The right people can turn a dwindling business into a flourishing one. It is then up to the HR managers to recruit, manage, track and retain the right talent for the long-term success of the organization. With improved technology, HR managers have access to all the information they need to do this successfully.
However, with a deluge of information, HR managers are often found struggling to utilize the information for best results. Here are 8 HR analytics that every manager should know about:
- Capability analytics: Skills and capabilities of your employees are central to the success of your business. With the help of capability analytics, the exact capabilities that form the core for success of your organizational goals can be determined. Through this talent management process, the gaps in the current and the desired capabilities can be assessed.
- Competency acquisition analytics: Certain core competencies are central to the success of your business. With the help of competency acquisition analysis, HR managers can determine the core competencies for the business. They can then use this process to determine whether the existing talent pool has these competencies. Using the same tool, HR managers can determine how to improve the competency level in-house or to recruit new talent.
- Capacity analytics: Capacity utilization impacts business. Capacity analytics helps to determine whether the business is running at optimum capacity utilization. It can help spot if the resources are being misutilized or if the employees are working over-capacity. It can also help the business to determine how much and when to increase capacity.
- Employee churn analytics: Attrition is one of HR managers’ biggest problems. Employee churn analytics is useful tool in determining the historical churn rates and predict the future attrition rates as well as reduce turnovers. This is made possible through determining satisfaction index, level of engagement of employees as well as advocacy score of employees.
- Corporate culture analytics: Though difficult to determine, corporate culture is the general rules, behaviors and patterns among employees of a business unit. Through corporate culture analytics, HR managers can determine existing culture trends within the business and decide and track changes to be made.
- Recruitment channel analytics: Employees constitute one of the major business expenses. Through recruitment channel analytics, managers can find out where their best employees come from and which recruitment channels are the most effective. For determining this, the process utilizes KPIs such as value of human capital added and the return per employee.
- Leadership analytics: Leadership determines the success rate of the business. Through leadership analytics, managers can determine the performance of the leaders. The process utilizes surveys, focus group discussions, employee interviews and ethnography to furnish data related to leadership performance.
- Employee performance analytics: Through employee performance analytics the performance of each employee can be tracked. With the data generated, managers can determine ways to enhance the performance of under-performers and incentivize the achievers to keep everyone motivated.
With the use of these 8 HR analytics, HR managers can up their game and improve the overall business performance statistics.