Know Some Surprising Benefits of Using HR Analytics

Believe it or not, HR analytics and big data are wedging their way into human resources, and many forward thinking, successful companies are embracing it enthusiastically. It has been predicted that in the next two years around 6400 business organizations, having an employee strength of around 100 will use big data and metrics to understand their workforce better, and will make significant changes wherever needed to improve the productivity of the organization. Undoubtedly, the adoption of HR analytics in the workspace will provide an organization with a competitive edge over their rivals. Since analytics solutions are becoming more versatile, robust and coherent than ever, more companies are embracing it with open arms.  Let us take a quick look at some ingenious ways in which HR analytics can be used to drive business decision making and result-oriented action within an organization.

1 Tracking Company Profitability with Ease
There are many factors that affect the profitability of a business organization. By implementing HR analytics in the workspace, it is possible to identify the areas where there were major changes to the profitability. Not just this, HR analytics can also be used to identify the contributing factors that caused these drastic changes. In a nutshell, with the help of HR analytics it becomes possible to use such a large amount of data and make result-oriented business decisions for your organization as well as for your workforce.

2 Improved Hiring Decision
You might know that HR analytical tools make predictive analysis much easier, which in turn aids HR executives and managers to make the right choice based on historical data. As per the reports of the CareerBuilder survey of 2013, around 27% business organizations admitted that a bad candidate selection costed them more than $50,000. However, if a good HR analytics tool was used, it would make a big difference by aiding HR executives in picking the right talent to hire.

3 Better Retention Rate of the Employees 
An HR analytics tool can act as the savior in any business organization’s pursuit towards the retention of employees. It can be used to determine the retention percentage of employees. It tells the HR executives and HR managers the reasons why the employees of the organization stay and why they leave. The reason for leaving could be any such as, better compensation, lack of exposure, their own under performance, or anything else. Besides this, the HR analytics tool could also be used to identify the key areas where employees are struggling.

4 Task Automation 
There are several monotonous and repetitive tasks that are performed by professionals, of which many could easily be automated. By implementing analytics in the workspace, many errands and regular chores can be assigned to computer programs. This will save a large amount of time for professionals to focus on more dedicated work, and make the best use of the human resources at the company’s disposal.
 
To make the most of an HR analytics tool, you should know how to use it in an efficient manner, and for that you need to attend an HR analytics training workshop conducted online by many reputed institutes. 


Location: Bengaluru, Karnataka, India

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