With the rise of analytics in various walks of life, the industry has started questioning its impacts. One such field that has been positively impacted with the use of analytics and big data is Human Resource.
Applications of HR analytics along with its findings have allowed the employers to question existing processes, reinvent them as well as achieve new aims with the help of technology inventions. HR analytics has led to challenging of decade old processes and has allowed emergence of new thoughts and perspectives. It has enabled redefinition of work, redefinition of roles of both employees and managers and redefinition of interactions within an organization.
Workforce analytics (A.K.A HR analytics) is a combination of software and methodology that applies statistical models to worker-related data. This allows organizational leaders to optimize human resource management.
Under the new system of HR analytics, employees are looked as “customers”, and Similar to “Customer Experience” the organizations focus on “Employee Experience” allowing the organizations to see employees in a new light as business enablers and not merely as part of the workforce. As a result of this, the future of HR Analytics will see an all pervasive engine that collects, analyses data and patterns, predicts outcomes and allows employees to achieve organisational expectations. The focus of this advancement has been to enable the employees in achieving their goals, weather performance goals or wellness goals or even social and learning goals that ultimately guides them towards realising their strengths and weaknesses.
The Performance Appraisals of the future will also undergo a change, i.e. it will not be one driven by voluminous, time consuming data entry for the employees and managers but about capturing and celebrating dynamic goal achievement. The future performance appraisal system will have a dashboard of inputs coming from various associated systems that will provide a reality check to both the employees and the managers.
Such next-gen features will allow HR departments to provide information to business executives that they may have never considered before. This in turn will lead to greater potential to prove ROI on human capital management (HCM) decisions, such as hiring and labor planning.
Workforce analytics examples
In 2017, Workforce analytics was used by a life sciences research organization to monitor the head count, diversity and employee performance as a way to augment the organizational setup.
Meanwhile, HR analytics was used by a hospital to discover that open job requisitions had doubled to 500 over a period of two years. This meant that the time to fill these available positions has increased. As a result the hospital hired more recruitment staff to deal with the requisition surge.
Other HR managers have used workforce analytics to monitor employee engagement – in a near-real-time data monitoring mechanism– rather than listening in on water-cooler talk to judge the mood of an office.