HR Files: Tools That Assist HR Professionals
The ability to respond quickly to Executives, Directors, Managers, and employees sometimes can be a daunting task. From “What’s the cost of our turnover?” to “Why is my paycheck short?” HR Professionals are bouncing around reports and systems continuously to answer “People” questions and solve problems. It is essential for any business to invest in a tool that can assist HR Professionals in the strategic outcomes of the organization.
Tools? You mean excel?!? No!!! It’s time to get out of spreadsheets and stop using pivot tables to visualize what is happening on a day-to-day cadence. Let’s be honest we (HR Professional) never know when your email or phone will ding and what ask will be on the other side. Be prepared, respond quickly, and be a partner and strategic ally with fast People Analytics. Finding a strong solution that can and will support where you are and where want to go is key.
In this article, from identifying the key metrics of a good tool and to offering practical benefits on sharing your metrics with your workforce.
So, let’s dive in and discover how to adopt and use a problem-solving HR tool.
Key Metrics you need in your Tool
Real-time or near real-time of your workforce is something that is not always easy to get your hands on. An astounding 43% of organizations said they produce it either ad hoc or not at all. Internal data and external data can help an organization understand growth patterns and trends in company demographics for better recruitment strategies. Having a dedicated dashboard can create consistent communication and eliminate risk of human error.
Recruitment and attraction
Easy and fast access to time to hire, cost of a hire, and conversion rate of applications to hire are crucial to know when creating a recruitment strategy. Do you know the ROI on your recruitment sources? According to a 2022 study the average cost per hire is $4,425 and takes approximately 36-42 days to fill a position.
Productivity and performance
Input vs. output are topics of discussion and how we can evaluate the true productivity of employees. One of the top data points is being able to assess how often an employee is absent or late. Is there a correlation? The average number of days an employee is absent or late varies by gender and age. On average men aged 18-24 missed 2.1 days of work vs. 25-44 missed 3.7 days.
Engagement and wellbeing
Employee engagement is a foundational component to positive workplace outcomes. Most companies conduct semiannual, quarterly, or monthly employee surveys to understand their workforce eNPS score. The average eNPS score for organizations is 26 and is the top 45% compared with all other industries. Engaged employees perform better and can drive real change in an organization.
How long are your employee’s staying at your organization? What’s your average tenure by age, department, gender? Is there a glaring trend on a certain department that is losing a high percentage of their employees? By knowing these data points, you can address, coach, and create strategies to retain more of your workforce. In 2022 the median tenure of workers ages 25 to 34 is 2.8 years and age group 55 to 54 is 9.9 years.
Benefits to Sharing the Facts
When employees are given the tools and knowledge to tackle challenges on their own, they feel a sense of ownership and accountability which in turn makes them more productive and empowered to lead others.
Employees who possess problem-solving skills are more willing to take on challenging tasks when given the baseline facts of problems or pain points. By eliminating gut-based decisions they will take calculated risks to explore new ideas leading to enhanced innovation which will lead to growth.
Managers will have a newfound self-reliance and confidence when you give them the freedom to solve their own problems. As a result, this independence will equip them with better leadership skills to handle challenges and well as build trust amongst peers and colleagues. Strong leaders translate into a strong organization.
When your employees feel heard and a part of the “conversation” they are engaged and have a sense of belonging. They are driven to grow and develop their own roles and more likely to stay with the organization long-term. This in turn will save the company money on recruitment, hiring and training costs.
Lastly, you build a “buzz” around a positive working environment and culture. Your people are your best advocates. By not only highlighting but by showing you have built a problem-solving and inclusive organization you will attract new talent and gain a competitive advantage. Prospective employees are drawn to organizations that offer opportunities for growth and development.
Harnessing Real-Time Data with XL Connect
In today’s digital era, the ability to harness real-time data has become a game-changer for decision-making. Real-time reporting capabilities in XL Connect empower both functional and technical users to access and interpret their data as it updates. With this, it eliminates the lag between data generation and interpretation, leading to more informed, timely decisions.
XL Connect provides you with real-time access to data across different Fusion pods by providing a frictionless user interface for switching between pods. Whether you are a functional user needing the latest data for a critical presentation or a technical user working on data analytics, real-time reporting brings a new level of efficiency and accuracy.
XL Connect | Oracle Cloud Edition is more than just a reporting tool. It’s a comprehensive solution that enables you to harness the power of real-time data, all within the familiar and widely used platform of Excel. This innovative tool understands the distinct needs of both functional and technical users and caters to them with a range of versatile features.
The seamless integration with Excel not only facilitates ease of use but also leverages a software most users are already comfortable with. This drastically reduces the learning curve, ensuring that users can dive right into data analysis and reporting without the need to master a new interface.
Real-time reporting sets XL Connect apart from traditional reporting tools. By providing instantaneous access to accurate, real-time data, XL Connect encourages quicker, more informed decision-making, enabling you to stay ahead in this data-driven world.
As you explore XL Connect, consider the significant impact this tool could have on your data reporting and decision-making processes. The ability to tap into real-time data might be the transformative feature your organization needs to excel in the digital age.
About the Author
With 20 years in business analytics and software development, Sumit Dahiya stands out as a versatile expert across several sectors. As SplashBI’s Technical Director, his duties span product development to Oracle Fusion Cloud Applications reporting. He excels in integrating and managing critical business software, whether cloud-based or on-premises. Starting at Oracle, Sumit has become a recognized figure, frequently speaking at Oracle User groups. His expertise fuels SplashBI’s drive towards innovation and excellence.
HCM Solutions Direct
Brianne Minnich is an HR Professional with 8 years of experience supporting multiple entities across the globe. During her career growth she became passionate about the data behind the operation learning about gaps around Talent Intelligence.
Most recently, Brianne joined SplashBI as their HCM Solutions Director meshing her passion for data and HR experience. Brianne will specialize in; Educating other HR professionals as well as the internal team at SplashBI, Growing the excitement around HR Analytics and Enhancing companies’ knowledge about their internal and external people analytics.