5 Types of Workforce Data Sources To Utilise Now 

Data is knowledge, and knowledge is invaluable in making smarter business decisions. Workforce data is qualitative and quantitative information you can leverage to drive performance, improve morale and streamline your operations far beyond the traditional reach of your HR department. 

Without the right workforce data, you could be leaving money on the table. Gaining clarity, visibility and accuracy over your workforce data will help make better staffing decisions, ensure resources are invested in the right places and help you move towards a people-first culture that improves retention and empowers your team to achieve more. 

In this article, we’ll look at the 5 key workforce data sources you need to utilise to drive better outcomes for your business:

• Attendance data
• Payroll data
• Time-off data
• Turnover and retention data
• Performance data

#1. Attendance Data

Accurate attendance data is the keystone to effectively managing your workforce and your resources. It includes the following items:

• Clock in and out times
• Breaks taken
• Total hours worked

Good visibility for attendance data involves utilising real-time tracking software which can monitor clock and clock out times as they happen. Human error often occurs when manual timesheets are used, with multiple touchpoints meaning there are multiple opportunities for mistakes to be made. Employees might accidentally or intentionally inflate their hours worked, and HR staff may make data entry errors when processing the timesheets as well. 

These issues can be eliminated by using real-time attendance tracking software, which gives instant visibility over late arrivals, break times and early departures, ensuring employees are paid accurately. 

Real-time attendance data visibility also enables clear overtime management, reducing excessive overtime and the associated risk of burnout while ensuring efficient scheduling. Attendance data can be used to identify peak times and ensure optimal staffing levels. This data can also be used to ensure all staff members work within safe and legal working parameters, ensuring compliance with labour laws. 

#2. Payroll Data

Accurate payroll data not only ensures correct and timely payments, it also provides a wealth of data that can aid in financial forecasting, budgeting and workforce analysis. Payroll data is information related to:

• Wages
• Salaries
• Bonuses
• Deductions

Time and attendance software is the easiest way to gain instant and accurate visibility over all payroll data. It brings together information on wages, salaries, bonuses and deductions in a single platform and can generate reports and projections to help provide insights into your workforce, ensuring easier budgeting and forecasting and helping you make easier, smarter business decisions. 

Accurate payroll data is crucial in safeguarding your business against tax and legal regulation compliance issues, helping you avoid costly legal fees and maintain your reputation. Payroll transparency also builds staff trust and confidence. When employees know they’re receiving what’s owed to them, they’re more likely to stay around, helping to reduce your turnover rates. 

#3. Time-Off Data

Having a real-time, accurate picture of your staffing levels and gaps can help ensure optimal staff levels are always maintained. To do this, you need to keep track of the following data points:

• Employee leave
• Personal leave
• Annual leave 
• Maternity and parental leave
• Other types of leave

Time and attendance software can provide visibility on both planned and ad hoc leave, giving you a comprehensive snapshot of your staff levels at any given moment. This not only helps you cover peak periods and avoid understaffing but also calculate leave accruals accurately, leading to happy and supported staff, less burnout, and more efficient business operations and reduced costs. 

Tracking time-off data allows you to analyse time-off patterns and identify peak and low staffing periods for smarter workforce planning. It will also ensure you’re not overspending on leave or under awarding leave accruals, further building trust with your staff. 

#4. Turnover & Retention Data

Employee turnover and retention rates can be a crucial indicator of company performance and a predictor of success. By looking at quantitative and qualitative data around staff turnover rates you can identify areas for improvement, make more informed hiring decisions and take a people-first approach to your workforce. 

Turnover and retention data takes into account:

• Attrition rates
• Reasons for departure

HR software can be used to collate and analyse turnover and retention data. By undertaking exit interviews, employee feedback surveys and departure analysis, you can identify recurring reasons for leaving and implement practical steps to improve retention rates and minimise staff turnover. 

Analysing employee retention trends can help determine if there are any underperforming departments or recurring reasons for leaving. Are staff feeling unsupported? Is there inadequate recognition or incentives? Are there not enough growth opportunities to ensure talented individuals stick? All of these questions can be answered when you have the right data at your fingertips. 

#5. Performance Data

Performance data can provide a detailed overview of individual and team performance, allowing you to recognise high achievers and provide additional support where needed, empowering your team to do better and driving continuous improvement for your organisation. 

Performance data can include qualitative and quantitative factors such as:

• KPIs
• Goals and objectives 
• Achievements
• Ratings

Continuous performance reviews, ratings, goals, and milestones can be used to track performance and ensure individual goals are aligned with your company’s business objectives and ensure continual improvement. Ongoing performance management, as distinct from traditional annual performance reviews, can help to identify top performers and provide them with due recognition and rewards, helping with staff satisfaction and retention. 

Tracking workforce data with OneAdvanced

Advanced makes tracking workforce data simple thanks to Time & Attendance software. With customised solutions, automated data flows, automated analysis and central hub for viewing and interpreting data, HR teams are empowered to make smarter business decisions that align with the company's overall objectives and drive better performance across the board.