HR Analytics: People Science for Better Recruitment & Higher Retention
Employees are the foundation on which organisations are built. Measuring their performance and complementing their skills with training & tools is a text book procedure for keeping them sharp as ever.
Employee Performance Data flows through every system in the organization in the form of system logs, emails and transaction files. While big data analytics is now being widely used for everything from designing better buildings to making accurate financial predictions, HR analytics is seldom prioritized.
A McKinsey Global Institute study on the potential for automation across 54 countries and more than 2000 different tasks indicated that the number of jobs that can be fully automated by adapting currently demonstrated technology is less than 5%.
Why then should businesses miss out on a scientific people enrichment tool like HR Analytics? Robots are not going to completely replace humans anytime soon.
There’s a lot of data businesses generate from their employees and customers, the quantum of which is on the rise. Employees are expected to man every customer touchpoint that is out there from social media handles to online feedback forms. This interaction between employees and customers hold data that is ripe for rich insights unique to businesses.
Customers expect higher service standards from businesses which can be traced back to the quality of human resources they have at their disposal. The cost of recruitment and training are considerable to an organization, going way beyond the actual costs by affecting customer service, productivity and quality.
Strategic investment in human capital requires solid data to complement good intuition. While working with global enterprises, we have observed that even small improvement in recruiting, hiring and engagement can deliver immense tangible value to organizations.
DataScout – our Self-Service Business Intelligence solution delivers HR Analytics that lets you track every stage of an employee’s progression through a company from on-boarding, through training and promotions.
DataScout intelligently latches on to task level data gathered from everything from Email to CRM to ERP. This is data generally overlooked by most analytics projects, because converting log files into quantified and visualized insights is a difficult job which requires investment and technical resources.
Even if organizations realize the importance of HR analytics, they are forced to allocate their data scientists and business analysts to firefighting prone functions like Sales and Finance. DataScout flips this situation with an easy to use interface, replete with drillable dashboards that let you get to the bottom of things.