What Are HR Dashboards?
Human Resource Dashboard is an analytical tool that helps businesses to manage workforce data. HR dashboards give meaningful interpretations to and unearth actionable insights from the pile of the workforce data available to the HR department. These insights enable companies to track, analyze and manage the workplace, employee performance and hiring process. HR dashboards leverage on HR metrics to gather data across systems and uses interactive data visualization to help you take data-driven decisions. You can also use a small business CRM software to effectively manage your team and increase productivity.
HR Dashboards can replace manpower in managing the workforce to a great extent and take up the role of an advisor in making decisions. Insights from HR dashboards help companies in skill assessment of the current employees, allocation of funds for new recruitments, planning online timesheets, bridging the gap between skill levels of employees and much more. Going data-driven is inevitable to stay on top in the modern business world and that is where the best HR dashboards aim to take your business to.
Key Features of HR Dashboards
Since its inception, HR dashboards have evolved a lot and made use of the updates in analytics and technology. While purchasing an HR dashboard it is important that you are aware of the features a competent dashboard would have. Here is a short checklist of features you can use while purchasing a dashboard:
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Combined data source
Easy mustering of data across systems, people and apps. Combining various data should not be another task for you despite having an HR dashboard.
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Interactivity
HR Dashboards allow you to interact with it for in-depth analysis and prioritization of specific data. These real-time customizations make your dashboard more lively and useful.
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Incorporation of AI
Utilizing artificial intelligence, HR dashboards now provide augmented analytics. Collaborations with AI elevates HR dashboards into a catalogue of insights.
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Alerting Stakeholders
HR dashboard alerts the stakeholders of the business with reports and data at regular intervals. This keeps stakeholders updated with what is going on in the HR department.
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Any Device Compatibility
The cloud analytics function enables users to access and interact with the HR dashboard using mobile, laptop or desktop.
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Simplified Data Preparation
HR dashboards that collaborate with people analytics platforms significantly cut down the data preparation time and let you focus on other HR management works such goal alignment and talent acquiring.
Things to Keep in Mind while Customizing HR Dashboards
Companies increasingly rely on HR dashboard insights in recruiting talents and managing workforce. This would definitely be more so in the future given the tectonic shift to the adoption of data-driven business management. HR dashboards are not only beneficial for HR managers, rather its utility extends to other departments of business as well. All these points to the importance of having a competent HR dashboard. Being mindful of a few relevant factors can add more utility and efficiency to your dashboard. Here’s few tips to customize your HR dashboard perfectly:
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Less is More : Choose Metrics Wisely
Dashboards let you measure as many metrics as you want. But that betrays the intelligent use of dashboards. Consult the HR manager and other executives that rely on dashboards for their work and narrow down the number of KPIs that gives the best insights on workforce performance. Instead of overwhelming the interface with a lot of visual data, stick to relevant metrics that can actually assist you in decision making.
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Add Threshold Point to Metrics
The HR department takes action based on the insights from metrics. Fix points that indicate the need of an immediate action. This can be done by adding thresholds to the visual representation. This helps the dashboard to recognise the high and low points of the metrics and alert you accordingly.
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Separate Dashboard for Top-Level Stakeholders
The metrics and insights that different stakeholders of the business would need are different. What CEOs and HR managers need may not overlap everytime. So it is better to have a separate dashboard that can cater to the high-level stakeholders.
Must-Have Components for HR Dashboards
Integrating your HR dashboard with the right metrics is the key in creating an efficient dashboard. Ensure that the metrics and KPIs you incorporate into the dashboard benefits every segment of the Human Resource Management System.
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Application Management
A lot of things have to be monitored related to monitoring. Tracking and managing applicants through all the phases of the hiring process is a huge task. HR recruitment dashboard templates can take care of management of applications in recruitment portals and websites through a single interface.
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Employee Turnover Rate
Turnover rate of your employees is an indicator of the health of your workforce. Premature leaving of employees can create a huge financial burden. A significant part of the budget needs to be allocated for the hiring and training of employees. Turnover rate helps you diagnose the issues with employee treatment.
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Workforce Management KPIs
Monitoring the workforce performance is a key function of HR dashboards. You can display goals and performance reviews to boost competitiveness in the workforce. Relevant KPIs can be employed for tracking the performance of the employees. KPIs like Absenteeism Rate, Training ROI, Outsourcing ROI, Internal Mobility, Promotion Rate, Manager Quality Index and Employee Composition give good insights into your workforce.
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eNPS
Employee Net Promoter Score is the simplest way to track employee management. eNPS lets you measure the engagement of the workforce. Having an engaged workforce is as important as having a lasting workforce. Display the eNPS score on the HR dashboard so that employees and HR managers can see their performance level and take actions to boost it.
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Compensation Management KPIs
Compensation Management involves a lot of data that needs to be taken care of. This data could be spread across departments, locations and stakeholders. HR dashboards using relevant KPIs can easily track and monitor this pool of data. Some of the relevant KPIs in this regard are: HR Functional Operating Rate, Human Capital ROI, Revenue per FTE, Labour Cost Revenue Percent and HR Functional Cost per Employee.
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Overtime Management
Overtime work needs to be monitored closely so that it doesn’t create unnecessary costs. If the overtime costs go above certain limits that is an indication of low efficiency rate of the employees. Keeping track of the schedule, duration, cost and other factors related to overtime work can be done easily using the HR dashboard. Along with proper management of overtime work, it also lets you know if it is time for termination of current employees and new hiring
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Recruitment KPIs
The diversity of the recruitment in terms of gender and experience is an important factor to take into account. Similarly data like vacancy, filling time and retention rate needs to be tracked and monitored to maintain the quality of the hiring process. These KPIs can provide good insights to the success of your recruitment: Recruiting Funnel Metrics, Talent Import/Export Ratio, Retention Rate, Recruiting Expense per Hire, Recruitment Rate Forecast, Experience and Gender Ratio of Recruitees.
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Metrics for Initiatives
Apart from all the metrics discussed above you can include special metrics that are needed for the initiatives of the HR department. The preferences and goals of each HR department varies and so are the metrics they would need. For instance, if your HR has a policy of keeping a minimum percentage of workforce from certain social or geographical locations you can include KPIs that track data along those lines.
Conclusion
HR dashboards are part and parcel of modern-day HR management. The perfect HR dashboard template is the one that converts the crude HR data into insights that inspire actions. The relevant metrics and KPIs to be included depend on the requirement of each company. Taking insights from HR managers and other stakeholders while customizing is a simple job you can do to increase the efficiency of the dashboard.