HR Analytics: Powerful tools for Making Decisions

Category: HR Kurakani | Date: Nov. 10, 2016, 9:50 a.m. | Total Views: 3902

53rd HR Kurakani organized by Real Solutions Pvt. Ltd. took place on September 28, 2016 at Sprout Technologies, Bhaisepati. For the theme ““HR Analytics: Powerful Tools for Making Decisions”, HR professionals from different organizations gathered and provided their valuable inputs on the topics and current & upcoming trends. 

Human Resource analytics, the application of sophisticated data mining and business analytics techniques to human resources data, has been gaining much popularity today. In simple words, it is figuring out the what, when, why, how and where of HR functions like recruitment, training, retention, performance measure and engagement. 

This is why, HR managers has been showing increasing interest in implementing technologies that can provide complete HR Analytics for decision making. HR analytics defines how and on which basis you ma decisions while aligning it with the organizational goals. 

HR professionals have long been data collectors keeping track of employees' personal information, salary rates and the annual number of retirements. But to grasp the potential of HR analytics, HR managers need to become data interpreters too. If used properly, HR Analytics can provide a platform to produce various strategies. The tasks of HR has been significantly reduced due to various HR tools & technologies. Once you punch the formulas for analytics, you are done for certain period of time. The discussion brought into light the following benefits of HR Analytics in decision making: 

Improved Hiring Decision 
HR analytics make predictive analysis easier and helps HR to make the better choice based on historical data. A great HR analytics tool can make the difference by making the HR easily derive the best candidate to hire from the historical data. Moreover, it also allows the recruiter to learn more about candidates through online resume database, applications, social media profiles, records etc. 

Better Insights 
HR analytics helps the company look at the employee's professional life by tracking, sharing, and analyzing the performance related data. Furthermore, the employee's performance data could be used by the hiring manager to identify the great talents. This data not only provides more insights about the employees but also shape the strategies to boost the employee morale, retention, and engagement. 

Better Training Programs 
A formal training program can also prove to be costly if not planned properly. The various professional development events conducted by companies for employee training can consume a big part of the overall budget if not handled properly. So, it is highly suggested to make wise and measured investment decision by gathering data associated with a training program and its outcome.   

HR analytics offer a 360-degree view of your training program initiative’s effectiveness. It also helps organizations identify if employees are leveraging on the opportunities being presented to them? Are they applying the knowledge and skills gained through these programs to their work? And so on. 

Better Retention 
HR analytics can provide HR professionals with the opportunity to learn about the reasons as why employees leave and why they stay. In a case of a retention problem, organizations can look into a manager or team’s characteristics that’s making people quit. It can also be used to identify the skills gaps and areas where employees are struggling due to the lack of training. 

Empowering Managers 
Leaders who have implemented workforce analytics have learned that providing managers with access to data they can understand and act upon brings powerful results.  When provided with required information managers, they can have at their fingertips important information about their team, its performance and connections to business objectives.  This leads managers to take ownership and accountability for what they are seeing in the data.  

Not only that, the data becomes easy to share and managers have at their disposal a great way to communicate with their team and rally efforts around achieving objectives.   From here, managers and their teams can take an active role in designing solutions to business problems and moving the dial towards improved performance and the achievement of business objectives.     

These were some of the major benefits discussed during the 53rd HR Kurakani held at Sprout Technologies. Human resource professionals with good data interpretation skills are better able to identify the trends and by it can come up with a course of action to prevent it in the future.  

The availability of HR analytic tools like – RealHRsoft empowers the HR professionals to identify quickly & efficiently the top talent. Real Solutions Pvt. Ltd would like to thank Mr. Ujjwal Sundas for moderating the discussion.