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3 Monthly And Annual HR Report Templates To Empower Your Business

Human resources reports are an integral component to effectively manage your business’s human resources (HR) activities and departments. It enhances informed decision-making processes and enables partners, investors, and stakeholders to gain insight into the organization. With the current accelerated rate of digital technologies available to augment HR processes, it’s vital for businesses to take advantage of modern, digital reporting methods.

Exclusive Bonus Content: Learn more on monthly and Annual HR reports
Get our short and sweet summary on HR reports to share with your team!

According to Forrester, 47% of surveyed executives believe that by 2020, digitalization will impact more than half of their sales. But this digital impact will not be restricted to sales, and will extend to recruiting, working, learning, and engaging employees.

Part of being an effective, data-driven business in today’s digital age is the intelligent application of analytics through integrated, HR-focused business intelligence (BI) dashboards. Through HR KPIs (Key Performance Indicators), which are measurements that enable businesses to track specific areas of human resources-related data, companies can continuously and consistently improve their HR capabilities.

Comprehensive business dashboards also provide companies with the ability to forecast future HR events, for risk mitigation and effective planning via predictive analytics capabilities. There are some key reasons to utilize human resources reports during specified time periods, such as monthly and annual:

  • Identify problem areas: HR reports provide a great way to track issues in an analysis-driven, transparent method. Managers and other business professionals are able to determine turnover rates per manager and pay close attention to employee retention efforts, and HR departments can leverage the information to define and implement improvements.
  • Manage information: a monthly or an annual HR report template will provide in-depth insights on the ongoing developments within various teams and departments. This can include indication of risks, such as an abnormally long replacement time period when an employee is about to leave the business.
  • HR monitoring: businesses can follow critical metrics within their workforce and discover trends and opportunities during the early stages. Also, problems can be handled before they negatively affect the organization.

Interactive HR dashboard templates give businesses the means to better understand their personnel, spot emerging problems, and deploy proactive solutions to better manage their HR departments. BI dashboards provide a consistent value for all types of business models and industries with accurate reporting capabilities.

Businesses need analytics-empowered visualizations that enable them to directly benefit from trusted data insights pertaining to their human resources.

Aligning Business Objectives With HR Data

Human resources departments need to align with business objectives that are defined by senior levels and other leadership teams. Frequent reporting on HR analytics helps companies uphold their business culture, attract and retain employees, and give them the knowledge and the ability to perform at their best potential. Furthermore, recruitment, performance management, employee engagement, and turnover can be more efficiently managed with the insights provided by BI dashboards.

The role of HR dashboards is to help companies obtain an overview of important HR data from across diverse systems, as well as analysis of key performance indicators for real-time predictive capabilities and information.

Though metrics and HR report templates can be customized, some key features include important standard metrics that essentially provide companies with an organizational overview of HR department activities:

  • Age
  • Sex
  • Education level
  • Training costs
  • Recruitment costs
  • Function type
  • Active employees
  • Turnover
  • Absences
  • New hires
  • Cost of labor
  • Recruitment costs

These metrics and KPIs serve to provide businesses with customized information that can be applied towards meeting their marketing, design, supply and demand, and overall strategy objectives and goals.

Consistent reporting over specified time periods, such as HR monthly reports and HR annual reports, will keep businesses updated on all elements of human resources activity in timely, scheduled increments.

Monthly HR Report Template And KPIs

Monthly HR reports are significant opportunities to connect businesses with new talents as well as obtaining an overview contribution from the current employees. This impacts business outcomes in a variety of ways, from new recruitment and hiring strategies, to measuring efficiency levels within a monthly timeframe.

Recruiting HR Report Template And KPIs

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  • Cost per hire: Indicates everything you need to find the perfect personnel for your business and measures the amount of resources that are invested for each new employee. This includes all the expenses from the recruitment processes, such as advertisement, marketing, referral incentives, and the training cost, such as the time of managers, instructors, and materials. The company budget needs to be considered during the hiring process. Therefore, investments in talent will bring back value. KPIs include costs per hire, according to the recruitment score to see which is the most or least expensive..
    .
  • Recruiting conversion rate: This enables businesses to discover the best method for recruitment and focuses more on HR executives than regular employees. KPIs measure the ratio of the total number of applicants who convert to hired employees at the end of the recruitment process. Ratios are dependant on region, sector, and company. The main purpose for this metric is to find the source that provides the best candidates at the lowest cost.
    .
  • Turnover rate: This metric enables businesses to track their retention efforts and measures how many employees must leave the business. It tracks retention efforts and facilitates plans for talent replacement. Root causes for turnover rates can be monitored so that potential problems can be identified and fixed in the early stages.
    .
  • Time to fill: Track how long your company needs to find a new employee by measuring the time elapsed between the time a job offer is posted and the time a new employee is hired.  It informs the realistic business planning process, such as layoffs and employees who are quitting. KPIs include reaching an objective and evaluating a process rather than lowering numbers at all costs.

