There are numerous analytics alternatives available in HR today, but only a few are gaining traction. They are as follows:
Talent Analytics: This qualitative approach is mainly used for talent management procedures such as staff development, recruitment, succession planning, and retention. It can assist companies in better understanding attrition, recognising high performers, identifying gaps, and designing appropriate training for them.
It can also uncover the causes of attrition and provide options for making effective retention decisions.
Predictive Analytics: This is based on statistics and data, and it is quickly becoming a popular career choice. It enables leaders to make more data-driven strategic decisions. Data is typically displayed in the form of graphics, statistical reports, and dashboards that are simple to comprehend for executives. It gives leaders the ability to provide solutions to some complex decision-making processes.
It assists them in identifying critical situations such as pay gaps, a group of workers who are always on the verge of quitting, understanding employee psychographics (personality, interests, work styles, etc.), behavioural qualities of applicants, and much more.
Manpower analytics : This is a more quantitative realm that aids executives in developing recruiting procedures and making particular hiring decisions, as well as improving organisational structure, identifying quantifiable variables for work satisfaction, and determining the need for additional departments and roles. It also aids the organisation in identifying, motivating, and preparing future leaders, as well as aligning and motivating the workforce and continuously improving the work environment.
Manpower Analytics and Planning is the most common systematic identification and analysis of what an organisation will need in terms of size, kind, experience, knowledge, skills, and quality of labour to ensure future commercial performance.