resources

  • Data and Analytics

Analytics Informing HR More Than Ever Before

December 22, 2015 Blog Post

As HR and payroll systems and tools continue to advance and innovate, the application of data and analytics is more important than ever.

As HR and payroll systems and tools continue to advance and innovate, the application of data and analytics is more important than ever. 

Analytics in payroll and HR used to mean tracking headcount, overtime hours and turnover rate, to name a few. 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 Deloitte Insights, new solutions are business-driven, not internally HR-focused, challenging HR departments to move beyond their own internal view of data and leveraging people data for a broad range of business problems. 

But for many companies, the tools that used to be sufficient for analyzing key data are no longer cutting it. And though companies may know the future is in HR data, they may not be prepared to support it. A recent Deloitte Global Human Capital Trends report found that while 71% of companies see people analytics as a high priority in their organizations, progress has been slow. 

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 advanced reporting tools, clients can monitor specific data points, evaluate metrics by department, and identify areas for improvement.

And 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. A number of other data dashboards are also available, providing valuable insights into demographics, product utilization, labor costs, and more, giving you the power to make informed and strategic HR decisions. And unlike many other HCM systems, client data is never purged or overwritten — making it available today, next year or in 10 years.


related