August 12, 2021HR Analytics
The Power of Custom Reports: Turning Raw Data into Strategic Gold
Across industries, employee turnover is high. The pressure to close pay gaps and establish equality within the workforce is increasing. Many companies are using custom reports to examine concerning trends, enabling them to track issues that impact the bottom line and take informed steps to mitigate risk. Extracting the raw data housed in modern HCM systems and organizing it in specific, premeditated ways helps HR teams understand the true story only the data can tell. Below, two Wise Consulting reporting experts share information employers should know about setting up custom reports.
Harness the Flexibility and Power of Custom Reports
Reporting is a process that pulls targeted data out of the HCM system to glean information that will help HR teams make decisions, set goals and measure results. “You can set up a report to run at the push of a button or schedule it to run on specific dates so it’s there in your inbox when you want it or need to distribute it to other users. You can stipulate managers for it to go to, and you can make it so that they are only seeing their individual workers,” says Wise Consultant Chris Pappas, HRIP.
Hand-Pick The Data You Need to Examine
With the power of highly configurable reporting, HR teams can create an assortment of reports in the system based on whatever issues they want more insight into or wish to track over time within their workforce. Reporting can track information about a variety of factors, including the impact of COVID-19, pay gaps between workers based on ethnicity, age and gender, turnover rates, recruiting and onboarding efficacy, career development and much, much more.
Track the Current Trends
Part of the back-end impact of COVID-19 has been an increase in turnover as the job market opens to allow workers to shift their occupations and vocational goals. Workers are also making job change decisions based on whether they want to remain working from remote as companies are mandating a return to the physical office. Many organizations are using reporting to discover the main drivers of turnover, the cost of replacing workers, ways to determine flight risk, and ways the company might be able to address root issues to reduce turnover in the future.
Understand that Reports Actively Help HR Fill a Strategic Role
“HR is becoming more of a strategic partner, and they need this data to help lead the company where it needs to go,” explains Wise Consultant and reporting expert, Kayla Potter. “Executives want this information because labor is often the biggest expense. So, analyzing labor, understanding the workforce, what’s happening to it and additionally being able to compare it with the overall industry helps with growing issues such as turnover.”
As reporting can be a crucial element of streamlining workflows and discovering organizational efficiencies, it is vital that the reports are individually tailored to company concerns and goals. Leveraging assistance from experienced experts at Wise Consulting enables the reporting process to happen more quickly while ensuring the report directly and accurately accommodate the requests of the company. “We can quickly and easily produce the executive level reports that are desired,” Kayla notes, underscoring the importance of properly screening reports for errors caused by faulty data.
Be Aware that Bad Data can Result in Unreliable Reports
Specialists at Wise Consulting are also able to quickly catch inaccuracies within reports that could otherwise skew the data. “When I create a report, I look at the data to understand what is going on, find those anomalies and outliers, and tell the client that I noticed that this isn’t a reporting issue, it’s actually a data issue,” says Kayla, referring to the often-overlooked step of curating reports with data errors in mind. Giving the client a warning about data issues enables them to adjust their expectation or choose to tap into Wise consultant knowledge to solve the problem that created the data errors in the first place.
Enlist Quality Reporting Expertise
If you want to explore what reporting can do for your organization, reach out to our experts at Wise Consulting. They have the career experience, technical knowledge and HCM system expertise to help shortcut the process and set up accurate reports you can count on. Tell us what you need by emailing HCMHelp@WiseConsulting.com or calling 800-654-4550.
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