From an Executive’s perspective, the true value of your HCM solution is in its ability to provide robust reporting and analytics.
As a result you should be asking:
- What kind of reports are available?
- How flexible and how easy is it to get the reports you need from your HCM solution?
The reports and data you are able to produce from your HCM solution demonstrate that it delivers the value your Executives expect.
Your HCM solution should provide you with tools right out of the box so that your team can easily create reports with the people data your company requires. You shouldn’t need the expertise of your IT team or require special skills to create reports – and you should be able to run them on demand.
Who in Your Organization Relies on HCM Reporting?
HCM reporting is important to several audiences in your organization:
|Executives||Finance||Payroll||Human Resources||Front-Line Managers|
Because of this, reports need to be able to be shared throughout the business, you should be able to schedule reports for automatic delivery to any decision maker.
What Are the Different Types of HCM Reporting?
Reporting needs to take different forms for the different audiences, let’s take a look at the types of reporting tools you should look for in an HCM solution.
Out of The Box
These are standard reports that allow you to push a button and provide the information you need immediately. Out of the box reporting is ideal for things like vacation balances, position vacancies and absence costs.
Dashboards in your HCM reporting provide you with the big picture in your organization at a glance. Dashboards are great for things like pulling the number of employees in each location, average length of service and employee retention rates.
Ad hoc HCM reports let you pull your data in any format you require. Ad hoc reports are great for things like running “what-if” planning scenarios, bringing together Payroll, Time & Attendance and HR data in a single report and analyzing costs like overtime by department or cost centre.
Past, Present, and Future Analytics
When considering analytics, your reporting tools need to be able to encompass reporting for:
The Past - 'What did we charge to that cost centre last year?'
The Present - 'What did we charge to that cost centre this pay period?'
The Future - 'Based on history, what do we project we will charge to that cost centre next year?'.
Powerful HCM Reporting Has Many Benefits
For Payroll and HR professionals, HCM reporting not only provides valuable information to your decision makers, it also allows you to review your data for compliance and accuracy.
And when you can get this reporting in a timely manner and get it out to your decision makers just as quickly, everybody wins.
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