Ivy Sep 09, 2016 No Comments
How do you quantify the value of an individual?
How do you predict the employee turnover for an organization?
How to quantify and optimize job satisfaction for the employees of an organization?
Data Analytics is being rigorously used by HR managers to solve these problems.
HR analytics is used to:
>Identify the cost per hire/training and ways to reduce it
>Strategize retention and hiring plans
>Find out gaps in the learning and development of employees
>Optimize organization structure
>Analyze Workforce productivity
>Identify future leaders and strategize succession plans
>Identify and predict the people requirement in various departments and various skill sets.
>Integrate internal and external metrics and Industry benchmarks regarding HR
A survey by MIT and IBM reported that companies with a high level of HR analytics had:
–8% higher sales growth
–24% higher net operating income
–58% higher sales per employee
The role of an HR manager is not limited to the qualitative side to people management. It has slowly graduated to quantifying the qualitative aspects of this field.
HR professionals are the “keepers” of human capital in any company and hence they need to see the clear correlation between investment in workforce and business returns.