What is the meaning of the Hire Report?
A hire report is a document submitted by an employer to the state government that provides a detailed summary of newly recruited individuals. The report submission is mandatory and is used to track and monitor performance. Employers can also use these reports to make strategic decisions about their manpower.
What are the Features of the Hire Report?
- Details of Employee and Employer- This entails the employer name, the employer’s official address, the employee’s name, address, and date of hire.
- Financial Information and Identification- This must have details like Aadhar number, PAN number, bank account details, and UAN number.
- Some other details must include the employee’s date of birth, marital status, and emergency contact information.
What is the Importance of the Hire Report?
1. Compliance with Laws and Regulations
The joining of a new employee in an organisation means that the company must ensure that the new hire is registered under the laws applicable to India. A comprehensive hire report suggests that a company has collected the relevant and significant details necessary to adhere to all the rules and regulations. An organisation that fails to gather the relevant information might face legal consequences and penalties.
2. Payroll and Workforce Management
A new hire report enables HR and payroll departments of businesses to smoothly integrate the new employees into the systems, like payroll, benefits, tax structures, etc. A lack of details or inaccurate information can lead to data mismatches. Reports suggest that in India, organisations and HR focus more on data and analytics, making hiring reports crucial.
3. Onboarding and Retention Management
Onboarding has nothing to do with employee data, but HR, with accurate new hire reports, can concentrate more on onboarding processes, not worrying about data. They can focus on a seamless onboarding process, ensuring a positive candidate experience. This will result in good retention rates and will enhance employee engagement.
4. HR Strategies and Analytics
A formal new hire report is a structured document with substantial data that can help with HR analytics like time to hire, cost of hire, source of hire, performance of new employees, attrition within 90 days, etc. The analytics help in identifying turnover risks with new employees.
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