Discover the data-driven way to master overtime planning
Most organizations spend approximately 70% on “people costs” (e.g., wages, benefits, etc.). If you don’t have meaningful, actionable data on your biggest expense, you’re headed for disaster.
As an example, take unplanned overtime, a problem that impacts pretty much everyone. Business leaders see it eating away at profits. HR sees it as a dangerous liability. And studies show people who work more than 40 hours a week increase their risk of burnout six-fold, in comparison to people who work less than 35 hours a week.
Accurately Predict Unplanned Overtime with Data Analytics
The only way to solve the problem is to be able to accurately and consistently forecast overtime expenses. And the best way to do that is by mining your workforce data. If your HCM (human capital management) data is in the cloud, chances are you already have access to all the data you need to forecast and manage overtime costs. That’s because the “secret” to predicting overtime is in the data that’s housed in your HR, payroll and time & attendance systems.
Here’s the trick: you need a tool that extracts that data and presents it back to you in a meaningful, actionable way. Think of this way: you need a tool that separates the signal from the noise.
The best data analytics tools enable you to filter, customize and tailor information to fit your unique needs. For example, a best-in-class workforce data tool will enable you to:
- See how much of your total pay is overtime pay
- Reveal overtime trends
- Drill down to specific problem areas (e.g., which managers or office locations are responsible for the most unplanned overtime)
- Easily create a graphical report that you can customize to suite the tastes of your audience
Most importantly, when evaluating a data analytics tool, pay close attention to how easy or hard it is to manipulate and customize the data. (And don’t be fooled by a fancy demo). If you can’t easily interact with and manipulate the data, all the information in the world won’t help you take meaningful action and solve real world business problems.
So, what next?
To learn more about data analytics, visit our Workforce Insights Hub to read articles and see how Paycor's brand new solution can help you solve your biggest business problems.
Or see it in action. Watch a 45-second demo of Workforce Insights now.
Sources: Harvard Business Review, Aragon Institute of Health Sciences