If you are a small business owner with employees, you need HR support for a variety of important HR tasks from payroll to benefits to recruitment and HR reports (and more). Just like financial reports, HR reports are an important part of running a successful business. HR data can provide very helpful information for managers and allow business owners to identify trends and issues that are preventing them from running their business efficiently. Data can also help owners make better decisions for the future based on data.
As a Professional Employer Organization (PEO), we don’t expect small business owners to find HR reports exciting. That’s why we’re here! We handle your HR tasks so you don’t have to.
5 Standard HR Reports Every Small Business Needs
There are five important areas of HR that small businesses should review regularly – preferably on a monthly, quarterly, and annual basis – in order to get a handle on both short and long-term trends.
1. Attendance and absence data reports
Clearly, it would be ideal for business owners if there were never any absences but that isn’t how life works. The next best thing is to find a way to reduce absences. In order to make that happen, employers need to know how many absences are happening, the total number of working days lost due to absences, when they are happening, and the causes of these absences. For example, an HR attendance and absence report may reveal that the majority of worker absences are due to colds during the fall and winter months and that the average employee absence is two days at a time. With this information, the employer may be able to hire an additional worker who can cover absences during times of higher absence and identify workplace factors that may be contributing to stress induced colds.
2. Recruitment data reports
Recruitment is an important HR task. Hiring new workers also requires a substantial investment by employers. Recruitment data reports can provide insights into how to make the process more effective and efficient or just to measure recruitment success. Two of the most important numbers to look at when it comes to recruitment data are the average time it takes to hire a new employee and the average cost per hire. If your numbers are higher than the industry average, that could be an indication that your advertising strategies need some tweaking or even that your brand needs some polishing.
3. Employee turnover and retention reports
High employee turnover is expensive and disruptive to a business – not to mention the lost productivity. An employee turnover and retention report can provide important information on a business’ employee turnover rate, which types of employees are leaving and why, and where they are going to. It can also show the positive data, such as why do workers stay with your business and for what length of time.
4. Performance management reports
Employee performance can make a huge difference to the success of a business and it’s important to manage performance through a performance management report. This type of report should provide data on who is performing well, who has potential for a promotion or leadership role, who is underperforming, and any disciplinary matters. Having access to this data can help employers plan for business growth as well as identify areas of the business that need more attention and support.
5. Training and development reports
Employee training and development is critical to a business’ success. A training and development report can identify which employees have attended/completed mandatory training (and which haven’t), how much time and money your company spends on training new hires and investing in employee development, and what is the average amount of training that employees are getting each year?
Need help with HR reports? We’ve got you covered through HR outsourcing! When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from payroll to taxes, health insurance/benefits and worker’s compensation. You also gain peace of mind that you are compliant with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long and changes happen). When choosing a PEO to partner with, there are many things to consider including cost, services, and technology solutions.
With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet, or phone. We can truly improve your employees’ work benefits while freeing you up to operate your business.
What are you waiting for? Companies that partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!