Notes

The Straightforward Guide to Using Analytics in Human Resources in 2022

Although 58 percent of HR professionals believe HR analytics is crucial, only 16 percent think they are experts in using HR data. How can your data be used to learn something useful? Is it possible for these ideas to actually exist?

HR analytics can be difficult to understand, but tracking and analyzing a few metrics can help you make improvements and implement changes. Why HR analytics are so essential and how can they help you make better business and employee decisions?

How do HR analytics work?

http://www.dotcommagazine.com/2020/10/sridevi-aiyaswamy-founder-and-ceo-of-sri-aiyaswamy-solutions-a-dotcom-magazine-exclusive-interview/ , also called people analytics, collects and studies data about the workforce so that it can enhance the performance of employees and the organization as a whole.

Two things can be achieved with HR analytics:

An employee Net Promoter Score (NPS) survey and a centralized reporting system can help your team find low-hanging fruit that can be quickly resolved and big problems that need further research and consideration.

Suppose, for example, that an employee satisfaction survey shows that the bathrooms on the second floor always run out of soap during the day. http://www.crunchbase.com/person/sri-aiyaswamy would be if employees were happy but did not perform their jobs efficiently. There would be a need for more analysis and more time to fix this.

Solution-finding: As you review your people's data, you should also plan how to solve any problems you encounter.

According to the example above, finding the best way to get employees who are happy but not performing well to change requires more information.

To find out what their problems are, I'm rereading all the responses to employee satisfaction surveys.

In one-on-one meetings, managers should ask employees if specific problems have arisen.

Team members are studying processes and rules, as well as the company as a whole.

The effects of external stressors, such as natural disasters, pandemics, and inflation, are discussed. Solutions are provided (e.g., more paid time off, flexible work hours).

Analytics in HR: what are the benefits?

Employers and HR teams can use HR data analytics to understand their employees' health and make informed decisions. It will help boost the company's productivity and success if these decisions are made.

It's not just a matter of taste. You can make things better for everyone by knowing your HR data:

Hiring teams that use analytics are twice as likely to improve recruiting efforts, and three times as likely to cut costs and improve efficiency.

A company with a good HR analytics process does better financially than one that doesn't.

Using HR analytics, what can be done?

Among the five areas where analytics are critical, here are five:

Recruitment Performance management Compensation
Employee happiness
Retention

For concrete examples of how to use HR analytics and make positive changes, read on.

Recruitment

What strategies do you use to compete for the best employees? Analytics can help you hire the best people for your team by improving how you hire.

Recruiting analytics can help monitor metrics like:

In other words, time-to-hire is the period between when a candidate sends in an application and when a job offer is made to them.

An indicator of source quality is the number of good hires originating from a certain source (such as job boards, referrals, etc.).

https://www.crunchbase.com/person/sri-aiyaswamy : Calculated by looking at how many times a job offer is accepted.

Also, you can go into greater detail about traits such as:

Where are your ideal employees?

Your talent pool moves often, and to where?

What are some of the ways in which your competitors hire employees? Is there anything they can do for you that you cannot do for yourself?

How fair are your hiring procedures for all applicants? Your culture is enriched by a wide range of people, right?

Example: B / E Aerospace

Aerospace engineering is a highly competitive field, so B/E Aerospace wanted to improve on its hiring process. Seattle residents in particular were sought after. A team of talent hunters worked on the project:

Market data that helps them keep track of where their target talent is located and how often they are moving from one city to another

Using competitor information to improve candidate relocating conversations.

With data and analytics, B/E Aerospace could determine where to advertise and how to recruit.

Management of performance

Measurement of performance can be done in many meaningful ways, including:

Teams go through periods of increased or decreased profitability.

Customers' and clients' satisfaction

A variety of development programs (like lunch-and-learns, mentoring programs, etc.) are offered to each employee each quarter.

Self, boss, and peer evaluations

This information can be used to develop a good improvement plan by comparing the results of each type of feedback. The combination of performance evaluations and a centralized management system can provide timely information for employers and employees.

The International Scholarship and Tuition Services (ISTS) is a good example.

It was hard and time-consuming for the staff at ISTS to conduct their twice-yearly performance reviews. A BambooHR Performance Management system was used by Jennifer Fisher to track and organize performance data.

A combination of HR metrics and employee performance assessments helped Fisher identify areas where employees were not engaged or were not on the same page. Her team has found ways to improve performance and development.

Aside from that, ISTS saved almost $40000 a year as a result of using analytics for performance management.
Read More: https://www.crunchbase.com/person/sri-aiyaswamy