Data are becoming the new raw material of business
The Economist


The Future of Management: Human Resource Analytics

Data science has marked its presence as the beautiful soul of the digital world and has crept across the multiple phases of the organizations driving their business growth. These days, small to large organizations are leveraging this technology to understand their consumers and business needs. This growing technology is making its way into the HR department so that organizations can use their data to improve engagement, performance and decision making.

A survey report by Global Recruiting Trends 2017 reveals that the 83 percent of Human Resource professionals think that talent is the biggest priority of an an organisation. The future of recruitment is 34% dependent upon the innovative interviewing tools.

 

Benefits Analysis:

One of the very effective uses of data science can be observed in the insights collected from the employee’s data. It uncovers the answer to typical queries like employees benefits, their opinion, costs optimization and analysis. Here, data science can predict whether the deal is good or not for the candidates and organization will face loss or profit. They can also put data science to manage the plans like gym memberships, health insurance, travel, food, funds, assessment, training, events, seminars, counselling etc. By analyzing the benefits and outcome of such events, organizations can make better decisions and achieve their objectives.

Predictive analysis deals with statistics and mathematical data. It ensures the effective future plan on the basis of the collected data. PA visualizes the employee’s data in the form of the graphs, states, and many more interesting methods providing a clear pictorial view. Thus, HR can easily deal with the critical scenarios like pay gap, bonus, resign, new batch recruitment etc. To deeply understand the concept and internal working of such methodologies, go for Data Scientist Course and be the part of this technological trend.

Talent Analytics:

Recruitment of the right candidate is the first priority on the HR lists. No matter whether your company is small or large, you need skilled workers to drive companies growth. Since companies are recognizing more, data science is helping them to find good candidates in an effective way.

The data science helps them make a congenial strategy for recruiting candidate by reducing unfair or other bias. The data collected from the analytics help recruiters to gather candidate’s performance data and make predictions about which candidate fits best for the particular job profile.

It allows organizations to channelize best fit talents, manage training campaigns, monitor turnover and create strategic plans for retention and recruitment. As seeking the best employee for the job is the toughest part of the HR recruitment journey. Around 38 per cent of the organizations are leveraging smart tools for the interview.

Work Analytics:

To understand the main requirements of the organization, data science is the best option. It deals with shape, experience, variety, knowledge and other attributes to boost up the companies efficiency. It assists them to increase their throughput and achieve future success. Some companies may employ a Quality Management System Software to help with work analytics.

Since recruitment plays a crucial role in companies growth until the organisation doesn’t have the right candidate for the right position. Here, data science can be very useful.

Data science not only allows to get accurate employees’ experience data, but it also observes behavioural patterns. It recognizes observing employee pregnancy, work affection etc.

The Ugandan governement has already implemented data science to monitor various public undertaking projects across the region in 2016. They use analytics to examine the quality of the services provided to the public. So they can monitor who is doing their job correctly and best.

Understanding employees performance will make management to decide promotions. Because choosing the best manager is not an easy task as it is not only decided on the basis of top performance. Here predictive analysis decides which selection is best for which job. The data collected from the manager and whole team defines which employee is more likely to achieve manager post and which one is not.

Final Words to Take Home:

A report by IBM and MIT concluded that the companies that are using HR analytics in their culture have more positive outcomes in their business. These organizations achieve 8 per cent increase in the sale and a 24 per cent increase in their overall revenue. Thus, you must have understood the need and impact of HR analytics in an organization. Don’t get too late, pace up your speed with the technology, then only you can achieve desired results.

Author:
Sanjay Kumar is B2B digital marketing doyen, with close to 5 years of experience in web marketing, project management, and business development. Mr. Sanjay has innovated, erected and managed e-marketing campaign for various organizations with his awe-inspiring analytical and practical approach driving fuel to the business growth.


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