While gut instinct and experience might help you make a decision, they shouldn’t be your only source of Information.
In HR, you must make better, more educated decisions by utilising your data. To do so, you’ll need to gather and organise data so that it allows you to develop actionable insight that you can use to enhance your processes and methods.
What is a human resources dashboard, and how does it work?
An HR dashboard shows you a visual representation of the various HR indicators you’re measuring.
It provides insight on performance at several levels, including individual, team, and HR tasks such as performance management, recruitment, and attendance management.
HR professionals can use the dashboard to:
- Plan out your budgets plus initiatives for the coming year or quarter.
- Create best practices and processes.
- Recognise your strengths and shortcomings and adjust your strategy accordingly.
- Make it easier for senior management to receive reports.
What Information Should be included in an HR Analytics Dashboard?
KPIs for the HR Dashboard: The correct set of key performance indicators (KPIs) enables you to monitor and analyse your workforce more quickly and efficiently.
The metrics you should evaluate for three primary areas: workforce management, remuneration, and recruitment, are provided below to assist you to begin your HR analytics dashboards.
|Workforce Management KPIs
|Rate of Absenteeism
|Operating expense rate of HR functions
|Labor cost for each FTE
|Rate of vacancy
|Rate of succession planning
|Percentage of labor cost revenue
|Open or closed grievances
|Percentage of expense of labor cost revenue
|Retirement or resignation rate
|Rate of promotion
|Total benefits as labor costs percent
|Rate of external hire
|Revenue for each FTE
|Rate of successor gap
|Profit and compensation for each FTE
|Ratio of experience, diversity, as well as gender hire
|Worker composition by experience, tenure, and gender
|ROI of Human capital
|Metrics of recruiting funnel
|HR functional cost for each employee
|Ration of talent import and export
|Index of manager quality
|Rate of voluntary turnover
|Effectiveness of HR
|Rate of retention
|Rates of employee satisfaction
|Recruiting expense for each of the new hire
|ROI of Training
|Forecast of recruiting rate
An HR Dashboard’s Key Features
The greatest HR dashboards do more than just track KPIs and visualise data. As you look for the ideal HR dashboard tool for you, keep the following features in mind:
- It’s completely interactive: To examine and analyse data, use advanced data analytics immediately on the dashboard.
- All data sources are included: Data from HCM, compliance, payroll, recruiting, learning, LOB, and other people analytics systems and apps may be easily combined and analysed.
- Analytics with a twist (AI): Modern dashboards are now highly contextualised with AI and alerts, making them one of the top 10 BI and data developments this year. They’re also growing more collaborative, evolving into a central repository for insights and scattered data.
- Alerts and automatically generated reporting: Set up your HR dashboard to send you alerts based on KPIs and automatically share them with essential stakeholders regularly.
- Designed with mobile in mind: Access your dashboards from any device with complete interactive cloud analytics features and touchscreen optimisation.
- Simple Data Preparation: You can spend a little less time processing data and more effort identifying ways to improve staffing, development, remuneration, health and safety, and employee and labour relations with an interactive HR dashboard that’s part of this new people analytics platform.
Businesses are increasingly using data-driven performance management to manage all aspects of their operations, so the sooner you develop a human resources dashboard, the better.
The dashboard will get more accurate the more you use it and the more data you supply it. You’ll be able to make better-informed decisions faster, resulting in improved performance. You can speed up the process, get more sophisticated visualisation, and track more indicators if you use human resources software to automate the creation of an HR dashboard.