Businesses generate volumes of data each and every day which, when managed properly, can lead to insights that drive growth. The human resources and payroll departments also generate volumes of data and these metrics can make a difference with improving productivity, talent and labor management, and also contribute to your bottom line.
As discussed in “Crunching the numbers: Why HR metrics matter in performance management best practices,” posted by Dominique Jones on HR.BLR.com, big data is being used in many different areas and in many different ways. It was only a matter of time until the benefits of big data captured the attention of human resources managers. Data offers an opportunity to measure performance management and how that can impact business productivity and profitability. For example, can compensation be linked to exceeding sales goals or can training be correlated to the frequency of safety violations? While there is a lot of interesting data to be analyzed, it’s important to not lose sight of the goals or tasks at hand. Keep it simple by starting with determining what critical business questions need to be answered and what performance best management practices can achieve that intent.
In order to make sense of the data you generate, you need to capture it in the right technology and learn how to derive insights that keep you on the right path. The type of technology you choose may depend on your ultimate goals. For example, reviewing Full Time Equivalent (FTE) data can be helpful when preparing annual budgets or reviewing personnel needs.hen using Microsoft Dynamics® GP Payroll, you can add FTE Manager to maintain budget and position data. You can keep an eye on both your personnel budget and vacancy statistics or the employees assigned to that budget and make realistic forecasts for personnel or budgetary needs in upcoming months or years. Comprehensive Leave Manager can be used to monitor sick or vacation time, administrative leave, or other leave offered to employees. Comprehensive Leave Manager can process leave transactions automatically through the payroll process, without extra steps for your payroll team.
The human resources department can be a valuable source for big data. Contact Integrity Data to learn more about the technology that can streamline payroll activities and provide valuable insight that you can use to drive growth.
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