Business demands are changing, and with them the value placed on human capital. Companies are no longer looking for a “classic head of HR”, opting instead for a people leader who can effectively strategize, assist with organizational design, and communicate human capital in terms of business.
Human resource leaders are now asked to attract, retain and develop talent in the most sustainable way possible, which requires an understanding of the company’s business and the role employees play in helping companies reach their strategic objectives.
More so than before, analytics will play a central role in the daily obligations of human resource leaders by ensuring the efforts that they are making are scalable and providing the necessary support for the company to grow. As companies realize the true value of human resources, demand grows for people leaders to be able to communicate the link between human capital and the bottom line, specifically the return on investment for the different initiatives.
Therefore, organizations should be able to generate people analytics and organizational reports in order to provide the support the CEO needs for staff meetings, executive offsites and Board of Director meetings.
HelloTeam makes it easy for human resource leaders to adjust, meet and anticipate the changing demands of businesses.
The HelloTeam Platform
The platform empowers human resource leaders with total organizational visibility into every aspect of the human capital lifecycle. This enables them to make workforce decisions based on data, anticipate future needs, as well as ensure that they are knowledgeable about the entire organization. HelloTeam also provides human resource leaders with the analytics and reports they need at the touch of a button.
The following are the top reports and insights human resource leaders should use in order to support their initiatives with data and to be able to effectively communicate their company’s status, strengths, and opportunities to improve.
1. Growth Reports
2. Hiring and Departure Trends
3. Retention Reports
4. Tenure and Promotions Reports
5. Skills Match
Growth is key and therefore, chief people officers must be able to showcase all of the talent acquisition efforts that have been made in a given period in order to effectively report to the rest of the executive team where hiring should be made. HelloTeam makes it easy to run reports broken down by department and/or position to highlight the number of new hires made with respect to the total headcount of the department/ position.
Comparing these results with the hiring goals of each department produces additional insights into the progress of each department and indicates which departments require more sourcing and acquisition efforts. Empowering chief people leaders with this type of information results in more informed hiring strategies, which impacts the company’s bottom line.
1. Growth Reports
Understanding the growth patterns of the organization is also important from an employee engagement perspective. Especially for rapidly growing organizations, it is important that every new employee is empowered with an understanding of how their work contributes to the organization’s goals. By making smarter, more informed hiring decisions, organizations can better engage and motivate new hires.
2. Hiring and Departure Trends
Organizations are frequently misled to believe that they are successfully attracting new employees when their hiring numbers appear to be increasing. From a human resources perspective, it is crucial to understand “net new” employee gain — the difference between the number hired and the number exited per department.
HelloTeam’s departures/hiring report, which can be filtered based on department and length of time, provides a clear visual of the net new employee gain or loss. The hiring/exit trends of a specific department can also be used in conjunction with HelloTeam’s growth report to highlight which departments or positions the organization must prioritize.
3. Stay informed
Understanding the company’s hiring trends provides important insights into where money is currently being used. This understanding allows chief people officers to better evaluate the company’s current position. Chief people officers can then use the information to determine if the current allocation of funds is most appropriate. From there, CPOs can determine what departments should get more attention.
The departure trends of the organization are vital to understand because they highlight the positions and departments that have the most turnover. From the trend, chief people officers can decide whether the turnover is cyclical or related to retention issues.
While the real cost of turnover differs per organization, studies predict that it costs an average of 6-8 months of a respective salary to find a replacement for a salaried employee. Therefore, a lot of pressure is placed on human resource leaders to retain top talent. Retention is a challenging metric to calculate and it is impossible to do without accurate information about the number of separations, the number of current employees for each period, and the number of rehires. HelloTeam makes it simple for human resource leaders to access the data they need in order to identify retention trends and survey employees to ensure that the desired levels of engagement are being met.
One of the most essential reports for human resource leaders to understand is the distribution of matured employees. When addressing a retention problem it is crucial to note whether the employees that are leaving are typically new or matured. That way, you can best pinpoint the source of turnover and address it most efficiently.
For new hires, high levels of turnover could indicate problems with hiring, on-boarding or a general disconnect with the company’s culture. Alternatively, retention problems among matured employees indicate dissatisfaction with benefits, work-life balance or a lack of engagement.
Understanding which groups experience the most retention problems will allow chief people officers to make better, smarter decisions as to where to allocate funds for retention initiatives.
4. Tenure and Promotions Report
Understanding the metrics surrounding tenure and career development of employees enables human resource leaders to more accurately forecast future needs.
Using the average tenure of a position or department as a benchmark, one can facilitate succession planning by predicting what positions will likely become vacant in the near future. Announcing open positions on a regular basis helps fuel the growth of a company as well as provides opportunities for upward mobility that employees may not otherwise be aware of.
Employees don’t typically go to their company’s career page to see which positions are available inside the organization and apply for a new position of interest. They may not be aware of the professional network that directly surrounds them. Promoting in-house job openings and upwards mobility can curb turnover rates and help commit to keeping a consistent culture across a bonded workforce.
5. Skills Match
HelloTeam’s employee profiles and the ability to search for specific skills make it easy to find people within the organization who would be able to fill a role or best complete a job function that requires specialized knowledge. Besides saving valuable time, money & resources, companies who look to source positions internally see an increase in employee motivation, company loyalty and retention.
For growing companies, internal mobility is especially important because it strengthens organizational culture and makes the company more flexible to change, as the employee is already experienced with and knowledgeable about the company’s mission. In general, internal mobility is a driving factor of employee engagement and retention with lack of opportunity for career development being the most common reason for employees to leave a job.
With fierce competition, it is imperative that human resource leaders are empowered with the information that they need to best retain talent. In general, internal mobility is a driving factor of employee engagement and retention.
Most organizations fail to effectively capitalize on all the talent they already have due to a lack of understanding of the experience, skills and interests of current employees. Understanding the organization’s current skill structure is one of the most important analytics for human resource leaders, as it provides the necessary foundation to anticipate the organization’s future people needs.
Instead of reaching a problem and having to stop to solve it, the HelloTeam platform provides the clarity that allows human resource leaders to be able to identify skill gaps and proactively address them.
Each employee has constant access to their personal profile, ensuring that their experience, skills, and interests are always up to date and accurate.
Combined with the visualization that HelloTeam provides, it is quicker and easier than ever before to create paths of development for employees and to plan for the smooth succession of leaders.
We empower human resource leaders with the information that they need to maximize current employees’ potential, resulting in a workforce that is engaged, quick to adapt and has the skills necessary to address the demands of a growing organization.
With HelloTeam you can:
- Efficiently form teams by searching for skills within your organization and filtering by department and/or location.
- Get instant access to employee skills, allowing people leaders to make better decisions regarding promotions and internal mobility.
- Stay ahead of competition by instantly understanding what skills the company does or does not have internally.
We’re not done yet!
We’ve got plenty more resources on building the best workforce from the bottom to the top. Take a look at our e-book on Mastering the Employee Experience, or our analysis of Gallup’s 12 Elements of Employee Engagement. All of our resources can be found in our Library – check them out here! To see HelloTeam in action, click here — and to set up a meeting with us, go here!