With the latest technological advancements, you now have access to dynamic tools that support deeper analysis of employee data. HR data analysis increases the visibility of the workforce and enables data-driven, targeted decisions about HR programs and initiatives. But what is HR data-driven decision-making, and how can organizations use it?
What is HR Analytics?
It is the sum of data that supports HR analysis and decision making. With HR Analytics, you don’t have to rely on anecdotal observations or guesswork to increase the effectiveness of your HR activities. Instead, you can measure and report on human resource data to better understand your employees.
You can also use human resource data analysis to identify process trends and patterns related to employee salaries, benefits, training, and more. HR analytics can help you improve almost every area of human resource management, including:
- Recruitment and onboarding: The process used for recruiting and hiring skills.
- Compensation and benefits: Indicators and activities that cover the full spectrum of rewards and recognition.
- Performance management and engagement: A mechanism for measuring and improving employee performance and commitment can be greatly enhanced through the use of performance management software like Profit.co.
- Learning and development: Activities to improve the skills and capabilities of employees.
How HR data driven improves decision making
Human Resources Data Analysis is useful for organizations only when they have the tools to understand and leverage data. And new technologies don’t always yield actionable insights from human resource data. According to a Deloitte survey, 74% of HR and IT executives valued cloud-based HR technology, but only 26% said they effectively used technology and analytics. It is collect data more accurate then other systems.
Human Resources Data To effectively leverage analytics and derive maximum value, and it is essential to consider many ways analytics can help manage the workforce. You don’t need a team of analytics experts. You can quickly find solutions to your immediate HR challenges with HR Analytics.
Would you like to gain knowledge and understanding of key HR indicators? Take a look at our HR Analytics Guide to empower your team. The following examples show how you could utilize HR data analysis to improve decision-making.
Streamline recruitment and onboarding processes
Because of the need for the talent competition, HR data analysis can be used to find the best way to source, assess and select talent. For example, you can use applicant tracking data to understand:
- Which sources provide the best candidates?
- The time this takes to hire a candidate.
- The cost of acquiring, selecting, and joining candidates.
Improved salary management
The payroll run, the largest expenditure in most organizations, requires careful monitoring and management. HR Analytics can track payroll and overtime costs by job, department, or location. data that analyzes the breakdown of payroll costs to consider a shift in direction to manage labor costs better.
Supports diversity and inclusion goals
HR Policy Association study found that managing diversity and comprehensiveness were the top concerns raised by HR executives. HR data analysis can help develop a more diverse and inclusive culture by tracking indicators such as the diversity of new hires and the degree of fairness in salaries among employees. You can also use HR analytics to produce legally mandated EEOC reports.
Examine benefits for cost-effectiveness
Human resource data analysis helps you determine whether the benefits you offer effectively meet your employees needs. For example, you can create a report showing the most in-demand benefits among employees. You should get help it and make your work professional. You can also use data analysis to calculate the total cost of benefits to determine whether there are areas where you could save money while delivering a competitive, comprehensive benefits offering.
Measure the outcome of training and capacity-building activities
Providing employees with various learning and growth opportunities is critical to developing highly skilled and competent individuals. Using HR Analytics to track employee training and progression rates over time, you can see if your current employee development initiatives are working well and where additional training is needed.
HR Analytics offers many opportunities to improve talent management activities, from recruitment to hiring, employee engagement and development. HR analytics can help you improve almost every area of human resource management.
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