• 20 Nov 2024

Best Practices for Effective HCM Reporting

best practices in hcm report
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Oracle Fusion Human Capital Management (HCM) is a cloud-based solution that streamlines HR, payroll, time and labor, absence, benefits, compensation, and talent management. As organizations adopt HCM systems for advanced reporting, effective and accurate reporting becomes essential for leveraging the platform for strategic decisions.

Learn the best practices in HCM reporting to ensure accurate, compliant reports in Oracle HCM Cloud.

Ensuring Accurate and Compliant HCM Reporting

Given that employee costs are often the most significant expense for many organizations, ensuring that HCM compliance reporting is accurate, timely, and aligned with local and international regulations is crucial. The following HCM reporting best practices will guide you in creating effective, compliant reports within Oracle HCM Cloud.

1. Organize Reports Using Appropriate Folders for HCM Reporting Best Practices

Oracle HCM offers three types of folders to store reports:

  • MyFolder: A private folder where only the creator can view and manage reports.
  • Shared Folder: Accessible by users with appropriate permissions, allowing for team collaboration.
  • Custom Folder: Ideal for storing custom reports, ensuring that they remain unaffected by future Oracle updates and patches.

Choosing the right folder structure is essential for HCM compliance reporting and ensures secure and efficient management.

2. Ensure Custom Objects Are Stored in Custom Folders for Reliable HCM Reporting Tools

To ensure that HCM reporting tools and techniques remain unaffected by Oracle updates, store custom reports and data models in the Custom Folder. This approach helps preserve customizations and reduces the risk of errors.

3. Define Key Metrics for HCM Metrics and KPI Reporting

Before creating a report, consider the following factors:

  • Content: What data should be included? For example, should it include employee names, department, and absence statistics?
  • Layout: Will the report be a simple table, or will it incorporate visualizations like pie charts?
  • Formatting: Should certain fields be conditionally formatted (e.g., highlight absences above a specific threshold)?
  • Audience: Who will view the report? Tailor the content for specific stakeholders.
  • Output Format: Ensure the report can be exported to formats such as PDF, Excel, or CSV.

By clearly defining these elements, you’ll create more targeted HCM metrics and KPI reporting.

4. Select the Best Templates for Advanced HCM Reporting

Oracle HCM provides various report templates:

  • RTF (Rich Text Format): Ideal for formal reports that will be printed or exported to PDF.
  • XPT: For interactive, visually appealing reports suitable for dashboards or presentations.
  • eText: Primarily used for Electronic Data Interchange (EDI) or electronic funds transfer (EFT).

Choosing the right template ensures your report meets both functional and aesthetic requirements, supporting HCM reporting best practices.

5. Leverage Predefined Reports for Consistency in HCM Compliance Reporting

Oracle HCM Cloud offers a wide range of predefined reports that are ready for use or customization. These reports are tailored to meet business and legal requirements, saving time and ensuring accuracy in HCM compliance reporting.

6. Protect Data Models by Avoiding Direct Edits in Predefined HCM Systems for Advanced Reporting

Rather than editing predefined data models directly, copy them into the Custom Folder and make the necessary adjustments. This ensures that the original data models remain intact, reducing the likelihood of issues during system updates.

Conclusion

Adopting HCM systems for advanced reporting and following HCM reporting best practices ensures accurate, efficient, and compliant reporting within Oracle HCM Cloud. By carefully selecting appropriate folders, leveraging predefined reports, and choosing the correct templates, organizations can optimize their HCM reporting tools and techniques to align with business goals and regulatory requirements. For expert support in optimizing your HCM compliance reporting, contact DataTerrain today for personalized solutions.