CFOs are losing faith in HR’s ability to solve problems with data.

What’s the problem?

HR teams still spend too much time on transactional HR functions that should be automated and HR professionals aren’t data scientists.

1. HR teams (especially teams of one) still spend too much time on transactional HR functions that should be automated. If your HR processes are still manual, or worse, paper-based, your team simply doesn’t have time to do much else.
2. The answers to your most pressing business problems—everything from troubleshooting your recruiting pipeline to predicting labor costs, overtime and turnover—are in your company’s HR, payroll, ATS and time systems. Yet, most HR professionals aren’t data scientists.

Herein lies a major disconnect.

The C-suite is looking to HR to separate the signal from the noise and turn people data into consumable, actionable insights that improve decision making around key business initiatives like attracting talent and reducing turnover.

The one thing high-performing HR teams do differently.

Paycor reviewed proprietary data from nearly 3,000 customers and found that many standard HR and recruiting metrics are tactical, in that they track project management, or, at most, basic dollar-in, dollar-out cost analysis. The most successful HR teams use data analytics to map people management metrics to business outcomes. That gets the C-suite to pay attention.

In This Guide

We will explore how the right technology can help you transform your existing HR data into meaningful analytics that answer your most critical business challenges and drive meaningful change across your workforce.

Making the case to invest in a human resources analytics solution.

Take the complexity out of workforce analysis and planning.

Paycor Analytics empowers HR leaders with high-impact, easy-to-consume, real-time data insights so you can you answer the right questions about your workforce. By transforming complex data into trends, predictions and powerful benchmarking, you can observe trends, pinpoint problems and take action.

Who Benefits

• HR leaders frustrated with fragmented reporting from their HR system.
• HR teams that want to make decisions based on data, not their gut.
• People managers who want to optimize their teams and use insights to drive better performance.

Employee Retention

CHALLENGE:

The turnover crisis in America.

The turnover crisis in America. The labor market is tight, turnover reached record numbers in 2018, millennials are job-hopping at an alarming rate and voluntary resignations are also at an all-time high. No matter how you slice it, people are leaving, it’s hurting the bottom line and HR must explain what’s causing it.

Paycor found that nearly half of SMBs are tracking turnover manually. The others are using software, but 80% say the data doesn’t give them actionable insights on turnover. Off-the-shelf, one-size-fits-all HCM systems just aren’t sophisticated enough to deliver actionable insight. When evaluating HCM software, go deeper than the demo and see if the turnover data the system gives you is anything more than a superficial understanding of turnover.

To solve the turnover crisis, HR needs to answer these questions.

• What is the rate at which people are leaving the organization?
• What is my turnover rate by department?

Leave Management

Challenge:

Unplanned absences are costly.

Workers are absent for a variety of reasons, but when absences are unexpected, they carry hidden costs, disrupt others, contribute to overtime and significantly impact productivity. Supervisors spend more than 5 weeks out of the year adjusting schedules, finding coverage and training fill-ins.

Overtime is used to cover 47% of absences.

Coworkers are perceived to be 29.5% less productive when filling in for absent colleagues.

The negative effects of absenteeism

1. Poor performance
2. Increased work load for coworkers
3. Lost productivity
4. Manager frustration
5. Negative customer feedback

To understand how absences are impacting your business, HR needs to know:

• The financial impact of absences
• Which departments have the highest absence rates

Workforce Compensation

CHALLENGE:

Keeping up with the Jones’ in a tight labor market.
With unemployment reaching record lows, employers are raising wages and offering salary increases to find and keep talent and remain competitive in the market. Research from HR consultant Mercer of more than 16 million employees found that U.S. private-sector salaries for 2019 are expected to rise by 3.4 percent over 2018. And as the labor market continues to shrink, employers can’t afford to settle for status quo pay practices. But with increased scrutiny around pay equity, employers must ensure pay practices are consistent and fair.

When evaluating pay practices,
employers must consider:

• How does the actual spend on total rewards compare to the budgeted amount?
• Are we allocating enough dollars for compensation to stay competitive?
• How do budgeted salary increases compare for males and females?