The arrival of sophisticated, cloud-based analytics has permanently changed the way employers are managing their hourly workforce operations and labor costs. After all, without it, looking up information like overtime by manager or recruitment statistics by worksite would require slow, manual cross-referencing, delayed communication, and maybe even some guesswork. However, contemporary people analytics solutions can communicate between various data sources and instantly synergize information, offering actionable insights for improving your business.
That being said, there’s quite a bit to master regarding this exciting new facet of HR software. Here’s the least you should know about the latest HR super tool…people analytics!
Defining People “HR” Analytics
“People analytics,” also referred to as “HR analytics”, “workforce analytics”, or “talent analytics,” has become somewhat tricky to formally define. However, it may be described as a data-driven method of studying the workers, business-related processes, and many trends and challenges that affect your operation. Put another way, HR analytics helps you improve your Human Capital ROI, by providing actionable data that helps you eliminate unnecessary labor costs and compliance risks, while enhancing your decision-making.
It is also a major benefit to your overall workforce strategy, as it boosts your bottom line and tightens compliance. (If you’re unsure how to calculate your business’s Human Capital ROI – check out our quick guide.)
Benefits of Data Driven HR
Defining your workforce’s primary objectives with these types of analytics is an investment into the primary resource that your business employs: your people. HR analytics aids in:
- Identifying inconsistencies in your workforce to maximize cost efficiency
- Helping ensure better hiring decisions, yielding a competitive market edge
- Improving retention by enhancing your employees’ administration experience
- Elevating performance management and overall Human Capital ROI results
- Optimizing transparency with Key Performance Indicators (KPIs)
- Creating stronger cases for HR interventions, thereby reducing risk of liability
- Monitoring attrition, turnover rates, and time and attendance data in real time
- Enforcing labor compliance
In today’s highly competitive and ever-changing landscape, you can’t afford to sacrifice advantages like these. In fact, our 2020 benchmark study found that using workforce management solutions like analytics can save employers up to 8% on their total labor costs!
What Makes People Analytics Unique to Manual Data Tracking?
For employers managing an hourly workforce, basic time and attendance issues like tardiness, absenteeism and time theft continue to be daily challenges. Workforce analytics software can help you get a handle on these problems by not only crunching company-wide time and attendance data, but filtering information by worksite, shift and/or manager.
Moreover, by applying analytics to your pre-existing HR efforts, you can better predict the future needs of your workforce. You can measure the financial impact of your investments and day-to-day practices. You will also be able to strengthen your operation’s reputation as a potential partner or provider within your industry, since using analytics and cloud-based records promotes clarity and accountability as well!
Let EPAY Be Your Guide
EPAY Systems is not only the top workforce management solution built for hourly workforces- we’re experts on analytics, integration, and customer service as well. Check out our 2020 Workforce Management Benchmark Report to learn about the KPIs and metrics you need for leveraging your HCROI. Our HR analytics software gives employers like you the intel they need to eliminate costly setbacks and inefficiencies related to managing hourly, distributed employees.
Our solution includes a user-friendly interface, complete with:
- Customizable dashboard
- Library of 1,200 standard reports
- Filtering capabilities to run ad-hoc, specialized reports
- Distribution and export features for ease with other applications
In addition, our HR analytics software includes built-in custom report writer capabilities—and you can offload custom report writing to our in-house experts as well. We invite you to learn more about how EPAY’s HR analytics software can help you move your business forward. And see for yourself: request a demo today.