3 Questions Your Boss Wishes You Could Answer
3 Questions Your Boss Wishes You Could Answer

3 Questions Your Boss Wishes You Could Answer

*With the right data analytics tool, you can answer your leadership’s most urgent questions. *

Your CEO asks you to come up with a plan to reduce labor costs. What do you do? Start digging through old paper files? Ask department heads for a breakdown of hours worked by employee? That will take forever.

To help solve the “where’s the data and what can I learn from it” problem, many organizations are turning to data analytics tools to help them get deeper insights into their “people data” (e.g., all that data buried in your HR, payroll, and timekeeping software).

For example:

*Your Boss Asks: “How Much is Unplanned Overtime Costing Us?” * In most industries, labor costs account for 10-20% of total revenue. While every organization plans for labor costs, it’s the hidden costs, like unplanned overtime, that impact the bottom line. With the right data analytics tool, answers to your labor costs problems should be only a click away. Imagine if you could instantly create an overtime report and then drill down to specifics to identify problem locations, departments and managers.

Your Boss Asks: “How is Employee Turnover Impacting Productivity?” What keeps bosses awake at night? According to FastCompany, it’s talent retention and turnover costs. When one employee leaves, everyone is affected - from recruiters and hiring managers investing time to interview candidates, to colleagues who are forced to pick up the slack. And when you’ve found a replacement, new workers need time to learn. High rates of employee turnover directly result in lower worker productivity, impacting your bottom line.

Before you manage turnover, you must be able to predict it. Data analytics can help you analyze labor trends across your organization. The right tool enables you to easily create monthly turnover charts that identify locations and departments experiencing the most turnover. With immediate insight, supervisors can work with managers at these locations to examine current practices and identify necessary changes to predict, manage, and decrease turnover.

*Your Boss Asks: “Are We Vulnerable to Compliance Violations?” * The Affordable Care Act (ACA) and new EEOC reporting regulations are still in effect. Your boss might be willing to hope they go away, but she’d probably be wise to have a plan in the likely case they remain around in some form or another for quite a while. To prevent costly compliance fines and employee lawsuits and to stay ahead of changing regulations, organizations need a data analytics tool that can provide instant, actionable insights.

Take the EEO-1 report for example. Aimed at eliminating pay disparities in the workplace, this new report will allow the government to take a deeper look into your pay practices. (And you definitely don’t want to give the government a report unless you’re entirely sure it’s accurate and comprehensive.) Data analytics tools should offer interactive and customizable dashboards that examine pay disparities throughout your organization so you can identify problem areas and take immediate action before problems become violations.

More About Data Analytics

READ MORE: - A new IBM study identified six forces propelling organizations to use analytics to better understand and manage the workforce. Here’s a great summary of that excellent work (it’s a quick read!).

CONTACT US: Want to see how Paycor can help you use data to better manage your workforce? Click here to speak with a consultant.

Sources: Chron.com & Fast Company

More to Discover

What are Supplemental Unemployment Benefits?

What are Supplemental Unemployment Benefits?

Reductions in force are unavoidable in economic downturns, but are traditional severance packages the way to go? They can be a big hit to your company’s cash flow and are subject to payroll taxes. The tax-friendlier option, Supplement Unemployment Benefits plans (SUBS), can spread out costs and deliver the same value for the employee, too. How Do Supplemental Unemployment Benefits Plans Work? SUBs got popular in the ‘50s as a way to help workers in industries with cyclical employment patterns get a more steady income. SUBs were often fought for in collective bargaining agreements. They’re growing in popularity again across industries. Under a SUB plan, in the event of a Reduction in Force (RIF) or temporary unemployment due to training,...

Take Our HR Benchmarking Quizzes

Take Our HR Benchmarking Quizzes

Paycor's research shows that 75% of high-functioning HR teams spend their time on mastering key pillars of HR excellence. Want to know how your team stacks up against others? Take our benchmarking quizzes to find out and get customized action plans based on your results. Recruiting Benchmark Quiz Benefits Benchmark Quiz Labor Costs Benchmark Quiz People Management Benchmark Quiz Compliance Benchmark Quiz

Remote Work Policy - Information Security Template

Remote Work Policy - Information Security Template

To make remote work successful, HR needs to think through risk mitigation policies, especially if it’s new to your organization. One of the biggest issues to consider is information security. It’s important that your remote workers know what to do in case of a security breach or data loss. Download Remote Work Information Security Policy Template Why Information Security is Important for a Virtual Workforce Protecting your company’s data (and the data of your clients) is hard enough when everyone’s working in the same office. It gets more difficult in a distributed, virtual environment. When an employee is offered the opportunity to work remotely, you may want them to sign an initial work from home agreement covering the general...

COVID-19 ADA Requirements

COVID-19 ADA Requirements

UPDATE JUNE 22: Updated EEOC guidance states that “requiring antibody testing before allowing employees to re-enter the workplace is not allowed under the ADA”. What is the ADA? The Americans with Disabilities Act (ADA) is a federal law that provides protection to disabled workers. The ADA prohibits employers from discriminating against employees on the basis of a physical or mental disability. This legislation applies to any business with at least 15 employees and prohibits discrimination against those with disabilities in all aspects of employment. How does the Coronavirus pandemic impact ADA compliance? Short answer, we don’t know yet. The Americans with Disabilities Act (ADA): The Basics The ADA broadly prohibits discrimination in...