9 ways to use HR analytics and big data in the workplace.
1) Talent Acquisition
With the markets being crowded with dozens or even hundreds of serious competitors, companies are really struggling to attract the most talented young professionals.
This issue is extremely important as surveys proved that bad hiring decisions cost around 30% of an employee’s first-year potential earnings.
Traditional HR management cannot handle this issue properly due to the lack of manpower or simply because it is not able to analyze so many information at the same time.
Using data science and contemporary software solutions related to talent acquisition management, companies are able to filter through thousands of resumes and create a base of the most promising prospects.
2) Training and evaluation
It’s not enough only to hire the best candidates. The real job is to introduce them to their new duties and guide them through professional training programs.
First of all, they need to adapt to corporate procedures and then to learn all details about their positions and software solutions that they are going to use at work.
When this phase is over, it is necessary to keep learning because the vast majority of businesses are constantly upgrading their services.
3) Employee performance
The analysis of employee performance is one of the most important features of big data in HR.
This system enables an organization to monitor all key performance indicators in real time and to evaluate each one of its workers separately.
Big data analysis also detects potential mistakes and flaws in work, which is a valuable feedback that can be used to make things right in short notice.
4) Financial compensation
Financial compensation is the basic factor of employee satisfaction. After all, workers have to make a decent living and their salaries are the first things they think about while searching for a job.
When it comes to this issue, big data can help you big time. Using advanced analytics, HR teams can calculate the best financial model for each member of the company.
This is especially important for large corporations with many international branches, where it is hard to balance salaries on all levels of the hierarchy.
Even if you have a solid team of employees and feel good about their work, you cannot be sure that some of them won’t leave your organization any time soon.
Retention is among top priorities for most of the companies, whereas more than 55% of them consider it a big problem.
Workers can be dissatisfied because their salaries are low. They can also leave the company because of the poor communication with the superiors or due to the feeling of underachievement.
Strange as it may sound, many marketers don’t know how to calculate the return on investments, which basically means that they don’t know the final result of their marketing campaigns. In such circumstances, it is difficult to figure out if they are doing a good job.
That’s also why HR units are having trouble analyzing the performance of marketing teams and each one of their members separately.
Big data is not important just to keep your operations going in the short run. It’s also paramount for the planning of future operations and the long-term perspective.
Namely, studies showed that organizations that use data analytics and modern acquisition platforms spend 20% less on HR management per employee.
This creates comparative advantage and helps companies to outdo their competitors in the near future.
8) Health and injuries
If your employees often face some health issues, the company will surely reduce productivity and become less profitable.
Big data can help you to detect the most common health issues in your organization and to prepare for it properly.
For instance, if your workers call in sick a lot during winter, you should warn them to pay attention or hire an additional workforce in order to prevent production or sales difficulties.
9) Role of the HR software in analytics
HR software became a pivotal instrument for many contemporary businesses. It is able to create detailed reports about your staff and company operations – all at the click of the mouse.
With this sort of equipment, you can form teams based on your internal structure, assign team managers and time zones.