Top 8 HR Analytics Use Cases
What is HR Analytics all about?
Have you ever wondered how you could leverage technology in order to find the best talent to work for your organization? Or how you could make use of Data Science to undertake strategic decisions? A critical strategic function in management is Human Resources which can benefit tremendously with the application of data science.
An Analytical approach when brought into play, will support effective decision making, enhance your employees’ performances by understanding how to keep them motivated and improve the working environment. HR has an enormous amount of structured data to sift through, like, an employee’s information, records of their performance and even their engagement scores. Now, to analyze this data and to gain insights from it to recognize the opportunities and the advantages, is where Data Science is leveraged.
Why the sudden need to develop HR Analytics?
What are the typical Use cases for HR Analytics?
1.Talent Acquisition and Resume screening
Need a smarter way to hire better? In our experience, Data Science can help analyze your current Hiring processes and identify areas of improvement thereby helping you source, analyze and select best fit candidates faster by skipping the tedious manual hiring steps. Analytics help employers calculate the requirement and measure hiring time and quality.
2. Talent Management
Acquiring the right talent is just the first step to optimize business functions, the main challenge is the management of talent. We have learned that Data Science records employee performance, appraisals, compensation, behavior with regards to coworkers, upper management and HR, skillsets and experience, contribution made to the organization, how quickly they learn and apply a new skill. This information is analyzed, and insights are provided on how best to manage and retain them
3. Reducing employee turnover
It is always in an organization’s best interest to retain an existing employee rather than hiring new employees for the same job role. Data Science can help identify which employees are more likely to stay a longer time within the organization by using Predictive Analysis. It helps you identify who will leave, why, and what you can do about it. In order to identify the needs of current and future employees, HR professionals can make use of Analytics to ensure effective recruitment and retainment.
4. Managing costs
In our experience, Data Science has helped tremendously in optimizing and controlling costs incurred to an organization. Analytics helps manage costs incurred during recruitment, onboarding, training and managing renumeration.
5. Workforce Planning
Data Science helps in measuring skill or talent gaps in the workforce and supply of talent to potentially fill these gaps. We have found that Data Science can assess the capacities of an employee based on their previous work experience, skillsets and expertise. This allows an employer to distribute the workload accordingly to maximize effectiveness. Survey forms have been created for employers in order to rate employees according to their strengths and expertise to allot the right projects within their capabilities.
6. Promotion of workplace diversity and reducing bias
HR Analytics provides insights on everyone, taking into account behavioral traits and values of the individual. Algorithms are developed to process the patterns of behavior to analyze the compatibility among workers and recognize strengths and weakness and provide insights on how best to engage the employees to work together in an efficient and harmonious manner.
7. Compensation & Benefits
In our experience, allowing employees to partake in the decisions regarding benefits such as Work from Home, insurance policies, holidays and sick leaves, and training services optimizes employee engagement. HR functions such as employee absenteeism, engagement and attrition can be monitored using HR Analytics function. Data science will help you identify key drivers that will retain and reward the right talent while boosting your organization’s bottom line.
8. Employer Branding
Data science can be applied to derive actionable insights to improve the employee experience and further create a better employer brand. We have found that receiving feedback from newly hired employees about the recruiting process has increased brand image. Maintaining a positive impression as a good employer is critical. If an organization has a negative value attached to it in terms of employment, hiring new talent and retaining employees could pose as a challenge. Providing learning and Development training programs and evaluating the quality of these programs can optimize brand image.
Is your organization ready for HR Analytics?
Now is the age of disruption. The world is being driven by data now, and there is a need for a strong support of Analytics to survive it. Organizations are beginning to recognize the impact that diversity has in the workplace and evolve when it comes to inclusion of people; ways to motivate them; and provide flexibility. By investing in HR Analytics organizations will enjoy many benefits including effective HR processes, which will liberate employees from mundane tasks; facilitate a better employee experience through analysis of employee feedback, engagement levels etc. HR Analytics is here to stay and will continue to show an upwards trend in the country as well as globally.
Blog disclaimer: This is a professional weblog, and we have invited experts to share their thoughts, expertise , perspectives and knowledge. The opinions expressed here are purely representing their personal views and not those of any institution, employer or company.
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