HR Data Analytics — The New Game Changer for Organizations
· Are your project strategies working well but team members are not meeting performance standards?
· How accurate is your data on employees’ skills and knowledge?
· What are the expected returns from employee training sessions?
Do these kinds of questions make sense to your organization? Just looking at a few spreadsheets and defining these numbers can be very difficult for HR. That is where HR Data Analytics steps in.
So what are the HR Data Challenges?
· Data Lags: Even though we continue to think about data, there is no real strategy on how/when to use employee data.
· Data bias: We need to confirm data that doesn’t automatically confirm or support our biases. For that, we need to have a framework on what data is to be used to limit this.
· Appropriate usage of Data: Many HR departments don’t have the right knowledge regarding how to make the proper use of employee data.
· Many HR teams are not clear on what organizational needs the data will meaningfully serve.
· Inaccurate information: Resumes and profiles don’t always reflect reality.
· Incomplete information: Profiles and resumes are not always updated when candidates are employed.
· Aging information: Profiles that aren’t updated, candidates that are no longer looking, ATS data could be several years old and irrelevant.
The challenges where HR Data Analytics plays an important role
There are very high costs associated with poor hiring, training, and wrong compensation strategies. These might put organizations at risk and lead to inconsistent outcomes. HR managers not only require collecting and tracking employee data or personnel details, they are also expected to analyze HR cloud data carefully, to make well-informed and timely decisions.
HR data analytics helps in:
1. Evaluating and improving an organization’s productivity through employee performance details
2. Planning existing and future workforce requirements
3. Identifying, developing, and nurturing top talent through employee training and development
4. Identifying employee turnover reasons and patterns
5. Manage applicant database efficiently
6. Understand how pay-for-performance, training, and other elements boost employee satisfaction
