In the segment of human resources, the decision-making process is changing rapidly due to several factors. Once guided by assumptions and instincts, modern human resource specialists are now leveraging HR analytics solutions to drive business efficiency and achieve better outcomes. Most of the successful organizations today leverage HR analytics solutions to enhance their recruitment processes and employee retention rates. The primary benefit of HR analytics solutions for businesses is that it allows them to capture and analyze data to increase revenues by accurately understanding the potential of employees. HR analytics solutions play a crucial role in determining the outcome by analyzing workforce data. Hence companies are now building analytics teams that are rapidly replacing the conventional legacy systems and combining separate analytics groups into one mainstream business function.
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With the continuous spread of coronavirus, business leaders across industries are focusing on regular workforce updates about employees’ health which is the main ingredient for business efficiency and productivity. The world remains uncertain about the time period it will take us to get back to the normal, which means our approach towards data collection and analysis needs to be changed.
Businesses are currently finding answers to some key questions which can be easily obtained by applying HR analytics solutions for businesses. Following are the key questions:
What is the percentage of the workforce that can be switched to work remotely?
What percentage of the workforce has already been shifted to working remotely due to the outbreak of COVID-19?
What percentage of the workforce is currently unable to work due to the outbreak of COVID-19?
What are the employee infection rates and how is it affecting the overall productivity?
How much productive capacity have we lost?
What is the current production capacity %?
What percentage of the infected workforce has recovered and returned to work?
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Benefits of HR analytics solutions for businesses
1. Improve the recruitment process
Every company is focusing on recruiting employees who are the perfect fit for the business culture. People analytics solutions provided by Quantzig helps you to sift through a huge candidate database, which, in turn, can help you identify the best candidate for your business. HR analytics solutions can also help businesses to extract critical insights from a candidate’s historical data. Thus, HR analytics solutions for businesses is a game-changer in recruiting top talent.
2. Higher employee retention rates
HR Analytics solutions help in identifying patterns using analytics and predict the percentage of the workforce who is most likely to churn. It helps the HR management team to retain the best talent in the company. Quantzig’s HR analytics solutions for businesses offer human resource insights that help in improving internal training, onboarding process, and performance management.
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3. Enhance business productivity
HR Analytics solutions for businesses help in identifying the factors that drive an organization’s productivity. These factors help in forming the best-fit human resource strategy, including training and performance management and policy formation. Moreover, analyzing workforce data also helps in identifying the less productive batch of employees and finding ways to improve their performance.
4. Structured compensation
In the present day, every organization is struggling with structuring compensation packages for their employees. Structuring compensation can be easily done by analyzing performance-related data. HR analytics solutions for businesses help in analyzing factors like skill, domain, experience, and the willingness to remain in the organization to optimize their existing compensation.
Want to know more about the benefits associated with HR analytics and how it can help you optimize your workforce? Request for more information.
Data Sources for HR Analytics Data Collection
HR professionals collect human resource data from various sources, including:
- Employee surveys
- Attendance records
- Salary and promotion history
- Employee work history
- Demographic data
- Temperament data
- Recruitment process
- Employee database