When it comes to gathering employee data and drawing meaningful insights from it, UK businesses are faring a lot better than their European counterparts. This is the conclusion of a new report published by HR and payroll specialists SD Worx.
Polling 1,382 European companies on their HR practices, SD Worx found that a quarter (26 percent) of EU businesses have little to no insight into their HR and personnel costs.
Furthermore, almost a third (29 percent) can’t track the performance of their employees, and an ever larger proportion (35 percent) are under pressure to reduce HRM and personnel costs. In the UK, on the other hand, four in five respondents (80 percent) have access to this type of data.
Measuring business efficiency was no different, either. Most EU-based firms struggle to evaluate staff performance, but 77 percent of UK businesses have a solid overview of their business efficiency.
When analyzing cost and performance, European businesses mostly monitor employee total salary costs and total personnel costs. Total cost of consultation is monitored by roughly half of the companies surveyed, the report concluded.
“Accurate monitoring of data is the foundation that businesses must have to get the most out of their people management and HR analytics,” said Colette Philp, UK HR Country Lead at SD Worx.
“Improved access to data allows companies to gain better insights into their people and to fine-tune their policies if needed, so that the company can work in an improved way in the interests of both the employees and the employer.”
- These are the best online collaboration tools available