We live in an era of Science and Technology. In the world of tech, big data is in vogue. Big companies are spending billions of money in Big Data. It is estimated that approximately $57 Billion will be spend this year on Big Data only. In any organization not only Big Data is required for technological innovations but Big Data is also plays a key role in HR and Recruitment. We will here go through why HR needs analytics and who you should hire.
HR not only hires the right employee in an organization but they also collect information on employee data. They maintain record of attrition rate, plans out bonus a benefits schemes for the employees. Few of the key factors which help the HR in using analytics are discussed below:
Analytics helps in identifying the attrition rate and also the reason of leaving the organization.
To hire the right set of people in the right places.
Analytics helps in identifying what helps in motivating the employees.
HR can set up better policies and they can plan out better schemes for employees.
Analytics also helps in setting up the right targets for any company and they can also set up the right KPI for the employees. In a longer run, the employees and the employee have a win- win situation.
Job satisfaction is very hard to calculate but using analytics can help in studying the employee behavior also.
It can study number of peoples based on gender, age, qualification and ethnicity globally.
HR is a base of any company. HR is the main people who recruit the right set of people in the organization. With changing technology, the recruitment procedure and keeping data of the employees are changing. Traditional policies of HR are getting replaced. We see that they use analytics to recruit the right set of people for a given task. It helps the employees also in getting the right platform according their skill set.
IBM and MIT conducted a survey where they found that HR analytics had resulted in 8% higher sales growth.
There are many analytics options available in the market these days. Few of them are highlighted here with their importance.
Workforce analytics is the quantitative analysis. It quantifies job satisfaction, recruiting procedures and also studies the requirement of any new process in the organization. They also constantly motivate the employees in any organization.
Another method is Talent analytics. It is a qualitative method. It is based on talent managing and maintaining growth and retention. They find out the top performers and reward them accordingly.
Predictive analysis helps in taking more strategized decisions. It helps in understanding the behavior and the personality of the workers. In predictive analysis data is calculated in a statiscal and graphical form.
Involving Big data in any organization highlights that they are not using the traditional means any more. Analytic tools, cloud based software to maintain data are used by them. It helps them in taking a smarter choice. Many organizations use dashboards in collecting the data. Potential problems in any organization can be found out.
Using analytics can also help in offering better medical schemes to the employees. Like maternity leaves, paternity leaves, sick leaves and other leaves can be set up according to the achievements.
Analytics acts a storehouse of information for the HR in any organization. They can train the employees as well as the employers. To make a smarter decision, analytics tools are used by them.
HR and analytics are the best combination for any successful organization. They are acting as a counterpart and they help in laying a better foundation for any organization.