The purpose and function of a company’s Human Resources department has changed greatly over the years. Nowadays, high-performing HR teams must be able to collect and analyze data, then use it effectively to mitigate risks and move the company forward. The importance of having a solid HR function often gets overlooked within a company. HR teams must understand how analytics platforms work and how they can empower your business decisions.
What exactly is HR Analytics?
HR Analytics is a process in which data mining and business analytics are used to interpret employment-related trends. This process is often referred to as talent analytics or workforce analytics.
There are two main purposes. The first is to provide insights and the second is to identify key data. Providing insights consists of giving information to those within the company so that they can effectively manage their employees. The second aspect is to identify data that the organization needs to capture and use models to predict ways that this can be done.
Why You Should Use HR Analytics Platforms
In the past, many human resource decisions were often based on experience, discernment, and instincts. However, this is subject to human error and inaccuracies, increasing risk and missed opportunities for companies as well as employees.
Today, thanks to advanced platform technology, companies can rely on algorithms that outline hard facts and historical trend analysis eliminating the potential to overlook patterns and discrepancies. These powerful analytics improve company growth and reveal opportunities. Furthermore, HR Analytics platforms can detect an imbalance where one department is taking on more burdens than other departments.
Ways to Use Analytics Platforms
There are various ways that you can use HR Analytics platforms in your organization. Some of the key data collected includes:
- Time to recruit to hire
- Resignation rate
- Revenue per FTE
- Employee engagement
Having these measurable data points can help to improve your business performance and growth. HR Analytic platforms can also help in the following areas:
- Health and safety
- Talent gaps
- Employee retention
- Sales performance
These are all crucial to every business and need to be taken into account when making decisions and changes. Additional considerations include low data interpretation skills and poor quality of the information collected. It is important to have the right HR Analytics platforms in place so you can overcome these challenges head-on.
Quentelle Offers Complimentary HR Analytics and Metrics for Your Business
Quentelle’s advanced data platform helps move your business forward. Our platform helps you retain your workforce and maximize your processes. Our data is multi-dimensional and is managed by our cutting-edge technology. We provide you with useful insights that can help you make empowered business decisions.