4 HR Reports Every SMB Needs

Hiring is crucial to all companies, and poor recruitment practices can be expensive.

Have you ever wondered how much your hiring processes cost? Measuring your recruitment budget will help you make the best decisions, save resources and optimize efficiency.

You should build a hiring report with the following information:

• Cost per hire: This metric includes the money spent on posting jobs, interviewing candidates, training and training material. You can then compare the costs with the value a new employee adds to your organization.
• Time spent per hire: This data shows how long your company took to complete the hiring process. With this information, you can better plan ahead for job postings in the future and avoid having open positions for too long.

Measuring these metrics will help you build better recruiting strategies and save money in the long run. Furthermore, using an applicant tracking system will help you reduce the cost per hire.

Employee performance reports help identify great performers and workers who need training and engagement initiatives. A performance report contains the following indicators:

• Employee performance and productivity: Employee performance reviews and HR KPIs are the best way to measure and track performance, notice drops in performance before they get out of hand, and implement relevant performance strategies. You can track monthly performance and make regular or annual reports.
• Salary reports: You can compare an employee’s performance with their salary to calculate the wage-to-productivity ratio.

Identifying high performers and drops in performance is a great way to implement a recognition program and relevant engagement strategies. All in all, efficient performance management is key to a good employee experience!

Repeated absences and voluntary departures slow down your business growth. Keeping up with this indicator across all teams will definitely pay off:

• Absenteeism rates: Repeated absences often conceal deep-rooted engagement issues. By identifying absentees, you can solve these problems before they impact your entire organization.
• Employee turnover: High employee turnover results in huge money expenses for your company. Thankfully, efficiently measuring employee turnover rates is the first step in turning the tide with an efficient employee retention program.
• Employee voluntary departures: You can also keep track of employee voluntary departures for an even more precise and relevant retention plan.

Attendance and departure tracking reveals productivity issues and individual human challenges that need to be addressed for your organizational health.

If we’ve said it once, we’ve said it a hundred times: employee engagement is your company’s most precious asset and increases productivity, well-being at work, business growth and much more! Here is how you should build an employee engagement report: 

• Employee retention: Have you ever wondered how many employees stay by your side year after year? Retaining employees means you are not losing their knowledge and talent and that they are most likely engaged and productive. Knowing your employee retention rates and choosing a goal you want to achieve in terms of employee satisfaction and retention is essential to your HR strategy.
• Engagement surveys: As we have previously seen, you can measure engagement using various metrics. You can also go further by surveying your employees and making them feel heard and recognized. Employee engagement surveys are great ways to take the pulse of your entire organization.

Measuring engagement is the first step to improving engagement. With these 4 essential HR reports every SMB needs, you will strengthen your strategic plans and reach organizational success.

As you can see, HR reports cover various crucial indicators for your business growth.

Now that you know which reports you should focus on, you might be wondering how you can build them efficiently.

HR reporting software is the best way of creating reliable reports and avoiding manual errors and time losses. Using an HRIS will allow you to centralize HR information on a single platform, thus gathering all the relevant data you need to build reports in one place. Head to our HRIS case study to learn how it could help your business.