Collecting and analyzing workforce data can be useful in many ways. HR analytics has helped increase productivity and a healthy work culture across organizations while reducing manual load off the Human Resource Management department.
There are multiple important utilities of HR analytics:
Recruitment: Finding the right talent has a lot of costs involved with it. It can get pretty complicated with the overflow of applications especially if the organization is very large. HR analytics help pick the right candidates with the help of supporting historical data. Short listing and screening processes take a lot less time with the help of analytics.
Training: Collecting data to invest in designing the right training modules and investing in filling the learning gaps can help save costs. Training is a very important aspect that no organization can look upon. A lot of funds are lost in the process of procuring the right training modules. Data can study the patterns of employees and indicate areas demanding our focus.
Measure Employee Performance: Measuring employee performance can be challenging at times, especially when there are so many aspects involved. There are multiple tools and processes in the market, you can find different ways to measure and evaluate employee performance through a straight forward approach.
Retention: HR analytics helps in identifying and demystifying the attrition rate. It helps you identify the reason why employees leave and why they stay in an organization. Analytics help HR professionals find the gaps & utilize methods like team assessments, employee surveys, one-on-one sessions and exit/stay interviews to understand the reason of an employee leaving the organization, based on which one can map out strategies and improvise attrition rate.
Performance management can become a daunting process, unless you as an HR leader have clear objective & measurable criteria for each department. This makes it easier for both managers and employees to calculate and evaluate performance. In such scenarios, employees can also self evaluate their expected growth & areas of focus that need more attention.
Develop a holistic understanding of the recent developments in people management in organizations, an appreciation of human resource management from the strategic perspective, and the various tools and techniques of HR Analytics with Executive Development Program in Strategic Human Resource Management from IIM Visakhapatnam. The course will help you understand howpractices change with the changing context of the organization.