We keep hearing that we are surrounded by data and it is the new gold. Ever wondering some of its major applications? Well, HR analytics is certainly one of them. HR analytics is an easy application of modelling, statistics and delving into employee related factors to come up with better business solutions. Or to improve certain aspects of the business.
With the help of HR analytics, HR personnel can make smarter decisions when it comes to managing, hiring, retaining or training employees, which in turn helps the business grow. And all of this with sufficient data at hand to prove the same. These data also help leaders to take much better decisions and improve the workplace environment and productivity as well.
To aid you with your business and enhancing business flow, here are some HR analytics that you can start implementing in your organisation.
- Analytics for Capabilities
The skillset and expertise of your employees play a major role in the success of your organisation. And with capabilities analytics, you can push the bar furthermore. This model helps you identify core competencies that your organisation needs. After identifying the needs of the organisation, you can compare them with the current skill set and find out if there are any gaps. Needless to say, these gaps must be then filled up.
Expert Tip: Using analytics for maximising your gap resources and skill set mapping can enhance your hiring decisions throughout the company as well as improving the efficiency of your employees in their existing roles.
- Analytics for Corporate Culture
One of the more difficult factors to assess in a corporate setting is its culture. To find out minute details and change them is even more difficult. Culture is a cumulation of all the actions, patterns and systems that employees in an organisation follow, without anyone having to explicitly mention the same. Corporate culture analytics will then help you understand your culture in an in-depth manner and identify if different cultures exist in your organisation. You can then place systems to improve, detect toxic behaviour, ensure new hires understand the culture and so on.
Expert Tip: This helps in higher retention and employee engagement. This helps in lowering your overall training and upskilling costs to maintain the corporate culture.
- Analytics for Recruitment
It is no secret that good employees are the backbone of a successful business. Thus, it is essential that you source your employees from the right channels. With Recruitment analytics, you can find out the sources, which are the most effective. With the help of key performance indicators such as return per employee and human capital value added, you can take better decisions.
Expert Tip: Need and gap analysis of your recruitment process is a very important tool to improve the overall efficiency and productivity of your organisation. So, getting the “right” person for the right role is of utmost importance to scale up to your desired business level.
- Analytics for Capacity
The correlation between capacity and revenue is straightforward and not all that difficult to miss. Capacity analytics allows HR personnel to find out how efficient individuals are in a professional environment. You get to finer details such as if someone is spending too much time on administrative work rather than actual work or if an individual is being stretched a bit too far. It helps the business to identify their working capacity.
Expert Tip: Economies of scale is a known concept but that only possible when the skill set is mapped with the right people at the right place and that is possible with Capacity Management and analytics.
- Analytics of Performance
After factoring in everything, it also comes down to high performing individuals in your organization. The lack of which will hurt you in more ways than one can imagine. With performance analytics, you can assess the performance of individual employees. This can aid you in arranging for necessary training for certain individuals in order to support them or acknowledging the high performing ones.
Expert Tip: Team dynamics along with training and skill development of employees is the best way to retain and enhance their overall performance.
Once, a CFO had asked: “What if we train the employees and they leave?” to which the CEO had answered: “What if we don’t train them and they stay?” This is a bigger risk to the company’s well-being. Thus, taking care of your people are of utmost importance, especially from the HR’s perspective.
There is no dearth of data today and with the right tools and analytics, there is so much fine tuning that can be done. If you are an HR personnel and are willing to bring about changes to your organisation, analytics could be your best friend.