1. Suppose you look at the HR function in any organisation in detail. In that case, the Line and CEO’s main requirements from HR are people availability, people development, and people’s information to assist management in making decisions.
2. To put it another way, talent analytics is slowly but steadily becoming a key HR sub-function in the future.
3. HR analytics as a career path is becoming more popular in large organisations. It essentially states that how we attract, acquire, engage, train, and retain employees significantly impacts how well our companies operate.
4. Do you realise how much statistical analysis is used in recruiting, training, and retaining talent?
The truth is that HR data can be found in various places.
5. The challenge is gathering, integrating, and analysing it. Companies have collected demographics, educational history, performance data, and training records on employees for years.
6. The number of potential data collecting locations is expanding as social media infiltrates enterprises as an efficient means to communicate corporate culture and inspire engagement.
7. HR analytics, also known as talent analytics, uses advanced data mining and business analytics tools to analyse human resource data. Human resources analytics aims to give an organisation insights into managing employees effectively so that business objectives can be met swiftly and efficiently.
8. HR analytics is not just collecting data on employee productivity. Instead, it tries to provide insight into each process by collecting data and then making informed judgments about how to enhance the processes.
9. So, how might HR data analytics help businesses make strategic personnel decisions? They’ll need software first, which isn’t difficult to come by. Huge companies like Oracle, IBM, and SAP compete with a slew of smaller companies to provide the best HR analytics software as a service.
10. However, purchasing merely HR analytics software will be ineffective if no one in HR understands how to mine and evaluate data. An HR Analyst can help with this. Analytics is also utilized in HR to estimate the cost and investment in a company’s talent pool.
11. Cost per recruit, cost per training participation, revenue and expense per employee, and other decisions are taken. It allows you to define a retention strategy and a hiring strategy. It can also provide a comprehensive image of the organization’s headcount based on demographics such as age, gender, location, departmental affiliations, and qualifications.