HR analytics are fast becoming a go-to component of Human Resource departments. After all, analytics already motivate many aspects of organizational decisions. Incorporating analytics to help make clear personnel decisions is just as advantageous.
Organizations often neglect this use of metrics to drive decisions, due to many factors:
- Time constraints
- Training employees to use new software
- Interpreting the raw data
- Coming to a decision and implementing change
True, discovering and approaching correlations can be time-consuming, but the benefits to your workforce and processes justify the use of time.
How Do I Find HR Analytics?
There are plenty of solutions available to organizations looking for a deeper dive into their personnel. Many Human Capital Management solutions come with features to mine and interpret such data.
These platforms feature an executive dashboard, providing a high-level overview of information and statistics. Customizable, the executive dashboard gives a brief summary of information most important and valuable to your organization. Organizations can click into any item on the summary to examine data and gain deeper insight.
If your organization is interested in the juice, but lacks the means to squeeze, outsourcing HR analytics to an outside company, or consultancy, delivers the metrics you need without paying for and training HR staff.
If you’re looking for an HCM solution with features to help guide your personnel decisions, take a closer look at Balance Point’s cloud-based solution. The executive dashboard provides high-level information and statistics in simple, user-friendly graphs and charts.
With Balance Point’s solution, you’ll have instant access into labor trends, financial snapshots, demographic analysis, and much more.
What Do HR Analytics Discover?
The results of mining HR data are wide-ranging. Your organization may find ways to improve the recruiting process, or ways to put in place more efficient processes.
…and these are just surface level findings.
What if you had insight into which employees were likely to leave? Even your highest performers?
Or how many employees you need to meet growth projections? What skills are needed?
What if you knew how to improve your business’ performance? Or what health risks your employees may face?
When examined, HR analytics give management key insight into pressing needs, as well as underlying obstacles never before realized.
The real benefit of using HR analytics to stimulate organizational change comes from areas most managers never notice, because their time is better spent elsewhere. In place of their efforts, HR data can present issues without dedicating an employee’s time to it.
How Do I Use HR Analytics to Improve My Organization?
In recent years, more organizations are using HR analytics to hire better-suited talent, implement better onboarding practices, and ensure longer employee life-cycles with improved talent management procedures.
It’s important to remember that HR analytics provide metrics to make more informed decisions, but should never undercut the human decisions your organization feels necessary.
In other words, the presented data is an important piece of the puzzle, but organizations must understand that people are unpredictable.
For example, you may find that some underperforming employees may quit soon, and use the data to terminate their employment. This could lead to grounds for a wrongful termination suit.
The data should be used to inform you of areas in need of improvement, while the steps taken to address the area should come as a response from you – not as a reaction to the data.
Maybe a stronger employee development program could strengthen retention rates. Ultimately, of course, it’s up to the decisions you and management agree upon.
How Do I Develop a Strategy Using HR Analytics?
Define business and employee goals before diving into the data. Keep your goals in mind when studying the data, and use it to help guide decisions towards meeting those goals.
Devote meeting time to present and discuss data and gather possible solutions from management. They may see the data in a different light, grapple with it differently, and come to a different result. Their unique interpretation may present an option you hadn’t considered. This is the best deterrent to making decisions solely based on data.
More companies are investing in HR analytics because of the results it yields to their bottom lines. If your organization is looking for enhanced HR processes, awareness to challenges, better processes, a more engaged workforce, or achieving business objectives, then it’s time to look at data and make better decisions.