Blog 10 - Role of Human Resource Analytics
Role of Human Resource
Analytics
Figure 1 : Benefits of HR Analytics
HR
analytics is a tool for gaining insight into how human capital investments
contribute to the achievement of four main goals:
- generating revenue
- lowering expenses
- limiting risks
- carrying out strategic plans.
This
is accomplished by using statistical approaches to analyze data from HR, talent
management, finance, and operations
How Does HR Analytics Drive Business Value?
HR data may be used to improve employee performance, the employee experience, and, as a result, increase business outcomes. Using data-driven insights to change the training offering as sales results emerge, HR analytics might be used to monitor investments in reskilling, which would deliver the right competences to support a new revenue model.
HR analytics can assist firms in making better decisions in the following areas.
HR
teams can anticipate the risk of turnover by function, geography, and position
by analyzing data. HR analytics can also be used by trained analytics
specialists to "predict the scenarios in advance to reduce the
losses."
Retention
HR
analytics can pinpoint the areas with the biggest risk of turnover, as well as
those individuals are at risk. This data is beneficial since it provides HR
professionals with information on resource allocation and training.
Risk
Data
analysis can help create profiles for “which candidates are at danger of
departing early and when,” as well as the possibility of lower performance.
Future
casting
Modeling
the changes that may occur in the future is one of the most valuable
applications of HR analytics. "What the impact of personnel hiring,
retention, and engagement could be," HR teams can determine.
Talent
HR analytics can identify which new recruits will be high performers in terms of new hires. This data is used to decide “whether they should be moved into fast-track programs” (Lalwani, 2021).
References
Lalwani, P., 2021. Lesley University. [Online]
Available at: https://www.toolbox.com/hr/hr-analytics/articles/what-is-hr-analytics/
[Accessed 4 5 2022].
World Wide
Transcripts, 2021. World Wide Transcripts. [Online]
Available at: https://worldwidetranscripts.com/2019/03/04/how-data-mining-is-essential-for-hr-managers
[Accessed 4 5 2021].
HR analytics is be the missing bridge between HR data and talent analytics. HR Departments can derive valuable insights from the data they already have. Data is fortune already, so it would be great to see what sort of platforms are available to collect data in an organization. For example Employee performance, Employee attendance, Multi-rater or 360-degree reviews, Salary data, Promotion data etc. will provide useful insights.
ReplyDeleteOf course Mafaz, currently there are many tools available to be used on this.
DeleteMost people talk about HR roles when they discuss about HR roles, but this essay takes the conversation from ordinary to uncommon. Every facet of the topic is thoroughly presented during the discussion.
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ReplyDeletewell explained about Role of Human Resource Analytics. well done ..
ReplyDeleteHR analytics aims to provide insight into how best to manage employees and reach business goals. Because so much data is available, it is important for HR teams to first identify which data is most relevant, along with how to use it for maximum ROI.
ReplyDeleteWell done Channa, good luck!
Yes Suranga, Despite different HR challenges, organizations are committed towards utilizing the benefits of HR analytics and use it in long term planning and strategic decision making.
DeleteGood article. HR analytic important point of HRM. You explained very best.
ReplyDeleteOrganizations now recognize that their most valuable asset is their employees, which is why identifying and attracting the greatest personnel is becoming increasingly important. Rising candidate awareness is also contributing to the increased rivalry for talent. Because high-performing employees see their value as an asset, they conduct a thorough benefit analysis before committing to a company. Good Luck
ReplyDeleteHR Analytics support organisation to make more HR related decisionakings.
ReplyDeleteWell done
You have explained in this article Human resources analytics include obtaining, analyzing, and reporting HR data. It allows the company to assess the influence of a variety of HR KPIs on overall business results and make data-driven decisions. HR analytics, in other terms, is a data-driven approach to HRM. Good Article
ReplyDeleteArticle explained the important of statistical approach to the human resource management.HR analytic helps to speed up the decision making process in the organization. Well done.
ReplyDeleteHR analytics, also referred to as people analytics, workforce analytics, or talent analytics, involves gathering together, analyzing, and reporting HR data.
ReplyDeleteExcellent description well done.
As discussed in this blog, the understanding of data patterns that enhance decision-making and performance improvement is characterized as analytics. HR analytics is described as the process of determining the influence of HR metrics on company performance, such as time to hire and retention rate.
ReplyDelete