Future of People Management- HR Analytics
In the absence of HR Analytics, are you sure you can manage your Human Resources properly? The answer is a blatant NO.
HR Analytics is the present of people management and going to stay for longer than you can think. Why? Because it helps HR teams and leaders make better decisions for the workforce. These decisions are better being facts-driven, not assumption based.
What is HR Analytics?
A data-driven strategy to manage human resources in an organization is HR Analytics. You would often hear People Analytics as another synonym. Don’t get confused when someone flips heavy load words like workforce (or talent) analytics. All are the same terms coined in the market.
The analytics package allows the HR teams to analyze data about the workforce according to their demographics. With AI influencing almost every field, its amalgamation with an up-market analytical tool can generate predictions of future possibilities too.
What Areas does it Handle?
A comprehensive HR analytics software collates data from various areas like people demographics, compensation, employee engagement, recruitment and attrition, and performance. After combining and processing data for useful consumption, the insights are generated using classy tools.
Analytics in HR has touched and influenced almost all the areas. Recruitment, Attrition, Compensation, Learning and Development, Onboarding and offboarding, Demographics are the most popular domains a sophisticated HR Analytics tool can handle.
Additionally, workforce analytics churns organizational data with robust security.
What are the Benefits of HR Analytics?
Visionary Plans for Success
The graph shows those candidates who failed with the background check in the last quarter came from a particular agency. The tool confirms the unethical practice the vendor was practicing. Since your doubt is cleared, you can abandon this agency from any further association.
This also hints you to look for a new staffing firm to replenish your job requirements.
Leverage Facts for Decision-Making
You can find the patterns from attrition data to analyze what is spiking the turnover. Is it the lack of right training in mid-level employees? If you belong to C-league team, your organization's performance from all dimensions scrolling over your screen can help carve strategies for the roads ahead.
As the infrastructure supervisor, you just need to skim through a dashboard that shows the employee feedback about the new ergonomic chair you have rolled out. It can also help assess employee satisfaction.
Increased Employee Engagement
Now that you see the spikes in satisfaction level among the employees, you sure know how to elevate the engagement.
The dashboard is showing Gen X is missing in action from a recent company event. Also, it advises you to increase employee engagement. Now go, hurl a message to the CEO to shell out some budget for a day-long family trip. See the engagement shooting up with the right decision.
Nail the Reward and Recognition Policies
After understanding from compensation and engagement data together that the unrest among the staff is due to a dip in the last hike, you can plan a reward and recognition based on the quarterly performance. A small monetary pat on the back for a successful delivery can make the teams feel appreciated.
Such events are a spot-on trend to win many hearts. Without such insights, you wouldn’t be able to nail the rewards policy while manually toggling from one set of data to another through multiple screens. We bet it is cumbersome!
Better Employee Retention
With engagement achieved, rewards distributed, and satisfaction rising, you sure can celebrate the improved retention score. Because no job offer can easily lure engaged and satisfied employees.
Insights About the Hiring Prospects
The demographics report shows that the diversity candidates are lower than the industry standards in your organization. Arrange a walk-in drive for diversity hiring soon. You can also target this hiring agenda to fulfill the open positions for the new client your company has added.
With an HRMS system without analytics, you would not know the details in a zap but need some time to dig in these data. Now you see the benefit of a fact-oriented dashboard?
Augment HR Teams
Not only is an HR dashboarding system beneficial in all employees’ dimensions, but it also supplements the work of HR teams. The team that sweated in making inferences from multiple applications and disparate data sources can now freeze the screen at a customized dashboard serving a niche section. This insightful report can help them to relax now and focus on other valuable tasks that need human intervention all the time like a day outing.
If you are looking for specialized software that not only serves all the branches of the HR department but is secured not to leak data then don’t look anywhere else. We at HR Analytics Hub design exactly those dashboards that can assist you in planning your employee programs. For a demo or crisp discussion without boring sales pitch, contact us.