HR Analytics has become one of the most in demand feature in current times. It is currently being implemented in businesses across the globe. If you intend to grow your business and want a good return on investment, then you should try to use and integrate HR analytics to your business. Let’s have a look at some examples to understand how HR analytics can improve your business and generate more revenues for your company.
Helps in improving hiring decisions within the company
Recruiting is a very challenging process and many employers believe in that. With HR analytics in place, you can easily enhance your hiring processes. You can achieve it by collecting data from previous employees hiring sessions.
Here is an example. Let’s say that you interviewed around 10 candidates in the past to fulfill certain requirements. You found that six out of 10 candidates share similar characters that don’t match your company’s workplace culture. You can utilize this information and update the hiring system to automatically eliminate applicants who describe those same traits for any future vacancy.
It will definitely help in speeding up the recruitment process and provides you quality time to focus on right candidate suiting the requirement.
Easily track training data
It is very important that you have a program to hone existing skills and build new ones for your employees. This is a critical aspect to attract as well as retain the best talent. If you offer very little in the form of trainings, then the attrition rate is going to increase. This will result in lowering down employee’s morale. HR analytics can help in improving employee retention as well as workplace productivity.
Organizing in-house training programs prove that you are interested in helping your employees to reach up to the expected level and perform at best. It also encourages the employees to develop new skill sets.
HR analytics helps identifying the appropriate professional courses for all employees and measuring their progress. It also helps you determining the expenses incurred during the training course.
Once the percentage is detected in terms of number of employees participating in the training session and the money invested, you can easily make out whether it is cost effective for your business.
Identify retention rate
If you have high employee turnover, you must take it as an alert. It is crucial to evaluate the reason behind it. For the proper evaluation, you must analyze various factors, such as company’s culture, structure, remuneration, etc. It will help you gain the internal details like why employees are leaving the company and take immediate actions to decline the attrition rate.
HR analytics is the best way to get the desired data and find out the reason why employees are loyal or why they choose go for another opportunity. There can be many parameters, such as unmatched skillsets, underperformance, compensation issues, etc.
If you conduct regular interview at the time of leaving or staying in the company, you will be able to find out issues within your company that may affect employee’s morale.
With the help of HR analytics, you can save the cost of hiring and training new employees.
You can easily gain lots of benefits from HR analytics. If you gather valuable data by properly using HR analytics, then you have the potential to improve on your company’s expenditures, operations and much more. Do you agree that you can get benefit from HR analytics? Can you think of more use cases, specific to your organization in which HR analytics would help address such issues? We would love to hear about them from you!