Workforce management and employee retention are indeed tedious for HR. One wrong decision can bring about serious ramifications for the business. Also, insufficient information about the skillset and performance of an employee can impact the organisation's performance.
Analytics has made headway into mainstream HR in the recent days, leading to the adaption of a strategic and disciplined approach. Analytics has revolutionised HR, and has indicated that it will add further value to the business. While the metrics vary between companies and for the same company at different points in time, Analytics can help in tracking revenue per employee, offer acceptance rate, training efficiency, training expense per employee, absenteeism, time to fill, and human capital risk.
HR analytics can
Shape the business, and add enormous value to the organisation
Predict the future of the workforce within the organisation
Transform the HR department from a 'soft image' partner to a strategic partner
Enable companies to make informed financial decisions for investment in human capital
Help businesses in talent management, recruitment decisions, compensation, and retention of employees
Enable HR professionals to develop plans to optimise talent
Investments through effective monitoring of workforce data
Effects Of Technology Advancement
With emerging technologies, advanced People Analytics is essential to improve workforce efficiency. Technological advancement enhances data-driven analytical decision-making, impacting strategic business goals. Data abundance makes it possible to dig deeper and generate insights hitherto impossible a decade ago. The analysed data help to identify workforce productivity, enlist employee skillsets, and execute functions for greater insights on human capital.
Automated systems like Workday, Google Analytics and R facilitate core functions like attendance tracking, demographic details of job applicants, employee churn analysis, predictive analysis, and more. Newer technologies further help organisations in integrating cloud-based HR solutions.
Types of HR Analytics
An HR manager is not just responsible for recruitment, he/she is also required to attract the right competencies, manage talent effectively, efficiently utilise employee capacity, and retain employees. In order to achieve the desired goals, HR managers must be well versed with different types of HR analytics which can enable them to make strategic and planned decisions.
1. Capability Analytics: A talent management process which compares the required skillset with the actual skillset available in the organisation. This will enable the managers to improve the gaps found during the comparison.
2. Capacity Analytics: A process that indicates the efficiency of the operational workforce. This behavioural analysis shows how much an individual can grow in the organisation.
3. Employee Churn Analytics: A process to identify the employee turnover rate. Since huge investments are made in human capital, it is necessary to know and predict the turnover rate or employee churn.
4. Corporate Culture Analytics: An evaluation of the organisational culture and keeping record of any changing behaviour or toxic culture within the organisation.
5. Leadership Analytics: A leader with poor management qualities would prove to be more costly for the business since employees would not prefer to work under such a leader. Thus, timely surveys, employee interviews, and focus groups need to be conducted to have better leadership analytics.
Safura Begum is the CEO & Founder of INVENTATEQ, a Software Training Institute, which offers Digital Marketing Courses, Data Science Courses, HR Training, HR analytics, HR Recruitment, HR Courses in Chennai, Data Science Courses in Chennai, Big Data, Devops, Artificial Intelligence Courses, many more job oriented IT Trainings. Providing the opportunity to gain experience in working hands-on with live projects during the course period, Inventateq ensures that students get exposure to real-time processes. Along with training, it also provides free job assistance, certification, and guidance and support even after the completion of course.
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