The role of a HR in an organization has evolved over the years. The responsibilities of HR professionals are not limited to finding & attracting the best talent, improving employee engagement, motivating the organization, paying the salaries, delivering training etc. The evolving market norms have resulted in businesses considering their human capital as the most valuable asset. That lays a huge responsibility for the HR professionals to understand the workforce, anticipate the potential future changes and prepare the individual/ organizational capabilities for today and tomorrow. All the above-said roles of HR can be supported by smart HR Analytics/ Insights.
HR Analytics should aim to provide value-adding insights, not traditional, basic KPIs like headcount/ attrition/ time-to-fill/ learning hrs per employee etc. Like Marketing functions deal with customer data to enhance the customer experience, HR should target evolving the employee experience using talent insights and intelligence. And data should give insights for the future, that’s where ‘predictive analytics’ come into the picture.
Having advanced/ strategic analytics or predictive analytics in your organization and utilising them in the right way requires expertise, you can either build this expertise in house or explore automation opportunities which can really streamline the process.
HR Analytics Software automates the process of gathering, organizing and analyzing the data to help HR professionals efficiently perform various functions like recruitment, talent management, employee engagement, performance analysis, productivity analysis, and engagement/ attrition/ budget prediction.
Smart Approach To Talent Acquisition
The competition in the industry to hire the best talent is as intense as among the applicants to bag a good job. According to an article published by Forbes, a bad hire costs at least 30% of the employee’s first-year earnings. The stats emphasize the importance of hiring the best-suited talent for a job profile. By using HR Analytics, the recruiters can easily sift through thousands of resumes and sort the most promising one. A Candidate Experience Survey conducted by Zety reveals that companies lose as many as 89% of potential candidates due to the prolonged process of manual screening. The HR analytics software analyzes the applicants’ data and sorts the best matching talent for the vacant job profile, thus making the process faster & more efficient.
Improving Employee Experience
One of the major work responsibilities of HR professionals is to analyze the problems that employees face at the workplace and resolve them. The reason for employees’ dissatisfaction may vary from lack of appraisal for their hard work & promotion to a salary increase or compensation. Using the analytical approach helps HR professionals to draw meaningful insights from the data organized by the software and enables them to take important decisions like granting promotion, incentives, compensation, etc based on the metrics and data. When employees’ needs are taken care of, they feel connected to the company and contribute to their best in the company’s growth & success.
Staying One Step Ahead With Predictive Analysis
The modern-day HR likes to stay one step ahead of employees. Using HR analytics enables the HRs to predict and fulfill the requirements that can arise in the near future. The software helps the management to predict the skills and positions that can be added to the company for growth. Also, the data collected can be used to predict the turnover, salary increase, and employees’ needs in terms of training, skill enhancement sessions, appraisal, compensation, and bonus.
Similar Read: https://www.compport.com/factors-to-consider-for-selecting-the-right-compensation-management-software/
Automating Complex HR Processes
The HR function is the most active department of the company with multitudes of tasks lined up to be executed. The performance of the HR department has a direct effect on the overall company’s performance. With cloud-based HR analytics, various complex and time taking processes can be automated. Automation of tasks generates faster, accurate and more efficient results, enhancing the quality of work related to the HR department. Also, it leaves HR professionals with plenty of time to execute more important work that requires manual efforts and decision making.
Retaining Valuable Employees
Using the employee data generated and arranged by the HR analytics software, recruiters can recognize the high performing employees and strategize ways to provide better job satisfaction to retain them for the longest period. The software helps the HRs to identify departments with a high attrition rate and the reasons behind it. Moreover, the analysis can be used to identify various activities that improve employee engagement and satisfaction hence the company can invest more in those areas to improve the rate of retention.
Analyzing Performance & Streamlining Corporate Training
HR analytics enables HR professionals to analyze and evaluate employees’ performance using effective analytical tools. This practice ensures accurate evaluation and eliminates biased decision making. Also, using analytics, HRs can identify areas where employees’ may need training and organize skill enhancement sessions to increase employees’ productivity.
HR analytics play a vital role to enable HR professionals to add more value to their organizations. HR Analytics Softwares can streamline the process of acquiring and utilizing the data and they offer multiple intuitive tools that enable HR professionals, recruiters, and upper management to draw insights into various processes of the organization. Compport, even though a young one, is one of the distinguished HR Analytics Software which offers 1000+ HR analytics in a multidimensional and intuitive way. It is a cost effective tool which can be integrated with any global or local HRIS at max 2 weeks time. Using the data, managers can make decisions like a salary increase, promotions, bonus, etc with more accuracy. The software not only simplifies various HR processes but also contributes to the company’s development. A survey conducted by MIT & IBM demonstrated the fact that companies with advanced HR analytics systems had 8% higher sales growth, 24% higher net operating income, and 58% higher sales per employee. The statistics are clear proof of the utmost importance of a flexible HR analytics software for a company’s scaling growth.