How to leverage data in HR?
“Business Decision are no longer based on Guesswork” With the help of data you don’t need to rely on anyone’s perception or gut feeling. Data helps HR leaders to replace gut feelings and intuition by unlocking the power of analytics to provide actionable insights.
How to leverage data in HR?
To understand this, Let us review the following business questions:
- What is Cost of Hiring?
- How to measure Quality of Hiring?
- Which employee will be the most likely to leave your organization within a year?
- How to manage Performance Appraisal Process?
- How do you achieve Employee satisfaction?
You can answer all these above questions with the help of Data. But, to answer all these questions, you need to have different data sources like Human resource information system, Employee information management system, Performance management system and Employee engagement management system. So, by collating data from multiple data sources, you can analyze critical problems and make better data driven decisions to manage your workforce better in your organization.
Fig: Data in HR
Role of People Analytics in HR?
Fast evolving area of People Analytics can provide immense value to your organization. It shapes your business which results in making better management and business decisions for an organization.
- Empower the decision making process by providing enough talent data across entire employee lifecycle.
- Improve Quality of Hiring process by minimizing the cost of hire and getting a potential candidate and minimizing the time to hire a candidate.
- Understand the causes behind high Attrition rate with analytics and improve Employee Retention.
- Improve Employee engagement and performance by monitoring their sentiment & engagement scores
- Improve Transparency and accountability.
- Helps establish and manage organization’s brand image.
- Improve Employee satisfaction rate by providing them Family friendly policies to make a balance in their work life and personal life.
What can be done?
- Analytical roadmap should align with your business objectives sConsolidate all your data sources at single place – HR operational data, Employee performance data and other relevant external data to fetch accurate informational insights of your entire business into your reports and dashboards.
- Focus on creating insights from the data, not just findings.
- Keep your employees updated and upgraded by providing them suitable training to upskill their domain Knowledge.
What can be Achieved?
People Data in HR leveraged through analytics will help organizations make smarter, insightful, strategic, and informed data driven decisions which will prove to be a game changer, whether it is to. With the help of people analytics, organizations can find potential candidate, make smarter recruitment decisions, and improve engagement, performance and or retention of entirehigh performing workforce.
Stay tuned for more Learning!
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.
