"HR is a work of the heart".
HR is about the emotions and feelings of employees; how can numbers and data fit in this department? This blog on HR Analytics answers this burning question.
HR analytics gives a data-based approach to gaining deeper insights into how HR can better align people processes with desired business outcomes. Analytics can quantify, build behavioral models and predict the choices of each employee.
HR analytics has come a long way since its introduction in the 1970s. Today, it has become crucial to every human resources department of every organization. HR professionals require analytics to understand their workforce better, deploy sources efficiently and plan for the future using predictions.
Analytics help them do their job faster and more effectively by:
HR professionals use data-driven technology to attract, manage and retain employees, improving ROI (Return on Investment).
“The above graph shows that the estimated value of the HR Analytics market will be USD 3.6 million by 2024 as compared to USD 1.9 million in 2019.”
Today, more and more organizations are discovering the benefits of using analytics in the Human Resources department. Google, Wal-Mart, Microsoft have reinvented their HR department by introducing analytics to gain new workforce and management insights.
Here are some ways in which HR analytics are impacting organizations today:
It is no secret that analytics in HR have streamlined business processes globally by helping companies recruit people with the right skills, managing talent more efficiently and solving any problem that may affect staff morale adversely.
In this blog, we have introduced ourselves to the world of HR analytics and seen its endless benefits. In our next blog, " The Use of HR Analytics", we will be discussing the benefits and areas of use of HR Analytics.