The importance of HR Analytics & exploring employee data
HR analytics is now a days a well-known solution popular among proactive organizations worldwide. HR Analytics makes it possible for organizations to measure and interpretate employee’s data for the betterment of employee performance, team relation, training and development thereby making the organization profitable. Though HR department is quite available in most of the organization to look after the employee engagement within organization and evaluate performance of the team/ team members among others. However, HR Analytics goes beyond the normal course of activities performed by the HR in an organization. It has proved to be a powerful tool for driving the leadership, management decision making with elaborated performance related facts and to enhance the team dynamics across various teams operating in a company.
HR analytics provide organizations to track a variety of surveys same time by making it more comfortable to monitor the results intermittently thereby exhibiting the change/ effect of different decisions related to employees. It also helps in forecasting the performance patterns which helps the management to take informed decisions quickly. In addition to this, HR Analytics aids in comprehending the survey outcomes exhibiting high response rate vis-à-vis tracking the sentiments and type of responses. It further connects different responses taken at different intervals to draw a link between with external stimulus for e.g. may be in terms of skill development trainings. Such attributes help organizations at a number of avenues such as employee engagement, employee performance and mobility. The advantages offered by this solution, HR Analytics have immensely benefitted the organizations globally. The IT companies offering HR Analytics are experiencing a high acceptability for the solution. With a whole gamut of HR related benefits, the HR Analytics market is estimated to grow at a growth rate of around 13.5% CAGR during 2019-2025 thereby reaching a market value of $3.9 billion by 2025, as predicted by KBV Research.
Through HR Analytics, the organization level measurements are mapped and monitored hence making it viable for the company’s management to re-align the employees with certain traits/skills/performance according the task or objective of the organization. By the use of such analytical insights, organization metrics are benchmarked and tracked thereby making it possible for the management to re-align the employee with certain attributes for achieving the business objectives in better manner. These metrics also permits the companies to comprehend the major driving strength in relation to the employees for the organization’s performance. Further, it also assists the companies to have benchmarks for several performance parameters while taking corrective measures at intervals to withstand the performance levels of the workforce.
Few major focus of HR Analytics:
Monitoring company’s profitability
In perspective of the employees, there are a number of aspects that may affect an organization’s profitability. Although, with the use of HR Analytics, an organization can understand the patterns of the profitability and also can detect the reasons for any determined pattern. Therefore, the HR Analytics empowers the company to realize the key influencing factors for the increment and decline of profitability and thereafter take necessary measures.
In situations wherein company is capable to comprehend the origin of the responsible reason for the dip in business profitability, then to take rectifying measure in context to the employee workforce turn out to be much informed and less difficult. HR analytics assures that the facts and figures are straight while the organizations are conforming on important choices, for instance, deciding on the investments for employee training, exercises for team-dynamics and holistic employee investments. Being aware about the thought process of employee in terms of the skill set gaps of limitation of professional exposure; a company can take mutually beneficial steps for the organization as well as for the employees.
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Saves time with intermittent tracking
With the help of HR Analytics, the companies are competent to track the work force’s information related to employee performance, team skills, and development in individual skill sets. It also works well with the companies in observing the deviance in the outcomes of the rectifying measures initiated in order for developing the performance of the employees. Hence, the companies can retain a handy check in order to see in case a certain modification in process or initiative is helping or restraining the employee performance and synchronously can adjust the measures deployed. Any measure taken by a company for the betterment of employee engagement and employee performance demands a significant cost. Therefore, to have an insight as to whether the decisive investment across processes and also in work force is generating preferred consequences or is drifting towards loss in organization’s profitability. With the measurement of the changes in work force intermittently organizations can invest in an informed and wise way.
Team Dynamics Tracking:
Most of the companies have different employees working in combination as different individual teams for achieving various goals. Although, quite often the organizations have witnesses that the uneasiness of members in a team results in failures of critical project thereby resulting in business losses.
Henceforth it is definitely wiser to strive for the right combination of social characteristics of individuals as a team. HR Analytics here assists by monitoring the performance of the team. The specific designed programs offered by HR Analytics empower the organizations to monitor and observe employees as team members. The major advantage of these program is that organizations can come to an informed action thereby selectively deploy employees with certain traits across teams according to the team requirement.
Training & Development Monitoring:
The information fetched from HR analytics associates various data pointers which on extrapolation can assist in to taking wise steps relating to the development of employees. It also helps in having a selective monitoring for the employees offering high Return on Investments (ROI) by observing the change in employee attributes over different time intervals. This facilitates to select groups of employee which can make organization more profitable with the help of training and development provided by the organization. The aforementioned list of advantages of HR Analytics just the tip of iceberg. It is capable to offer a huge number of benefits to the companies in not just for Human Resource Management but also for the increasing the profitability. In addition, it empower the companies to make rightly directed efforts in full informed and aware state with the support of discrete facts and figures at hand thereby saving cost and time of the businesses.