Mitrask has always been a pioneer in implementing new and innovative reforms in all the departments. Our secret to survive the cutthroat competition out there is -adaptation. We have never shied away from accepting our loopholes. Instead of covering them up we believe in working on them.
HR Analytics and it’s implementation is one of the newest reforms we are introducing into our workforce. Here’s a summary of HR Analytics and it’s impact on the brand as whole.
What do we mean by HR Analytics?
HR analytics is a data-driven approach to manage human resource at workplace. It is also known as the-People analytics, HR analytics, workforce analytics. HR Analytics help you seek the answers of crucial questions about your business and in return enables better and data-driven decision-making.
Why are HR analytics paramount?
Human Resource Management is not just an operational wing of brands and firms. Now HR is actively involved in strategy designing, performance assessment, and resource management.
HR analytics is revolutionising the contemporary hiring and recruiting industry. HR analytics is helping traditional HR in more than one way. It is helping the HR in the following spheres-
- Helping to make more rational decisions
- Create a role for HR interventions in business strategy
- Test the effectiveness of the already existing HR strategies.
- Graduate from an operational partner to a tactical, or even strategic partner
The role of HR department from being a data repository has evolved into an efficient data management and analysis department. Now, HR has a decisive role in strategy designs,
How to implement HR analytics?
The first step to take a plunge into HR Analytics is to collect and synchronize data from different branches of HR.
Core HR policies will undergo a complete transformation after implementing the HR analytics. Most visible changes will be noticed in-
- Hiring and recruiting
- Performance assessment, and
- Learning & training
But not all branches of HR can readily contribute without facing any glitches. HR department will face a lot of hurdles in these areas-
- Business success
- Soft integration
- Skill gap
- Data integration
What are common data sources for HR analytics?
Common data sources that need to be evaluated are-
- Demographic employee data
- Payroll data
- Social networking data
- Performance assessment data
- Engagement data.
External data can be obtained from these sources-labor market, population analytics, professional platforms like LinkedIn and much more. Relevant data (if obtained from a reliable source) can be utilized for the betterment of the policies.
Do you have the relevant skills needed to do people analytics?
Here comes the trickiest part of the strategy. This is completely understood that this is a team work. You need to have a dilligent team of seasoned business consultants and developers, financial analysts, risk managers including creative writers and visual artists. After all, you need to weave the data into a story to be understood by the sundry.