Unlock the Power of Employee Data
employee-data

Unlock the Power of Employee Data

Your clients are sitting on a treasure trove of information that can help them make more strategic HR and benefits decisions. According to Bersin by Deloitte Research, in 2016, companies experienced a massive 120 percent increase in correlating their people data to business performance.

Obviously, merely mining HR data is no longer enough; your clients are expected to actually do something with it. Today’s organizations have an operational business imperative to extract insights about their workforces that are informed by data.

Using an Employee Database to Make Better HR Decisions

An International Public Management Association for Human Resources (IPMA-HR) survey indicates that more than two‐thirds of respondents collect HR metrics (69%), which is good news. It’s no longer enough for your clients’ human resources departments to operate on feelings or instinct; the C-suite is expecting their people teams to come to the table with numbers and objective information.

People analytics drives better decision-making throughout the organization. It can help your clients better understand business concerns such as:

One of the biggest challenges your clients face is controlling overtime costs. According to the Bureau of Labor Statistics, 70% of businesses’ compensation costs are attributed to wages and salaries. Helping your clients determine how much of that 70% is being spent on overtime, and which departments or managers are spending it, can save them a significant amount of money.

If they feel like their business has a revolving door with employees coming and going, they can analyze monthly and yearly turnover rates, the average cost per turnover and its impact on their budget, and identify which locations and departments are facing the highest turnover rates.

Employee motivation and retention is another important area that can be improved by data analysis. Employee surveys are a great tool for gathering data that can be directly linked to other business outcome data such as turnover, business unit performance, or financials.

Using Analytics to Help Lower Insurance Costs

With rules and regulations continuing to change, your clients are likely wrestling with important decisions around insuring their employees in our fluctuating healthcare landscape. Smart brokers are looking to the valuable data captured in their clients’ benefits systems to help them better evaluate all of their options.

It’s important to your clients that they have the ability to access this employee data to develop a competitive benefits strategy, keep their participation rates high, and help ensure they are best positioned to attract and retain top talent. But, designing these tailored programs, products, benefits plans, services and rewards takes time and can cost a great deal of money.

Your clients’ employees rely on them to deliver a mix of options that satisfies their individual needs. You’re charged with helping your clients determine the best products at the best cost. But how can you be sure you’ve designed the optimal package to meet the unique needs of their workforces, while, at the same time, ensuring they can still financially support the strategic goals of the business? Achieving the precise balance requires that you have the right level of transparency into actionable benefits data.

As a trusted advisor, you can help determine which solutions will best complement your clients’ core medical plans, but without thorough insight into how these plans are being used, that’s going to be tough to do. Data analytics tools can eliminate the guesswork, digging into claims data and workplace demographics to help identify gaps in coverage and better understand what their employees want the most from their plans. Having this data lets you develop a highly specific, comprehensive benefits strategy that addresses the needs of everyone in each organization.

Claims and insurance utilization data can be easily appended to employers’ data. You can greatly enhance the service you provide your clients using this data to help them benchmark their plan against other companies in their industry.

By fully understanding the needs of an employee population, you can guide your clients and help them identify the most affordable solutions that will provide their employees with the coverage they require. This information can also help you advise clients as to how best to communicate about benefits to their employees during open enrollment and throughout the year.

The key to successfully managing employee data and building accurate analytics is having data that resides in the same database, not in disparate systems that might have conflicting information. Making sure your clients can access all of the relevant data they need to make strategic, well-informed HR and benefits decisions will help you help them save money, time, and effort. Contact Paycor today and we'll help you get started.

More to Discover

Video: Paycor Time Product Overview

Video: Paycor Time Product Overview

Accuracy between time and payroll is no longer a nice to have—it’s a must have. Managers don’t have time to manually enter hours worked or re-key employee information every pay period. Manual data entry can lead to unintended errors and compliance issues.Paycor’s Time solution makes labor management both time and cost effective. Our solution allows employers to not only track hours worked, but create schedules, manage requests and stay on top of labor distribution. With our smart and intuitive processes and error notification, employers can gain ultimate efficiencies and correct time discrepancies, immediately saving organizations time and money.With our flexible mobile application, employees can clock in and out, manage their schedules...

Leap Year Payroll: How to Handle 27 Pay Periods

Leap Year Payroll: How to Handle 27 Pay Periods

If you pay employees bi-weekly, you normally have 26 pay periods a year. But 2020 brings you an extra one—thanks, leap year. True, an extra pay period isn’t exclusive to leap years, sometimes it just depends on which day of the week you pay your employees. But regardless of when it occurs, it can cause headaches for HR and payroll administrators who aren’t prepared.There are a few ways to approach a 27-pay-period year, but the most important thing is to communicate your plan to your workforce. Make sure they understand what to expect so there aren’t any surprises surrounding their paychecks. How to Pay Employees During a Year with 27 Pay Periods Option 1: Everyone gets an extra paycheck. Woo-hoo! The extra paycheck would be for the same...

HR Statistics You Need to Know for 2020

HR Statistics You Need to Know for 2020

The world of human resources is constantly evolving. With the introduction of “gig” jobs like Uber and high-tech advancements, employees have more power than ever. There's a new desire to find a balance between work and life.There are more job openings than candidates. And opportunities to change jobs are abundant. Workers have less reason to rely on and remain loyal to their employers. Especially if their employers don’t offer employees what they want.With 2020 right around the corner, we’re looking at the stats and trends we’ve seen in human resources, hiring, and workplace culture. The future is here. So, it’s important to understand the current climate and be ready. General HR Trends and Statistics Candidates moving through the...

The Turnover Crisis in Retail: An Action Plan for Owners and Operators

The Turnover Crisis in Retail: An Action Plan for Owners and Operators

When examining turnover rates by industry, retail rises to the top. In 2018, the average retail turnover rate eclipsed 60%, with employees citing better opportunities, promotions, pay raises and a desire for more hours as top reasons for leaving. Retailers have constantly battled turnover for years, but it’s become especially problematic during the holiday season when employers enter into an arms race to fill jobs. The Negative Effects of Turnover Human Resources Today found that retail turnover translates into more than 230 million days of lost productivity and $19 billion for recruiting, hiring and training expenses. And when consumers visit a brick and mortar store, many are looking for a true shopping experience. But when employees...