For ages, HR has always been about people management. The modern HR management era has seen a shift towards the use of data and machines to efficiently manage the workforce. A significant amount of data is available to the managers, which can assist them in identifying, recruiting, and rewarding the best personnel. The managers will no longer have to rely on intuition and rule of thumb to make HR decisions as the metrics can give them a complete overview and guide them to the correct decision. Organizations are always screening the developments in the HR analytics market to keep up with the latest innovations and best practices. Here are the top trends in HR analytics.
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Embracing New Data Sources
Companies are realizing the power of analytics and are looking at new data sources in addition to incorporating all existing data sources to make an accurate analysis of their workforce. For instance, companies are encouraging their employees to engage in wellness programs such as bring your own wellness (BYOW). The BYOW concept relies on employees carrying their own fitness measuring devices to the workplace allowing companies to collect data to organize fitness challenges or events such as exercising, yoga, or walking.
Capability Gap in People Analytics
Although a majority of the organizations realize the value of HR analytics, only a handful of them has the expertise to extract value out of the data to improve the HR processes. There have been numerous reports suggesting that only about 10-20% of the organization who strongly feel the importance of HR analytics is actually strong in this area.
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The Emergence of Dedicated Analytics Positions
Organizations are looking to narrow the existing capability cap in people analytics by hiring dedicated professionals to manage their HR analytics. This trend can be substantiated by a report from Deloitte that states that job postings for the HR analytics role have more than doubled from 2010 to 2015. Another report from BurtchWorks states that the entry-level data science role rose 14% last year with a median base salary of $91,000.