Human Resource (HR) analytics is growing at a very fast pace. Businesses are realizing the importance of big data and building HR analytics that can help organization to effectively measure employee performance. It also aids in setting up strategies for improving the hiring process, boosting employees’ satisfaction, identifying star performers, calculating compensations, as well as detecting deficiencies (if any) in the current system that can be improved for the betterment of the organization.
Benefits of better HR analytics
A good HR analytics will help the organization in:
- Recognizing the strengths and weaknesses of the workforce.
- Predicting vacancies and leadership roles within the organization for the upcoming businesses.
- Tracking and analyzing critical skills.
- Measuring turnover in terms of number of successful deadlines met by the various teams.
- Integrating data from departments, such as HR and financial to study the factors impacting workforce and business performance. Performance management software can help track the performance of the employees easily.
- Understanding how to optimize staffing levels and comprehend the impact of hiring more employees.
It is vital to make decisions based on facts rather than your gut feelings. And to make decision based on facts, you need data. For the data pulling, you clearly need a performance management software.
Right HR analytics tools not only help managers to gain more knowledge about the current workforce performance, cost incurred or required to update them, and other services, but also think about other “what if” scenarios that might occur in the near future that can affect the business.
Let us see some examples of how different companies are performing with better HR analytics in different areas.
- Recruitment : With the help of big data, big companies are able to identify employees that can be harmful for the companies, and try to reduce this population by scrutinizing them in the hiring process.
- Productivity : Studies have shown that now-a-days the HR departments are looking at the metadata that employees use in the emails. It helps them understand the reason why some people are more productive than others. This way they can focus on how to increase the productivity rather than coming up with some rules to decreasing the number of meetings held. The big data also help sales companies, such as automobiles to study the pattern of unplanned leaves taken up by their employees and accordingly they can arrange for extra staff to make up the periods of absence.
- Retention : Companies are collecting data from social websites to identify the employees that are of high risk among their high-potential employees.
Each of the above-mentioned examples helps in understanding the opportunities the HR analytics can take to make decisions for the good of the company. Also, if you are on a lookout for such software, try Hrone. By using a renowned software you will be able to get the right analytics data which will ultimately help you in accelerating your business like magic. So, why wait for some other time when you can have it now?