Workforce analytics, also known as HR Metrics is pervasively increasing its importance in the strategic decision making process in organizations. It is indicated in many research efforts that organizations are least active in leveraging HR analytics capabilities to respond to complex business and talent needs.
Research conducted by Deloitte highlights that, Three in four surveyed organizations rate HR Analytics as “important”, whereas another 8% believe their company is “strong” in this aspect of HR.
As a leading HR Software solutions provider which has dealt with diverse talent and human resource management issues of our clients throughout the last 2 decades, we believe that companies building capabilities in HR analytics/ workforce analytics win an edge against their competition by maintaining quality talent management processes.
Implementation of workforce analytics is definitely among the key challenges in HR organizations. With extensive research done on this area underpinned with our experience in the HR domain, suggests the significance of workforce analytics to;
1. Identify key performers
2. Identify prospective successors for strategically critical leadership roles
3. Identify talent gaps and employee diversity within the organization.
These identifications are helpful in finding out ideal human capital who could execute business strategies to achieve the overall business goals.
How can HR organizations respond to this prominent issue? Powerful workforce analytics help companies understand all elements of workforce as discussed above, thus enabling companies gain a competitive advantage. Now, we need to understand how HR organizations can develop their capabilities on HR analytics and avail of the high-profile benefits.
HR Organizations which are still new to the HR Analytics discipline, flounder with poor data quality and lack data analytical skills. It is a fact that workforce analytics deliver a high ROI, yet, HR practitioners are facing the challenge of learning data analytics to create the data-driven HR organization.
HR Software solution providers are starting to construct answers by integrating HR analytics into their solutions. This facility will allow HR organizations learn the process of utilizing analytics to underpin strategic HR and Talent management decisions. HR analytics (Business Intelligence) module in Microimage HR software provides;
1. Data query facilities
2. Variations in key HR indicators
3. Status of employee movements &span of control, employee comparisons based on competencies/ performance/ qualifications etc.
4. Utilization of training and development investments This explains the depth of analytical insight provided by the HR software solution. It does prove that HR software including workforce analytics becomes a convenient tool for HR and senior management to make more accurate decisions.
In-depth data-driven HR and talent management software solutions developed with our capabilities in HR and people analytics will assist HR organizations absorb this technology to pursue its advantages. Visit www.mihcm.com to further understand on how Microimage HR software is supporting the data driven organizations with its broad range of analytics.
