Whether you are an administrator or and executive in the C-suite, data and business insights are critical to long-term performance. As organizations live and die by key performance indicators (KPIs), it’s crucial for HR to have data at the ready to match the organizational strategy.
The challenge for HR leaders, however, has been the number of different places that this information resides. A unified HCM with a comprehensive HR executive dashboard that consolidates data from ATS, Performance Management, LMS, Compensation, and Benefits and more can eliminate the time and effort required to consolidate data and build reports that produce strategic insights.
The ability to build an HR executive dashboard that can deliver key metrics is crucial, and its impact cannot be overstated. Reporting, analysis and data visualization are game changers that provide insights to optimize workforce processes, better predict outcomes, and make better business decisions that drive performance and growth.
Unified HR reporting and analytics dashboard offers:
Human resource monitoring- Emerging workforce trends can be identified by the institution, and the problems facing the organization are addressed before they can cause the business any issues slowing down development.
Tracking incidents and bottlenecks- An organization can effectively determine areas where the business is not maximizing its potential. The management will be able to conduct a SWOT analysis on what the challenge is or what factors are influencing the unwanted results.
Improved management – An improved administration provides opportunity to plan and develop suitable strategies to meet organizational goals and propel a business forward.
While there are general metrics that are important to all companies, an HR executive dashboard should be flexible enough to modify and customize for the individual business. Some of the important metrics for the human resource dashboard include, recruiting metrics for growth, worker satisfaction trends for retention, performance metrics for succession planning, or compensation analysis for labor cost controls and forecasting.
Recruitment Metrics
Indeed defines recruitment metrics as, “metrics that measure the effectiveness of your company’s recruiting and hiring process,” but it can be difficult to evaluate your current hiring process or find trends in candidate quality and onboarding effectiveness when recruiting data is siloed in separate systems. OnePoint provides customizable Recruitment data for the executive HR dashboard to see key metrics and identify areas for improvement.
Worker Satisfaction Trends
The cost of recruiting and onboarding new employees can be double the cost of keeping employees you have. Not all turnover is bad turnover, but it is important to focus on retention strategies. Having all your employee and workforce data in one place makes it easier to spot worker satisfaction trends. Set up the Talent Dashboard to show real-time metrics like employee incidents, absences, timecard exceptions, and HR actions that can be used to create an engagement score.
Performance Management
Setting goals for your organization and your employees is crucial for measuring success and making informed decision on how to improve. So why do so many companies struggle? Gallup points out that the traditional annual performance review is tedious, and the actual outcomes don’t deliver a helpful or timely information for the employee or the company. So, what if you could give your managers and supervisors the workforce data to turn the review process on it's head? Most companies agree that regular feedback and coaching is more effective than a review at the end of the year.
Compensation Analysis & Labor Costs
Creating an HR executive dashboard puts key metrics and strategic workforce priorities at your fingertips. Tracking turnover, elevating talent through improved compensation, and adjusting responsibilities helps with budgeting and annual planning. It can also streamline a workforce and give businesses a competitive edge when recruiting or reallocating talent. Having the right compensation in place and a robust benefits and incentives package is essential to acquiring and retaining top talent. Avoiding turnover of quality workers is a challenge without the right insights to help you make better business decisions.
Create Executive HR Dashboards Based on Strategic Goals
The best HR executive dashboards will do more than KPI tracking and data visualization. They will help you assess a company’s current effectiveness, forecast outcomes, and breakdown complex business decisions as they pertain to workforce management. Business analytics for today’s HR should not be an afterthought. It’s emerged as a company’s greatest assets with the right HR executive dashboard leading the conversation in the C-suite. Contact OnePoint HCM to discuss the benefits of a unified HCM solution for your organization.
