Big Data is completely revolutionizing business processes across diverse segments, but data is meaningless without interpretation. This is where analytics has emerged as the next big career option for those trying to climb the ladder of corporate success. One of the key functions where HR Analytics is set to play a disruptive role is Human Resources.
Companies across the world are hiring like never before, and they are now keen to utilize technology to make sure that they hire the right personnel and retain them for longer. There are several new technologies in the market that collect data to measure key indices such as hours, employee performance, productivity, wellness, and business performance. HR Analytics takes all of this data and establishes the key areas of improvement, hence playing a crucial role in the overall business strategy.
According to Deloitte, 71 percent of companies view workforce analytics and employee behavior as a priority in their organizations and 31 percent rate it as being very important. The figures in the report also show that the importance of HR analytics for employee experience is especially high in rapidly developing countries like India, China, and Brazil, where there is a huge talent pool competing for jobs. The figure is also above par in developed countries like UK, USA, Australia, Netherland, Japan & Italy.
This shows that most forward-thinking companies have realized the importance of HR analytics for employee experience. As they adopt better technologies for HR, we are more likely to see a massive change in the way we work. The most telling effects are already being seen in two fields, recruitment and employee motivation, and the transformation has only just begun.
This is the most obvious area where HR analytics will come into play. Analytics will provide recruiters with significantly higher levels of information about the prospects than what they have now. The right analytics tool will crunch through public data in order to provide a comprehensive digital picture of their strengths, weaknesses, experience, and credentials. This will, in turn, enable recruiters to focus more on the human process of hiring that includes assessing interpersonal skills, talent management, leadership, and psyche evaluation.
HR analytics also opens up new avenues for discovering and maintaining recruitment channels. Data can help the company find exactly how recruitment channels are performing and accurately measure its success rates. Consequently, this can power the development of new and innovative recruitment channels such as competitions and even video games.
Understanding the employee is fast becoming one of the key priorities of businesses in the new millennium. It has been widely demonstrated that the right set of employees can take the business to higher levels and that people are not as replaceable as many would like to believe. HR analytics will play a key part in motivating and retaining employees.
This has already been showcased by Sociometric Solutions, which puts sensors in name badges to discover social dynamics at work. The badges monitor how employees move around the workplace, who they talk to, etc.
One of their major clients discovered that their more productive workers were those who were allowed some leeway, such as being allowed to take their breaks together in which they let off steam and shared tips about dealing with frustrated customers. They took heed and switched to collective breaks, after which performance improved 23 percent and the amount of stress in workers’ voices fell 19 percent.
These are just two of the more obvious ways in which the employee experience is likely to change in 2019. As the field of analytics develops, it will encompass multiple other parameters such as employee safety and well-being, learning and development, and business performances.
Companies will be on the lookout for data analysts that can make all of this happen, so this is just the right time to add data analytics to your skillset. If you want to enter the world of HR analytics and open up bright new prospects for your career, then just register for the Executive Certificate Programme for HR Analytics by Nulearn. The Program has been designed and delivered by IIM Rohtak. It’s an experience that can change your life.