Human Resource Analytics, also familiarly known as talent analytics, is to implement analytical processes in the workplace to improve the HR functions. But does it really required to be so scientific? Because it will help your HR team implement a perfect employee performance & will have a complete positive effect on productivity in the workplace. If you are ready to see that happen? Then this article is for you.
Most successful businesses today are using HR analytics to recognize their weaker areas within the organization & also ways to correct the issues at hand.
There are countless benefits when using HR analytics tools such as:
Better insights:
If you know about a weak link in your business, you can correct it. Doing a complete analysis of your workplace will help you understand the requirement and areas of improvement for your organization in terms of handling their most precious resources i.e humans.
Improve the retention rate:
An HR analytics approach is the best way to point out exactly why employees are likely to quit your company. It is also an excellent way to figure out how you can prevent it from happening by making few changes in the workplace.
Training:
Instead of missing significant time and money on unnecessary practices, HR analytics tools will help you to see where the gap is in terms of knowledge and performance. So that you know what training you can give your employees to fill up the difference.
This would benefit everyone involved. There are different HR analytic tools that your HR team can successfully use in the workplace to have a productive outcome on your business.
Here’s a list of the top five analytics you’d want to start using in your business in 2018.
Leadership Analytics
Strong leaders always build healthy businesses. Leadership analytics offers you a clear picture of the performance of leaders in your organisation so that you can track performance and help them improve. You also want to ensure they impact others positively.
Ways to gain data include:
- Interviews with your employees
Surveys
- Focus groups
Recruitment Analytics
You need to have an idea where your best employees come from and what recruitment channels have proven to be the most effective for you. This is where recruitment analytics comes into the limelight. You can use surveys or entry interviews as a source of data. Social media has a significant impact on recruitment for several reasons such as:
- Chances to reach out to more candidates.
- Other competitive organisations are likely to use the internet to recruit.
- You will be raising brand awareness.
- Cost Effective.
- It is quick and easy.
- It improves referrals.
Employee Performance Analytics
Performance management software gives you the performance of your employees that will determine the quality of the work you receive & ultimately affect the income and extension of your business. It is extremely essential to know the individual performance of each employee and also who is performing well, the majority who might need additional help such as in training or mentorship can also be given a real-time approach of coaching. Although there can be many reasons for poor performance in the workplace such as:
- Lack of motivation
- Lack of skilled staff
- Employees not giving their complete time
- Employees not paid what they are worth.
Without data and analytics, you would not know how to fix your employee problems. Investing in HR management software such as the ones you find on Darwinbox makes complete sense for long-term success.
Employee Retention Analytics
It is a big frustration for any employer to lose their staff for whom they have already invested in training and hiring. These processes cost time and a lot of money. Employee satisfaction index and the employee engagement levels can give you a clear picture of familiar retention figures in the workforce so that you can make plans before people start leaving your organization.
Corporate Culture Analytics
All the businesses have patterns & behaviours that influence the way things are being done. It can sometimes be small unspoken rules or attributes that go entirely unnoticed such as how break times are spent or how the birthdays are celebrated. Identifying these attributes are very important to ensure that unwelcoming habits aren’t formed & also it will stop any new patterns from cluttering up.
Conclusion
There are different departments in any organisation that have issues and needs to be identified even before they start. HR analytics tools will improve this capability if done correctly. It is time to learn more about analytics of the HR management software so that you can capture & use data to your company’s benefit. Technology makes it much more comfortable than ever so take the guessing game out of the picture and work with precise facts. Doesn’t the future seem brighter now?
See how to increase your organisation’s productivity up to 50% by our HR Analytics tools.
To know more on this, you can schedule your demo here.
