One of the most important trends in payroll and HR of 2015 was the application of data and analytics. As Human Capital Management (HCM) systems and tools continue to advance, this trend is likely to grow even more in 2016.
Analytics in payroll and HR used to mean tracking headcount, overtime hours, turnover rate, etc. Today, however, organizations can use big data and advanced analytics to identify talent or leadership gaps, predict future performance and turnover, and boost employee engagement and productivity.
According to Jason Geller, U.S. human capital leader for Deloitte Consulting, quoted in a Forbes article, “Analytics that fuses HR and business data, otherwise known as people analytics, can maximize talent decisions to drive higher levels of organizational performance that ultimately drives shareholder value.”
But for many companies, the tools that used to be sufficient for analyzing key data are no longer cutting it.
According to Deloitte’s Global Human Capital Trends 2015 report, “Three in four surveyed companies (75 percent) believe that using people analytics is ‘important,’ but just 8 percent believe their organization is ‘strong’ in this area — almost exactly the same percentage as in 2014.”
Recognizing this gap, Paylocity built its solution to take the valuable payroll and HR data that every organization generates, and turn it into actionable, strategic insight. With Paylocity’s advanced reporting tools, clients can monitor specific data points, evaluate metrics by department, and identify areas for improvement.
With an easy-to-use yet powerful ad-hoc report writer, more than 100 standard reports, report scheduling, and cross-year reporting, users are able to view real-time analytics on a sleek reporting dashboard. And unlike many other HCM systems, client data is never purged or overwritten — making it available today, next year or in 10 years.
To learn more about Paylocity’s advanced reporting and analytics tools, click here.