- As per a report generated by Oracle, 51% of observed HR personnel stated that they could perform predictive and prescriptive analytics in their job roles. The number indicates HR’s data processing maturity over other organisational departments.
- As per data collected by Harvard Business, nearly 89% of surveyed HR managers agreed that HR analytics can be utilised for future projection of the company’s workforce and other insights.
The statistics mentioned above highlight the role of HR analytics in envisioning the future of HR practices. The inception of analytics in HR has opened a truckload of job opportunities and offers numerous solutions to companies. The modern digitalised world complies with utilising analytics in the HR arena to supersede and shift HR processes. In-depth analytics of data sets provide different perspectives and help HR managers in deploying policies that facilitate fruitful relationships with their employees.
With the abundance of courses in HRM, professionals and working HR managers can further their knowledge about this domain and stand a chance to attract prosperous roles. These courses expose learners to the underlying aspects of human resource management vital for maintaining employee welfare. Enrolling for a stipulated course with analytics inclination can render deeper understandings of this sector. The XLRI HR analytics is a well-formulated program that guides executives with the components that drive this technical field.
How has Analytics Revolutionised the HR Domain?
The subtle effects of globalisation on human resource management have led to the diversified management of employees worldwide. With companies hiring applicants from various geographical locations, the modern HR department isn’t limited to looking after their local employees but rather the staff persons worldwide.
Different people bring their individual skill-sets and talents to the foreground; it’s the duty of HR managers to train them as per the corporate’s scheme of things and make them ready for working in an altogether different location. The theoretical modules of courses in HRM ensure that budding HR practitioners don’t stay behind while setting foot in their careers and thus equip them with them with the domain’s core aspects.
Furthermore, analytics has been at the heart of revolutionising the HR department and is taking it forward in this era of digitalisation.
How leveraging analytics has revolutionised the HR scope?
Here are some of the primary reasons as to how leveraging analytics has revolutionised the HR scope:-
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Levelling up of Recruitment Processes
HR analytics mixes like water with ice for the recruitment process of a given company. Traditionally, HR managers hire new employees based on a limited set of skill-sets and their past experience.
However, with the use of HR analytics, managers can attract talented applicants without much hard work. The HR analytics field offers solutions in writing job postings as per the roles that help attract the right set of individuals. HR analytics can also be utilised to set up a recruitment strategy for providing compensation, turnover rates, and other packages to employees.
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The Time-to-Hire Measurement
The time-to-hire metric outputs the time taken to hire an applicant for a particular job role. There are various attributes of the time-to-hire metric that collectively determine the average time taken to rope in a competent employee. An approval of job description, job posting, the process of screening applicants, interviews, conducting background checks and other attributes define the time-to-hire barometer.
HR analytics helps in increasing the efficiency of the time-bound metric by tracking its workflow and figuring out the backlogs that led to delayed results. The entire HR process can be streamlined and made smoother by the use of HR analytics.
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Employee Retention and their Turnover Rates
The HR analytics toolbox taught in detail in the XLRI HR analytics program comprises a robust information system. The human resources information system (HRIS) provides metrics such as each employee’s performance, progress and others.
The incorporation of HR analytics renders intel about the movement of employees in the organisation and maps their performance rating, the time spent working in a particular role etc. HR analytics further provides information regarding the issues and problems concerning high turnover rates and offers solutions.
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Performance Reviews and Up-Skilling
HR analytics works closely with managers and helps companies in identifying the individualistic goals of their staff members. The performance reviews offer metrics for understanding an employee’s progress and growth in the corporational role assigned to them.
As per skill-building and up-skilling of staff personnel is concerned, HR analytics identifies the best mechanisms to train the organisational human capital. Analytics collects historical data and provides information on whether an in-house learning system suits the employees or outsourcing it to third parties would serve them better. Firms that analyse the current skill-sets of their employees and offer resources for further enhancement of skills led to better retention rates.
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Bringing New Employees On-Board
HR analytics has a titular role in bringing new and talented employees on board and making them feel at ease with the corporate’s landscape. HR analytics includes holistic dashboards that help in tracking a new hire’s progress and performance. Utilising analysis software and data collected by analytical tools, HR managers can track the employee’s workplace interactions.
By conducting surveys and analysing the answers provided by the employees, managers take the help of HR analytics for optimising the onboarding process.
The points mentioned above show the importance of HR analytics is revolutionising the human resource management scope. With its powerful metrics and meaningful insights, the entire HR management process can reap the benefits of HR analytics.
The amalgamation of technologies, insights, data processing and other factors helps in future projection of the company’s silos and assists in catering to the needs and demands of employees.
HR Analytics: A Game Changer in the Field of HR
HR analytics provides the data-backed decision making and other tools for HR scope. It helps the HR team to define goals, measure success and optimisation of the different processes. With the resourceful insights leveraged by analytics, HR managers can tackle the challenges of their roles head-on and take their organisation towards success.
The ultimate hierarchy of job roles in this domain can be learnt by pursuing various courses in HRM. Amongst these courses, the XLRI HR analytics program provides the different metrics, operations and additional tools deployed by the domain.
More Information:
Guidelines For Formulating A Career In HR
How to Find Human Resources Job Opportunities?
How to grow your career in Human Resource Management in 2022?
Executive Post-Graduate Programme In Human Resource Management from LIBA/UPGRAD
