Human resource analytics, also known as talent analytics, refer to when you apply analytic processes in the workplace to improve HR features. Why is it necessary to become so scientific? Because it will help your HR team improve employee performance & will have an overall positive effect on productivity in the workplace. Ready to see that happen? Then this article is for you.
Most successful businesses have been making use of HR analytics to identify any weak areas within the company & also ways to correct the issues at hand.
There are numerous benefits when using HR analytic tools such as:
- Better insights: If you know about a weak link in your business, you can correct it. Doing a proper analysis of your workplace will show you exactly where your staff isn’t performing.
- Improve retention rate: An HR analytics approach is the best way to pinpoint exactly why employees are likely to leave your company. It’s also a good way to identify how you can prevent it from happening by making a few changes in the workplace.
- Training: Instead of wasting valuable time and money on unnecessary training, HR analytics will help you see where the gap is in performance & knowledge. Now you know what training you can offer your employees to fill this gap.
So this can benefit everyone involved. There are different analytic tools that your HR team can successfully use in the workplace to have a positive outcome on your business. Here’s a list of the top ten HR analytics you’d want to start using in your business in 2018.
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Leadership Analytics
Strong leaders build strong businesses. Leadership analytics offers you a clear view of the performance of leaders in your company so 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
Capacity Analytics
This will help you with productivity in the workplace. Capacity analytics allows you to see if employees are using their time efficiently.
For example: Can you cut down on meetings in the office to allow for more useful work to be done during that time? Or perhaps look at unnecessary time spent on admin that can be used productively instead. Can you find automated alternatives?
Recruitment Network Analytics
You need to know where your best employees come from and also what recruitment channels have been proven to be the most effective. This is where recruitment network analytics comes in. You can use surveys or entry interviews as a source of data.
Social media has a major impact on recruitment for several reasons such as:
- You’ll be able to reach more candidates.
- Other competitive companies are likely to use the internet to recruit.
- You can have more insight on candidates & this creates transparency.
- You’ll be raising brand awareness.
- It’s cost-effective.
- It’s quick & easy.
- It improves referrals.
Your analysis will show whether you’re using this optimally yet.
Employee Performance Analytics
The performance of your employees will determine the quality of the work you receive & ultimately affect the income and growth of your business. It’s important to know the individual performance of each employee to be able to see who is performing well and who might need additional help such as training or mentorship.
There can be several reasons for poor performance in the workplace such as:
- Lack of motivation
- Lack of skilled or trained staff
- Time not being used efficiently by employees
- Employees not being paid what they’re worth
Without data and analysis, you won’t know how to fix your employee problems. Investing in HR management software such as the ones you find on advancesystemsinc.com makes complete sense for long-term success.
Employee Retention Analytics
It’s a big frustration for any employer to lose staff that has already been invested in with training and hiring. These processes cost time and money. Employee satisfaction index and employee engagement levels can give you a clear idea of expected retention figures in the workplace so you can make plans before people start leaving.
Corporate Culture Analytics
All businesses have patterns & behaviors that influence the way things are being done. It can sometimes be small unspoken rules or traits that go unnoticed such as how break times are spent or how birthdays are celebrated. Identifying these traits are very important to ensure that bad habits aren’t formed & to stop any new patterns from flaring up.
Competency Analytics
Competency Analytics is made up of three categories:
- Identification: You’ll start by identifying what competencies your company requires.
- Assessment: Your next step will be to have a closer look at competencies you currently have within your business and which ones you lack.
- Monitor: This will make it easier for you to see how effective you are at developing and maintaining these competencies.
Cause & Affect Analytics
HR will investigate specific causes that affect the business in a negative or positive way & determine how they can change the effect by altering the cause. For this data across many months is needed. Plot where noteworthy events transpired. These can be of an external or internal nature. If similar things should be planned or happen in future you’ll know what the effect would most likely be.
Business-Led Analytics
This is where HR analytics will prioritize talent areas that are most important to the business. This will be done by engaging with key stakeholders to collaborate and identify where the analytics needs to be applied.
HR Analytics Tools – Conclusion
There are different departments in any company that needs to be able to identify issues even before they arise. HR analytic tools will improve this capability if done properly. So it’s time to learn more about analytics software and so you can capture & use data to your company’s benefit. Technology makes it easier than ever so take the guessing game out of the picture and work with concrete & precise facts. Doesn’t the future seem brighter now?
If you are interested in even more business-related articles and information from us here at Bit Rebels then we have a lot to choose from.
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