Human resources (HR) reports have a pivotal role to play in the streamlined and effective management of the business. Fundamentally, HR reports are analytical methods that display statistics, metrics, and insights related to human capital management. Their primary goal is the improvement of HR processes, recruitment, workforce performance, and budget planning, all of which are central to an organization’s productivity.
At their core, HR reports enable informed decision-making and facilitate investors, partners, and all other stakeholders to obtain a wealth of insights into all aspects of the organization.
Workday ERP’s Composite Reporting offers unique features that simplify Human Resource tasks in the organization. The integration of financial analytics and reporting enables businesses to view all of their operations, workforce, human capital, and financial information in a single place.
What is Composite Reporting?
Composite Reporting is Workday ERP’s core platform that every department or user can take advantage of, whether it’s financial professionals, those who carry out consolidation and budget comparisons, and line-of-business (LOB) managers concerned with operational budgets.
Composite HR Report derives its name from composing master reports, which could include data from previous years, actual performance data, budget data, and more at a granular level. The Reporting feature of Workday exploits the in-memory capabilities of its cloud platform.
Workday’s multidimensional reporting feature is designed to facilitate the integration of human resources, finance, and other third-party data. The financial management feature known as Composite Reporting leverages in-memory computing technology efficiently to carry out real-time reporting spreadsheet-style.
Making complex tasks easy
Composite HR Report makes it easier and quicker for anyone in the company to create financial reports, which aren’t just associated with accounting and finance. This means HR teams need not wait for extracted data sets from multiple systems to create a comprehensive report that the management seeks.
Storing HR and financial data within a database enables HR to achieve complex tasks. A key problem that businesses face relates to the fact that financial and HR information typically comes from various data sources. This means that the management is unable to gauge the employee equivalents the company has at a given time. A key feature of Workday ERP’s Composite Reporting is that it can help break down costs of actual versus planned employee headcount.
Data analytics at granular levels
Composite reporting enables organizations to analyze complex data over different timeframes and consolidate the insights into one document. The complex analytics could be related to whether the pay for men and women employees is equitable by pay grade and in a particular timeframe.
Also, composite reporting makes it possible to analyze data at granular levels, such as separating base pay from shifts and overtime pays, averages, percentages, or totals of one gender from another.
Workday’s ERP makes it easy to find answers to such complex questions on gender-related base pay differences, pay grade issues, or performance-related incentives.
Removing barriers in internal information sharing
Workday ERP’s financial reporting features are in line with their effort to bring forth a complete suite of core finance applications that are easily integrated with HR functions.
Traditionally, HR and finance have each found the other to be a mystery that’s tough to crack. These two functions result in difficulties with sharing information and in fact, put up organizational barriers that hamper productivity.
Every piece of information that must be distributed from one of these departments to another added an extra burden to the department as data had to be aggregated, extracted, and analyzed on spreadsheets. The laborious process was not only time-consuming but also took away focus on core productivity-related tasks. Workday’s Composite Reporting, therefore, removes the barriers associated with internal information sharing.
Genisys Group Workday practice provides a gamut of Workday Services/Solutions covering Workday implementation, operational support & end to end test management. Our COE comprises of Workday engineers, testers, & consultants specialized in HCM, Benefits/Talent, Payroll, Financials, Grants, Integrations, Data/Reporting, Business Readiness, & Project Management.