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Driving Growth Through Data

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in-house HR department and/or use HRMS software to manage employee-related operations. Even a small business will find some sort of HR management system useful, especially if it is linked with payroll. You can routinely manage your human resources with the help of HR software or external HR services. Then, you can go beyond it, improving your HR operations with the help of HR analytics. The software usually includes analytics but how you use it can make a difference to the HR side of your business. Employees are the best asset but are you giving the asset the attention it deserves? Analytics will show you.

The sole purpose of a Human Resources body is to ensure optimal returns from the human capital invested in the growth and development of the organisation. However, seldom do they succeed in their noble quest. That is, until now. Amidst a surging war for talent, HR professionals are leveraging the vast database at their disposal. Thanks to HR analytics – also commonly called talent, people or workforce analytics, companies are now empowered with technology to make data-driven decisions. In simple words, HR analytics helps you attract, manage and retain employees while maximizing productivity and improving ROI.

How does HR analytics help your organisation?

Employee inventory:

First, there are pressing questions that determine how the organisation is positioned. Do you need to recruit more people? What kind of talent or skills are you looking for? Which skills can be learned and which ones call for a specific job role? It's the HR's responsibility to keep track of trends and requirements of the industry and fulfil them accordingly so that there are no gaps in the development of the organisation.

A thorough understanding:

Right from resume analysis for hiring new talent to in-depth insights on employee attrition, an advanced HR analytics software can illuminate the pain points for employees and reduce churn rate. What are the most common causes of employee churn? What do they value at work? How can you maximize productivity?

Data-informed decisions:

Coming up with and implementing new policies is a difficult, yet crucial job of HR professionals. However, without adequate actionable insights, navigating the labyrinth of probabilities can quickly turn into a nightmare.

In-depth analytics is the future :-

Although HR analytics is an operational partner in organisations right now, it will soon be the seat of strategic excellence. That will only be achieved by overcoming data silos and aligning HR data as well as initiatives with the company's strategic, long-term goals.

Data is there – derive intelligence from it

others. You use HR software for recruitment and that gives you another dataset. Most people are content to let data keep accumulating but if you use analytics you can derive intelligence from it. That will help you to make decisions that will have far-reaching benefits. HR activities without making full use of HR analytics is like having a fine car but always driving it in the first gear.

Relevance to employee satisfaction

There are bound to be dissonances within an organization and employee dissatisfaction is one thing that must be addressed on a priority basis but where exactly are the pain points? Analytics helps you uncover issues and reduce attrition as well as employee churn. It is more expensive to hire new employees and train them compared to keeping existing employees happy and upgrading their skills with training. Analytics shows you areas where employees are disgruntled, areas where their skills could do with upgrades and company policies that cause such issues. You may not be aware that some employees are doing their best but their work is not recognized. At the same time, some employees underperform and are not brought up to speed. Analytics provides all this data that you can use to formulate better policies.

Design better policies

HR analytics can give a wealth of information on various topics such as, for example, employee performance. You can analyze employees across several key metrics and derive information that could then be used to formulate better policies. Analytics can be the foundation for designing competitive compensation, merit-based reward systems, vacation time, flexible work schedule and other relevant policies leading to more productivity at work and deeper employee commitment.

HR analytics benefits company, benefits employees

Analytics brings to the front actionable insights. Your company benefits in that the policies you formulate ultimately reflect on your employees who become high performing assets. Happy employees are loyal and do more.

The only roadblock is that you must have someone capable of using the analytics tool in the HR solution and deriving information from it.