May 11, 2018
May 15, 2018
HR software analytics uses descriptive techniques and predictive models for the analysis, interpretation, and communication of meaningful patterns in data.
In HR, analytics involves the continual analysis of qualitative and quantitative data relating to the behavior and performance of the workforce. This helps provide a holistic view to improving employee performance, engagement, and retention.
People analytics has long been poised to be a game-changer in Human Resources. According to Deloitte’s 2018 Global Human Capital Trends survey, 84% respondents viewed people analytics as being important or very important.
Keep that in mind. Now, let’s see how using your existing HR software’s anayltics can provide growth opportunities for your organization.
Recruitment is the first step to getting fresh talent for a business, which ultimately accelerates its growth. Traditional recruitment may take as long as 23 days to fill a single position, according to a Glassdoor study.
Analytics will not only speed up the hiring process but actually uncover the true skills and interests of the candidate’s to find the best fit for the company. Moreover, it will enable the company to better understand the kind of skills they’re looking for in the candidate to fill that particular role. Big data recruiting will help you find and connect with passive candidate’s. It will also identify those candidate’s that traditional methods might disqualify but who are, in fact, the best ones for the job. Data-driven hiring will also ensure that there is greater diversity and gender equality in the overall recruiting and hiring process.
Today, your potential employees can also have an impact on your reputation. Social media has made it very easy for candidate’s to broadcast their opinions of the company and be vocal about their experiences of interviewing with the company. Candidate experience matters. Companies should do their best to make it a positive one for potential employees, whether or not they end up getting the job.
By capturing the right data, companies can create a funnel of information which can be used to make changes in the hiring and recruitment process and make it more conducive to the generation of positive candidate experience.
For decades, the Human Resources department has gotten flak for basing their decisions on ‘gut’ or ‘instinct’. Not anymore. HR software equipped with analytics capabilities put hard facts into the hands of the HR managers. This ensures that whatever decisions the HR department makes, they are founded on real, actionable data. It also makes sure that practices such as promotions because of favoritism or vital decisions rooted in bias are curbed. Analytics provides the objective, detached vision that individual decision-makers cannot muster owing to their very nature. HR analytics can help the department to make informed decisions and add real strategic value to the organization.
Rejuvenate your Performance Levels
Continuous performance management has been made possible due to data analytics and you can bet your top dollar that it’s here to stay.
Data helps management pinpoint areas for improvement. With the right analytics tools, managers have access to real-time performance data that indicates to them if employees need additional training or support. It also enables employees to be more aware of their work habits. And, it helps best to bring about changes in the ones that aren’t contributing to their productivity
Analytics with HR software can not only improve recruitment but also use employee data to create strong matches for various teams and projects. The right team is important for the successful completion of projects. It enables the most suitable people for the task, who actually work well together, to accomplish the most effective outcomes.
Employee engagement has hit a low on a global scale. A Gallup study finds that a whopping 85% of employees worldwide feel disengaged at work.
An engaged employee is one who is completely involved in and enthusiastic about her work, and so will act in ways that advance the organization’s interests. Despite collecting huge amounts of data regarding employee engagement, companies struggle to actually bring about employee engagement. This is because they measure the wrong things or do not make the data actionable. Analytics can change that. It identifies key engagement drivers ie. what actually drives engaged and happy employees and gives managers the engagement metrics that they need to work on.
Simply hiring an employee is not enough. There has to be continual training, learning, and development opportunities for an employee to keep them engaged and motivated. Companies should be genuinely concerned about their employees’ growth. Analytics can enable companies to analyze the effectiveness of their training programs and even predict future training needs. Moreover, insight into learning patterns and effectiveness of the material provided by analytics can help companies to create targeted and personalized learning and development programs.
Companies continue to struggle with employee retention even today, even when it’s getting costlier by the day. Work Institute’s 2017 Employee Retention Report reveals that companies spent as much as 33% of an employee’s annual salary to replace him/her. The worst part is that it’s entirely avoidable. With the right HR analytics strategy in place, employers can determine the resignation rate, what drives it, how it correlates with other variables that are factored in, and what is the best course of action to pursue. Companies can tailor their retention strategy on the basis of crucial metrics exposed through analytics.
The positive impact of businesses using Analytics in conjunction with HR software is well-documented. As an HR professional, you should consider integrating data analytics with your HR software. Try this, or switch to a software that has a well-built analytics module. The benefits are endless. Analytics will transform every aspect of the HR function of your company for the better.
Author Bio: Nilam Oswal
Email ID: firstname.lastname@example.org
Nilam Oswal is a Marketing Specialist at SoftwareSuggest, as well as a gadget enthusiast. When she’s not hard at work, she can be found wandering, reading and just generally having a good time in life. She blogs about marketing automation tools and the latest trends in software.