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What’s Missing From Your HCM Reporting?
Managing your workforce can be time-consuming and challenging when you don’t have the right human capital management (HCM) solution in place. And if your HCM solution isn’t providing you with easy-to-use, accurate reporting, you’re unknowingly setting yourself and others up for failure. Your managers and executive-level employees are unable to make the best decisions possible for your business. It’s terrifying to know that inadequate HCM reporting may be hurting your company’s growth and overall bottom line.
So what’s preventing you from accessing actionable trends and metrics? It’s important to look at what’s missing from your HCM reporting and the key factors you need to consider to achieve total reporting confidence.
What good is an HCM system if you can’t easily see the data housed in it? Visibility seems to be a simple functionality, but many platforms forget this one important detail. No one has the time (nor wants to) slog through data, export it, and piecemeal it together in a spreadsheet. We live in an age of instant information, so why should our HCM reporting be any different? The best way to see key data instantly is by using accurate dashboards.Dashboards are great tools in for day-to-day workforce management that can provide a wealth of information without having to sift through spreadsheets or paperwork. Dashboards can provide the following benefits:
- One-Stop Shop - combine and visualize key HCM data in just one place, so you can proactively take action.
- Automation - imagine getting all of the information you need with one click, and you’re always viewing up-to-date, accurate data saving you valuable time.
- Accountability - metrics are visible to those responsible for your organization’s performance, improving communication in decision making.
What good is a dashboard if you cannot shape it according to your needs? Customization is another area in which many HCM systems think they hit the mark, but can actually be overshooting with their definition of a “customizable” system. Sure, you may be able to arrange your dashboard to your liking, but have you considered customization capabilities beyond just the home screen? Can you control who has access to particular information within the system? Who can edit documents and forms, and who only has viewing access? These are all questions to consider when determining if your reporting is truly customizable.
The whole point of outsourcing your workforce management is to easily automate your processes for more efficient and productive workflows. If your provider generates reports that don’t have the information you need, then why are you paying for it? Be sure in your evaluation of systems to ask if they have the capability for clients to build their own reports in a “slice and dice” manner.
If your organization has multiple locations or entities, global reporting is especially crucial. This type of cross-company visibility allows you to better identify trends and metrics from location to location for better risk mitigation and cost control.
Check to see if you have a report shipping option to create customized reports and have them automatically email to decision-makers. This feature is a huge timesaver and will make you look like an HR superstar!
Reporting is the key to managing your workforce effectively; if you cannot readily access and edit documents such as W-2s and 1099s from anywhere on any device, then you have a serious problem (especially if the IRS decides to audit your company). Being able to see your employees’ statistics and to select reports to generate is a major asset in any workforce management solution, but the flexibility to edit and navigate the system is what really creates the usability that so many providers claim to have.
Usability and flexibility within a system make for simple and quick reporting, freeing up time for managers to make productive decisions with the additional knowledge that the data they’re using is accurate. Easy viewing and printing of past documents and employee records is another must in any usable system, and help videos that are easily accessible from within the solution itself can be helpful for when you or another manager runs into an issue. Of course, having a knowledgeable team of account managers is a great fallback at your disposal should an issue arise.
Check to see if there’s a General Ledger error check as part of your HCM solution. This is especially helpful when reporting on payroll and benefits deductions, wage changes, worker’s compensation, overtime payments, and employee time tracking.
Consolidating all employee information and documentation in a centralized database is the best guarantee for the most accurate reporting. Managers can greatly reduce reporting errors if the HCM system they’re using syncs across workflows and if there is only one point of data entry in the platform.
Paperless payroll and core HR processes give managers the ability to go in and edit documents from wherever, whenever - which allows for the “cleanest” information possible on your reports. Customization, usability, and visibility all combine to allow for data cleanup and help managers to determine which information is actually necessary for their reporting. Accurate reporting saves the company money, and not having to go in and fix errors saves you from additional costs.
Bridging the Gaps:
At the end of the day, your HCM solution can be the driving force behind your workforce management decisions. When evaluating the reporting capabilities of an HCM solution, remember to look at the following factors:
- Visibility - dashboard views of key metrics and trends will make it much easier to get actionable insight into your workforce.
- Customization - reporting should work for you, not the other way around; you should be able to customize the reporting based on your organization’s current and future needs.
- Usability - easy navigation of the solution is necessary if you want to generate the reports that your company requires for optimal success.
- Accuracy - avoid possible penalties and fees with accurate reporting. Decision-making also becomes better with the correct data at your disposal.
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