Monthly HR Report Metrics Examples

There are other metrics you can use to enhance your monthly report requirements, listed hereafter by category:

HR efficiency

  • HR FTE (Full-Time Equivalent) ratio: the number of FTE per individual HR FTE on a monthly basis.
  • HR costs per employee: this is the HR expense for each employee on a monthly basis dependant on head count.
  • HR costs per FTE: the HR cost for each FTE on a monthly basis.
  • HR headcount ratio: the number of staff per individual HR staff person.
  • Total HR costs as a percentage of overall labor costs: the total cost of HR as a percentage of total labor costs on a monthly basis.
  • Total HR costs per employee for permanent and non-permanent employees: the total cost of HR for each employee on a monthly basis.

Labor relations

  • Union percentage: this includes the number of employees belonging to a union as a percentage of the overall headcount.
  • Issue Resolution Cycle Time: this measures the average number of hours needed to settle different concerns: general issues, serious issues,potential lawsuit, labor conflicts.
Exclusive Bonus Content: Learn more on monthly and annual HR reports
Get our short and sweet summary on HR reports to share with your team!

Annual HR Report Templates And KPIs

HR annual reports enable companies to evaluate human resources activities that affect your company’s performance each year to drive competitive strategies and determine if action needs to be taken in your HR environment to increase the dynamics of HR development. The above-mentioned human resources report template can also be utilized for annual reporting needs. But we have additional examples to enhance HR annual report requirements.

Employee Performance: HR Annual Report Template And KPIs

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  • Absenteeism rate: The above HR report template displays an example of employee performance. This enables businesses to measure the engagement level of employees and is an important KPI because it indicates an employee’s level of motivation and engagement with his or her work and the company as a whole. Organizations should keep a close eye on this metric and must always attempt to reduce the number because of the impact on the company. Companies can determine the reason behind employee absenteeism rates over the past month to see if its unique to a certain department or if its a widespread issue throughout the entire organization.
    .
  • Overtime hours: This enables organizations to track employee work loads in greater detail and shows employee dedication as well as work process flaws. This metric directly affects the absenteeism rate metric and a permanent high workload is sure to reduce employee satisfaction levels which can result in the increase of the absenteeism rate. Permanent high overtime can limit the company’s growth potential while resulting in missing projects or orders.
    .
  • Training costs: These metrics are used to calculate the investment that has gone towards onboarding new hires and upgrading the skill level of the employees. It tracks employee development costs and new skill requirements. Training costs are not limited to new hires and extend to better job development skills and continuous learning.
    .
  • Employee productivity: Determines the effectiveness of your labor force that is calculated by dividing the total sales by the number of employees. Components that factor into this metric include availability and the amount of time where employees are working, employee performance, quantity of product delivered, and quality of saleable products produced during a set time period. Productivity metrics enable companies to understand the employee performance and adjust working processes where applicable.

Workforce Dashboard: HR Annual Report Template And KPIs

**click to enlarge** .

  • .Part-time employees: indicates the evolution of part-time workers over a specified time period. Part-time workers are good for the beginning stages of companies and don’t acquire much risk. KPIs include the tracking of part-time contracts parallel to metrics like company performance and results and employee satisfaction and engagement.
    .
  • Female to male ratio: measures the level of gender diversity in your business which can indicate gender bias. It’s critical to be aware of diversity to acquire differing approaches to business innovation and gain competitive assets. KPIs depend on candidate availability at certain times.
    .
  • Average time stay: indicates the longest time period employees stay with the company and if the company is good at retaining talent. The metric tracks the average number of weeks, months, or years that an employee stays. KPIs include that the longer the stay the better for the company’s return on investments for hiring and training.
    .
  • Internal Mobility: the internal mobility refers to every initiatives or action related to the promotion, appointment, hire for a position of an employee already enrolled in the company’s workforce. This internal mobility summary displays various figures related to it: promotions to the position of director and managing director, the ratio of position filled through internal initiatives relatively to the total positions, and finally the percentage of vacancies filled internally.

Annual HR Report Metrics Examples

These cost-related metrics can also be used for annual HR reports to show to top-management and the financial department:

Compensation:

  • Labor cost per FTE: the average expense of labor that a company spends for each FTE on an annual basis.
  • Labor cost revenue percent: the total labor cost as a percentage of the annual business revenue.
  • Labor cost expense percentage: the total labor cost as a percentage of the total annual expenses.
  • Benefits as percentage of labor costs: the total cost of benefits as a percentage of the total annual labor costs.
Exclusive Bonus Content: Learn more on monthly and annual HR reports
Get our short and sweet summary on HR reports to share with your team!

Support Business Strategy Development With Interactive HR Reports

HR departments are no longer a supportive role in an organization’s business development strategies. HR serves to enhance and augment a business’s overall success and sets the pace for an organization’s future.

Data analytics is the protocol needed for businesses to create better processes and training procedures, to be proactive about management, to monitor trends in their HR department and to utilize personnel most effectively. HR monthly reports and HR annual reports are the key to optimizing human resources goals.

Companies can visualize their important HR data with a dashboard software that provides them with enhanced graphs, charts, tables, metrics and KPIs to better understand their data. Accurately evaluate crucial HR components over time periods with dynamic, automated HR dashboards: try datapine for free with our 14-day trial!

The post 3 Monthly And Annual HR Report Templates To Empower Your Business appeared first on BI Blog | Data Visualization & Analytics Blog | datapine.



This post first appeared on Data Visualization & Analytics Blog | Datapine, please read the originial post: here

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3 Monthly And Annual HR Report Templates To Empower Your Business

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