{"id":4788,"date":"2014-02-23T09:37:45","date_gmt":"2014-02-23T04:07:45","guid":{"rendered":"http:\/\/ivyproschool.com\/blog\/?p=4788"},"modified":"2024-11-15T14:29:52","modified_gmt":"2024-11-15T08:59:52","slug":"spotlight-hr-analytics","status":"publish","type":"post","link":"https:\/\/ivyproschool.com\/blog\/spotlight-hr-analytics\/","title":{"rendered":"Spotlight: HR Analytics"},"content":{"rendered":"<p><!-- [if gte mso 9]&gt;--><\/p>\n<p><!-- [if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><b><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">Using data to drive HR (Human Resource) strategy<\/span><\/b><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><i><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">Where does the best talent come from? Which businesses or managers are the best talent scouts and coaches?<\/span><\/i><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><i><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">How can I compare the attrition rates over the last 3 financial years?<\/span><\/i><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><i><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">Does the staff turnover rate in the sales department have a relation with recent revisions in sales performance policies? <\/span><\/i><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><i><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">Is workforce productivity increasing, decreasing or static? How is our performance as compared to the industry?<\/span><\/i><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">HR analytics has taken the industry by storm as business leaders make strategic decisions based on people intelligence. From a traditional art, Human Resource management has become a science, where investments are made in data and technology for business insights.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">Whether you term it Human Resource, Workforce, Talent or Human Capital \u2013 the employees of an organisation are recognised as the most valuable capital. With salary cheques touching all-time highs and employee attrition rates becoming common across industries, it is more a question of finding and keeping the right people. Take a look at these <a href=\"http:\/\/blog.surveyanalytics.com\/2014\/02\/top-5-infographics-of-week-employee.html\">infographics<\/a> \u2013 a revelation on why e<\/span><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">mployee engagement is pertinent.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><b><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">Is HR Analytics just another buzzword?<\/span><\/b><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">The Indian industry is abuzz with the news of Infosys reducing its top official counts because they were \u201c<a href=\"http:\/\/articles.economictimes.indiatimes.com\/2014-02-19\/news\/47490069_1_nr-narayana-murthy-nrn-murthy-new-ceo\">deriving high salaries and not adding value\u201d, according to the Chairman<\/a>. How do you think they arrived at this decision to <a href=\"http:\/\/www.business-standard.com\/article\/companies\/infosys-identifies-three-areas-to-cut-employee-costs-barclays-113112600719_1.html\">identify three areas to cut employee costs?<\/a> Use of Workforce Analytics, and of course, their in-house interactive dashboard <a href=\"http:\/\/www.infosys.com\/talentedge\/offerings\/mynest-hr-portal\/Pages\/index.aspx\">Infosys TalentEdge<\/a>. <\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">With the entire HR process being automated &#8211; from hiring, recruitment, evaluation and compensation \u2013 administrative HR is becoming more strategic and analytical. However, to be useful for business strategy, HR analytics extends beyond conventional reporting to stratgic and predictive modeling.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">In an uncertain economic climate, workforce planning and management is part of strategic planning for a business. The need to achieve higher efficiency, improved performance, ROI and growth has compelled HR management to be aligned with company objectives. <\/span><\/p>\n<p><!-- [if gte mso 9]&gt;--><\/p>\n<p><!-- [if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">Senior HR Consultant and Director OF <a href=\"http:\/\/peoplexcellence.net\/\">PEOPLExcellence<\/a>, Kolkata, Sriparna Bose Pyne, who has put in more than twenty years as a HR professional across industries, comments<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">\u201cWith roles becoming more complex in the changing business scenario HR analytics can become an important tool for mapping talent in terms of their functional and leadership competencies.\u201d As one who engages in the complete HR process, she feels, \u201cthis will greatly reduce the need for recruitment and orientation time, while providing growth opportunities to internal talent, thereby promoting retention\u201d.