For the longest time, HR has shied away from data and analytics. However, one of the recent HR trends is the implementation of HCM software/HR software allowing businesses to take a data-driven approach to workforce management.
Contrary to popular opinion, effective HR implementation and usage of HR analytics doesn’t require over-complicated HR tech or a team of data scientists. An effective HCM software solution provider can help Small and Medium-Sized Businesses( (SMBs) to manage their workforce using practical and effective features such as HR reporting and HR analytics.
Not sure why you need an HCM software solution? Below are the benefits of HCM/HR software, especially the reporting features.
1. Discover Workplace and Employee Trends
Data and analytics are important tools to help in the long and short-term discovery of trends. An HR analytics software solution can help an organization uncover trends in employee engagement, sentiments, productivity, etc
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By being able to identify and define such developing trends, an organization can effectively address them and streamline business operations. Organizations can resolve workplace issues that affect employee engagement, productivity, and other aspects affecting the company’s bottom line.
2. Elevate Accuracy with a Unified HR Analytics Solution
SMBS and a section of large enterprises are in the market for a unified HCM software solution to streamline workforce analytics and compliance. A powerful HR reporting software solution allows your business to develop accurate reports to help you make concise decisions while being fully compliant.
3. Optimize Your Talent Acquisition and Recruitment Processes
About 74% of recruiters and managers say they have hired the wrong employee for the job. A good percentage of these hired solely on gut and instinct and not with the help of data and analytics. Through the collection and interpretation of recruiting data, recruiters and managers increase the likelihood of hiring top-notch talent for their organizations.
4. Accelerate Decision Making
Quick data and analytics access and production are crucial to a company’s scalability. An HR software with built-in HR reporting features can help you set up as soon as possible. Ensure you collaborate with a reliable partner who can help you configure custom reports that use data in real-time. This way, you can accelerate your company’s decision-making.
5. Access Your Data On Demand
A reliable HCM software stores an organization’s sensitive data on a secure system, removing the need for costly in-house hardware maintenance and time-consuming IT failures.
6. Gauge Employee Turnover and Retention Rates
Employee turnover and retention rates go hand in hand with talent acquisition and recruitment. Despite fully streamlining the recruitment and onboarding process for success, you also need to find means to ensure a high employee retention rate.
With an effective HR/HCM software solution, you can track data and analytics concerning employee turnover and retention rates. This way, you can understand and commit to resolving reduced employee retention rates. As a result, you can save your company a lot of money that comes from losing employees and having to recruit a fresh workforce.
7. Effective Remote Workforce Engagement
The recent global health pandemic forced many people to work remotely, mostly from home. Considering this, you might say a drastic change in employee management is long overdue with most companies planning to maintain the remote working setup.
With HR software, you can identify ways to keep your employee connected and engaged. Furthermore, data and analytics can help you track metrics such as employee participation in virtual training courses. That way, you can address aspects of your workforce that require more skill-building as well as management support to optimize employee performance.
Key Takeaways
A reliable HR software solution can be the difference between an engaged and disengaged workforce. ASAP Payroll offers the best HCM platform with practical features such as HR reporting. We’ve partnered with iSolved to create a single software platform allowing you to carry out the bulk of your HR processes so you can do what matters to you—being productive. Contact us to learn more or get a free demo.
