HR Analytics – HR analytics, also sometimes referred to as people analytics, is when data is analysed and used to inform HR strategies by HR teams to improve the performance of an organisation’s workforce. It enables HR teams and leaders to analyse which HR strategies are working well for them, and which need to be improved.
HR analytics informs data-driven decisions on improving:
- Employee satisfaction
- Employee retention
- Cost per hire
- Employee turnover rates
- Employee performance
- Provide the most competitive pay possible
- Quality of leadership
- The culture of your workplace
It’s important to note that raw data on its own can rarely provide any useful or applicable insight for your HR team and company leaders. The data needs to be correctly organised, analysed, and compared in order for it to become digestible and aid in improvements within the business. This is where software usually comes in.
HR analytics rely on software to automate the analytics process. Data scientists play a particularly important role in arranging the information in a clear, presentable way for the HR team to digest, and use to inform their HR strategies. Different HR softwares offer varying benefits, so it’s key for you to consider how it will work with your current solutions.
To learn more about workforce analytics and how it can inform your HR strategy, click here.