Payroll and related talent management-related costs can make up 50% of business expenses, so it’s critical for your talent management provider to offer reporting to help your business increase efficiency and prove its value. Other than insight into payroll, data from your talent management provider can help you identify ways to improve your hiring process, build your best team and optimize costs on the people side of your business.
If you’re considering making the switch to a new talent management provider, make sure it includes the following key data and reporting capabilities:
In addition to charging for insight into critical business data, some talent management providers have limitations when it comes to reporting. You might receive a monthly report in PDF form that only includes high level metrics, such as the overall head count, new hire total and turnover rate for the entire business. But reports such as this don’t allow you to slice and dice the data depending on your needs. Instead of turnover data for the entire business, for example, it can be beneficial to break this data down by department or manager to have a better idea of why employees might be leaving.
The right talent management provider should offer customized reporting, such as an online platform that allows you to break down data as needed and see key metrics in real time.
Key Business Metrics
Your talent management provider should offer robust reporting so various stakeholders in your company can gauge overall business health. These insights include, turnover analysis, benefit plan spend, wage spend, headcount analysis, new hire analysis and employee profitability. Using this data, you can be better equipped to make key business decisions, such as hiring or letting go of employees based on business need, and improving business operations if you see high turnover rates.
Be sure to partner with a talent management provider that enables you to easily run reports to make an impact. Can you get a bird’s eye view of which benefits are being underutilized? Do you get alerted when team members are approaching overtime pay? These and other insights can help you drive real business results, saving tens or thousands of dollars annually.
Organizational Health Insights
To better measure the health of your hiring process specifically, look for an integrated hiring and talent management provider that shares key insights such as your overall hiring velocity (time to hire) and hiring process adherence in comparison to industry benchmarks. You can also compare hiring velocity and process adherence across locations and managers to continuously improve your hiring process, and attract and hire the best team.
Understanding your hiring velocity enables you to identify key areas for improvement and speed up the hiring process. Do certain locations or managers take longer to hire than others? Or, do candidates get held up in one step of the process, such as reference checks? By addressing what needs to be improved and implementing an efficient, repeatable hiring process, you can move candidates through the hiring pipeline as quickly as possible. And tracking your process adherence can help hold locations and managers accountable for following each step of the hiring process. If you don’t follow all hiring steps, you might miss out on star candidates, or make a bad hire by moving too quickly.
Depending on your talent management provider, you might face various costs and fees throughout the year. For example, some payroll and talent management providers don’t only charge a monthly or annual fee, but also charge per payroll run and add fees for tax forms or reporting. Look for a payroll provider that offers a transparent, cost per employee per month pricing – and doesn’t charge extra fees for the actionable reporting you need to help your business grow.
To learn more about how the right talent management platform can provide actionable data to help build your best team, download our eBook, “Unifying Your Hiring and Talent Management Systems.”