Advancements in data analytics have changed the landscape of HR management. Organizations have adopted data-driven decisions in favor of gut feeling and rule of thumb. Organizations adopting HR analytics have reported significant improvements in HR-related outcomes. HR analytics is used in workforce planning, strategic planning, performance tracking, and is also finding application in multiple strategic processes. Companies are increasing their investment in building an effective HR analytics infrastructure to optimize their workforce and their performance.
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Here are a few ways companies can deploy HR analytics tools to manage its human resources better:
Every HR department possesses a massive amount of people data, and using machine learning algorithms could assist in developing a proven prediction model. Such models eliminate decisions made on the basis of gut-feeling and provide data-driven inputs to the management. Currently, only a handful of organizations are using predictive HR analytics tools but they are deriving great value from its use. These companies are using predictive HR analytics tools to forecast employee turnover, employee performance, and the impact of people’s policies on employee satisfaction.
Performance appraisal is an annual or biannual event in most organizations. HR analytics tools can help gather a lot of data related to employee performance, facilitating evaluations as and when required. HR metrics such as 360-degree feedback, forced ranking, human capital ROI, and net promoter score help the company to identify their workforce efficiency. Such metrics can help an organization to identify skill gaps within the workforce to take corrective action or make required strategic adjustments.
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Visual HR Metrics
Companies adopting HR analytics tools can obtain real-time HR-related data on their dashboard. The dashboard simplifies all numbers and data and presents it in the form of infographics to tell the complete story. Such visual data provides HR personnel with simplified information, which can be presented to the management to make strategic decisions.