It’s one quarter down in 2019 and being employee-centric is one of the buzzes in the HR town. Most of the businesses are concerned about becoming people-centric and digitalization is by far the easiest going approach owing to the fact that by 2022, India shall have over 829 million smartphone users which are roughly 60% of the population at that time. Referring to a study by Deloitte, 71% of companies see people analytics as a high priority while 31% agree to it being very important. Here’s a retrospective view of People Analytics and how you can use the HR Software as a platform to transform the static approach of HR to a progressive and strategic one.
A data-driven approach to employee management:
As a thumb rule, management shall have a scientific approach and it requires comprehensive data to make accurate judgments and failing to do so, one needs to play blindly on speculations. An HR Software is most likely to serve as the source of information as most of the employee transactions are well recorded by it. This includes attendance & leaves pattern, performance metrics, HR turnover patterns, financial and social levels. This data is then used to recognize how to motivate, maneuver and retain the right talent. Google, one of the biggest Tech giant has been using People Analytics since 2009 as the people costs can contribute to even more than 50% of corporate variable costs and they’ve used it to assess employee patterns and created a motivating work culture with optimized people processes.
Strengthen Decision Making and Drive Accountability:
The fundamentals of People Analytics emphasize on garnering right data, providing in-depth insights to particulars and empower fact-driven decision-making process. It provides the management with the parameters responsible for staff to work in a particular way and how to manipulate it to their favor. The hidden factors and trends can be used to your benefit such as recording employee behavioral patterns and running analytics can provide information such as which employees are most likely to leave their jobs in the days to come and thus, dealing with HR turnover can be eased without compromising with the finances. Moreover, the industry had limited access to employee performance as the manual review reports don’t allow more personalized information. Going through long reports will never be possible in every employee’s case but by using an HR Software, one can have a look central tendencies of data and see for the factors that are relevant enough to show a rising trend. All in all, access to such comprehensive data can be essentially used to develop an accountability culture within the organization.
Recruiting the right people, and improve employee retention, engagement:
HR professionals always strive to recruit the right talent with a large number of candidates and them being scattered over the geographical locations, HR ends up recruiting people based on their speculations and experience. Using People Analytics, the payroll software can analyze the applicant’s social media profiles to see if the things they’ve stated on their resumes are in line with their posts and they aren’t boasting around. This shall reduce the workload and improve the quality of hire. This data also provides inputs on the probable reasons of employees leaving your organization and you can fix them to retain the deserving people in the system. One of the major benefits is that you can drive better employee engagement as you have insights on what motivates your workforce better. The employees also feel that you are employee centric and this serves as a crucial factor to contribute to building a brand as finest employers in the market. This, in turn, attracts more talent along with being fruitful to your organizational interests.
The Human Resources department is thus shifting its focus from the clerical formalities to the decision making. The need of People Analytics has been felt by the market leaders and it shall work to your advantage as most of the current business strategists rely on the information. Utilizing HR Software to serve this purpose is highly appreciable and deriving sense from concrete data is far better than being intuitive all the time. To make the most of this trend, you shall focus on capturing and processing more accurate, relevant and consistent data to leverage your growth.
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The human resource department globally is embracing technologies like big data and HR Software, analytics in its process. The HR leaders have understood the influence of these technologies in making accurate predictions.