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><b><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">So what is HR Analytics?<\/span><\/b><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">A simple definition from <a href=\"http:\/\/www.techopedia.com\/definition\/28334\/human-resources-analytics-hr-analytics\">Techopedia<\/a><\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><i><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">\u201cEstablishing a cause-and-effect relationship between what HR does and business outcomes &#8211; and then creating strategies based on that information &#8211; is what HR analytics is all about. In totality, it is reveals how HR department has an impact on the organization as a whole\u201d.<\/span><\/i><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">However, as systems integrate HR analytics, the concept has assumed a new form best defined by <a href=\"http:\/\/www.gartner.com\/it-glossary\/workforce-analytics\">Gartner<\/a><\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><!-- [if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><!-- [if gte mso 9]&gt;--><\/p>\n<p><span style=\"font-size: 13.0pt; line-height: 115%;\">\u201c<i>Workforce analytics<\/i><\/span><i><\/i> <i><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">is an advanced set of data analysis tools and metrics for comprehensive workforce performance measurement and improvement. It analyzes recruitment, staffing, training and development, personnel, and compensation and benefits, as well as standard ratios that consist of time to fill, cost per hire, accession rate, retention rate, add rate, replacement rate, time to start and offer acceptance rate<\/span><\/i><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">\u201d.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><b><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">What value does HR Analytics bring to an organisation?<\/span><\/b><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\"># lean, efficient and engaged workforce<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\"># fewer headcount reductions during recession \/ cost-cutting<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\"># measuring return on human capital investment<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\"># HR impact on performance, productivity and profitability<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\"># deep insights into business processes and performance<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\"># compile, compare and examine trends in workforce data<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\"># identify gaps \/ inefficiencies caused by wrong talent-mix<\/span><\/p>\n<h2 style=\"line-height: 150%; margin: 0in 0in 12.0pt 0in;\"><!-- [if gte mso 9]&gt;--><\/h2>\n<h2 style=\"line-height: 150%; margin: 0in 0in 12.0pt 0in;\"><!-- [if gte mso 9]&gt;--><\/h2>\n<p class=\"MsoNormalCxSpFirst\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">As <a href=\"http:\/\/www.thehindubusinessline.com\/features\/newmanager\/the-analytics-boost-for-hr\/article5322321.ece\">HR Advisor and coach C. Mahalingam says<\/a> \u201cAnalytics in HR is not about reporting, dashboards or complex math. It is the link that enables leaders to identify top people drivers of business results.\u201d<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"line-height: 150%; margin: 0in 0in 12.0pt 0in;\"><span style=\"font-size: 13.0pt; line-height: 150%; color: black;\">\u00a0<\/span><strong><span style=\"font-size: 13pt; line-height: 150%; color: black;\">Suggested Reads:<\/span><\/strong><\/h2>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\"><a href=\"http:\/\/www.shrm.org\/research\/surveyfindings\/documents\/hr%27s%20evolving%20role%20in%20organizations.pdf\">HR\u2019s Evolving Role in Organizations and Its Impact on Business Strategy<\/a>\u00a0 &#8211; Linking Critical HR Functions to Organizational Success<\/span><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: 12.0pt; line-height: 150%;\"><span style=\"font-size: 13.0pt; line-height: 150%; font-family: 'Times New Roman','serif';\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is HR or Workforce Analytics? What value does it bring to an organisition? From a buzzowrd to an essential part of business strategy, HR analytics has emerged as another niche area of analytics specialisation, especially in a scenario of uncertain economic climate.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[220,215,217,221,219,223,222,216],"class_list":["post-4788","post","type-post","status-publish","format-standard","hentry","category-data-analytics","tag-definition","tag-hr-analytics","tag-human-capital","tag-infosys","tag-talent","tag-what-is-hr-analytics","tag-what-value-to-an-organisation","tag-workforce"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why HR Analytics Is Revolutionizing Workforce Management<\/title>\n<meta name=\"description\" content=\"Discover how HR Analytics helps businesses make 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