Why HR analytics is a tool every company needs
DIGITAL transformation has completely changed how modern workspaces operate, and along with it, the functions of different departments in organizations.
For instance, almost all functions of the human resource or HR department – from talent scouting and acquisition to tracking employee performance – has been completely transformed due to technology.
And accordingly, powerful HR-specific innovative solutions such as HR analytics has been developed to help HR professionals to perform their increasingly complex tasks, and help bring more value to their organizations.
HR analytics tools can be deployed to maximize efficiency, help companies make informed decisions and allows companies to track specific metrics in real-time.
Here are some of the aspects of an organization that an adequately deployed HR-analytics tool can immensely help;
# 1 | Meeting corporate goals
Impacts from turnover rate, brain drain, and performance stagnation can directly affect a company’s performance, and HR analytics could be the remedy that has been elusive to companies.
Analytics solutions can be deployed to design job functions and scope better so that companies can optimize talents and work environment, and micro level efforts by employees – which will contribute to meeting the organizational goals.
# 2 | Talent acquisition
HR analytics allows companies to improve talent outcome in various ways. It helps to identify the most effective job marketing strategies and avenue that generates vital and hard to find roles.
Further, it could also determine the channel or recruitment agencies that deliver most competent candidates and with biggest potentials as well as competing companies that you could hire from.
Recruiting the right talent is key for enterprises to maintaining a competitive edge as well as meeting the business goals of companies.
# 3 | Employee development
Performance initiatives and employee engagement programs should no longer be based on trial and error or educated guesswork, but a measurable, result-driven process.
With powerful HR tool, organizations can identify skill gaps, personalize employee development, measure the effectiveness of specific workflow, determine the most optimal work condition, among other things.
Beyond that, analytical solutions could also be deployed to figure out the underlying cause of high turnover rate, waning employee satisfaction and so forth.
# 4 | Strategic insights
Data is everywhere, and digitalization has made it much easier to collect them. But, possession of data alone is not enough.
Organizations need to draw insights from the data to align their workforce with the company’s long and short term strategies.
HR analytics will help companies to turn insights from employee data to answers to complex questions and solutions to persistent work performance problems.
In a nutshell, HR analytics will help any organization to perform better based on empirical evidence, instead of relying on guesswork.
Much like other digital initiatives, in the age of big data, having an effective analytical tool will not only greatly improve the value of the company, but it could very well be something the company needs to survive.