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INTRODUCTION
In recent years, HR analytics has played a major role in the business world.
The changing environment has increased requirements for more organizational
efficiency. HR analytics is used to make better decisions about the workforce
by employee data, to map HR metrics with strategic goals, to acquire talent to
assess future HR needs by improving employee morale and satisfaction, to
interpret data to recognize trends and to take corrective measures for business
profits.
HR managers bring these data into line much with their corporate strategic
goals and aims. Once the data is cleaned up, the HR analyst uses these data
to feed into a large number of tools and algorithms to gain insights.
III. BENEFITS OF HR ANALYTICS
We can say:
“Your ability to find the right answer for a business question increases when
your maturity in statistics, data mining, machine learning tools, survey
management and strategic workforce management is high”
“Taking a strategic and planned approach to HR analytics, for example
tackling a specific business issue, is likely to create the most value for the
business and create further demand for HR insights”
There are many tools which help in data mining techniques, data
transformation techniques and data visuals with easy and user friendly platform.
This has made data exploration easy and quick to get an action plan intact to move
forward.
By previous two steps we see that data is gathered and various analytical
tools are used. With these two steps we have some elements which can be used
to create good action plan and deliver it to the clients and customers of business.
We must ensure that the data that needs to be gathered and analyzed is in
accordance to the standard so we can get it approved by the legal team to start a
HR project. Also the approval of the end result to avoid risk or damage to the
company. Data protection and privacy needs to be maintained when you intend to
collect and analyze data because it is punishable offence. So make it in
accordance with standard from beginning to end. In digital era privacy is priority.
There are few approaches 1) intake and design 2) data cleaning 3) data
analysis 4) share insights
F. Right Skillset
G. Concentrate on facts
This not only increases the credibility of your HR function with the provision
of data and forecasting results, but is also effective when changes are necessary,
so push your HR to be more fact-reliant rather than simply measure key
performance indicators or return on investment.
1) RStudio
2) Python
3) Excel
4) Power BI
5) SPSS
True, the different HR tools used today collect a large amount of data every
morning, but it is difficult to gain the true power of HR analytics without knowing
how this data can be useful for a given decision-making process. Although a
company faces many local challenges in the implementation of HR analytics.
1) Multiple sources of data: There are too many sources of data
working in isolation with various HR tools that cater to different HR
functions. Every tool creates its own data and integrates it in other
sources, regardless of whether it is your personal information system,
applicant tracking system, learning management system or a
reference software. You might be surprised to know that data
scientists only collect and clean data, that is to say separate useful
data from noise, for 85 percent of their time. Furthermore, when
making strategic business decisions, you can not isolate data from one
source.
2) Lack of Skills and Training: Although data scientific researchers are
at the forefront of this data & analytics revolution, recruitment
managers and even CHROs have a pre-conceived idea that HR
departments play no role in analyzing the data. In view of the
technological aspects involved, these tools are reluctant to learn and
implement, supported by a way of thinking that fears the learning
curve. The HR managers prefer to rely on their understanding and
human intellect than to train for a HR analytical instrument. They often
rely on an incorrect argument that the intelligence of machines takes
people out of human resources, which is certainly not true.
The results show that the data and information landscape has dramatically
changed and leading companies are building strategic capacities and
competitive advantages through advanced HR analytics practices. The
companies surveyed are conducting a wide variety of HR research and analysis
practices, which go beyond simple measurement and scorecard
measurements. The profession still has a great deal to do with the development
and decision-making of human resources strategies.
Finally, our success depends on our collective ability to exploit the power
and ethics of advanced analysis, responsibility and to raise the bar more
evidence based on the recommendations and the implementation of human
resources policies, programs and procedures. In summary, proactive human
resource intelligence weapons strategists and decision-makers with the right
knowledge and understanding to take critical human capital decisions.