meaningful engagement reports for your decision-makers.
Start thinking like a big business
Quality HCM reporting enables small businesses to start thinking—and acting—like their much larger counterparts. Insight into hiring, employee value, and employee engagement protects time- and resource-strapped small businesses from HR pitfalls. If your company is only utilizing basic HR reports, it’s time to elevate your reporting to achieve the full value of your HCM platform.
Generate the HR reports that matter most to your organization. Our HCM experts will show you how.