Just as road maps make it easier for drivers to find the shortest routes, business intelligence reports help companies visualize and navigate key human resources (HR) analytics. Because of this, businesses are increasingly investing in tech resources for collecting, storing, and organizing important employee data.
Fortunately, this investment in technology can pay off big time for employers. With real-time insights available at the click of a mouse, answering even the most difficult HR questions has never been easier.
1. Is your human capital investment paying off?
Taking a data-driven approach is crucial when it comes to effectively assessing business costs and employee performance. Factors such as employee type, compensation, and duration of employment create a comprehensive picture of each person’s contribution to a company’s bottom line.
For businesses that rely on hiring top talent, this investment in employee data is crucial to understanding where there’s opportunity for growth. More importantly, it highlights how a business should invest its existing resources in developing human capital.
2. How does your company embrace diversity?
A diverse workforce contributes to a connected workplace. But in order to embrace and promote employees’ differences, a business must first understand its demographics.
Factors such as employee age, race, and gender should be assessed in analyzing the company as a whole. With business intelligence reports, employers can easily find opportunities to create a more balanced workplace that offers equal opportunities to all candidates.
To get a better idea of how your company compares to those in a related industry, view the most recent employment statistics from the U.S. Equal Employment Opportunity Commission (EEOC).
Websites and nonprofit organizations, such as Diversityworking.com, the National Urban League, and the National Council of La Raza, provide countless resources for locating and developing stronger, more diverse workplaces.
3. Where’s there room for improvement?
Integrated HR software platforms not only reduce the amount of time associated with manual data entry; they provide immediate, up-to-the-minute data sources for running crucial business reports. Here are some examples of reports that help businesses quickly determine where there’s room for improvement:
- Headcount Report: Quickly learn how many people are on your team, and filter results based on department, location, and other relevant factors. Employers can easily see what teams need more work, which people need more resources, and how the business’ needs have evolved over time.
- Turnover Report: Turnover reports show HR admins where they should devote resources to improve employee retention. The initial data can then be organized with report filters such as employee status, job type, and team leader. These customized reports paint a more compelling picture of how businesses can quickly address turnover issues.
- Compensation by Department: Most business owners know which departments require the highest cost of labor, but are there any outliers? Compensation reports make it easier for businesses to quickly see the highest and lowest employee salaries. Combining this data with findings from a diversity report, for instance, can help admins in identifying crucial opportunities to correct pay gaps.
Simply put, business intelligence reports make it easier for companies to recognize opportunities for growth. Just as computers are faster than typewriters, automated BI reports are much more efficient than manual data analysis.