How can Data Analytics help model your HR?
Updated: Feb 9
Data is nothing but processed information. Your unbaked information, once baked can yield you value that will drive your business to hit goals, establish benchmarks and baselines to keep you moving forward. You pick any industry; you will hear stories about how their own data answered questions they have been seeking answers for long. But how do you make your data talk is a skill all together?
The core of any company are the people working for it. And to make sure that your people yield the best out of the company, be productive, give the best of themselves, have a safe working environment, adapt to the company’s vision and mission are some of the key aspects that the companies are always seeking out.
To keep your attrition to the least is a key metric to understand the company. The underlying solution is to keep engaging with your employees. This also must do more with the culture and vision of the company. The more you engage with your employees the more are the chances that the employees do not leave and that companies do not have to spend on hiring new people and training them. By tracking attrition rates from one year to the next, you can identify patterns and pinpoint high or low points in employee retention.
Another extremely important aspect of an organization is the diversity. Diversity in a workplace can help an organization bring different set values and thought processes to the table and this will help employees feel valued and accepted thus increasing the productivity of your business. This will help in maintaining a diverse and a balanced workforce. Your data can help you dig deep into your demographic data and help you understand patterns. You can find the number of people working in various ethnic groups, genders and age and this will help you with your HR strategies.
We as individuals seek to grow and learn more. But if there are fewer growth opportunities and there is no compensation for all the hard work that your employees put in, this would demotivate them and would affect the productivity of your company. A sleek visual dashboard can show you the efforts put on training and development and who and how much of it was consumed. You can further go on to strategize on the trainings in demand and the people interested in getting trained.
‘You torture your data long enough and it will confess to anything’. Ronald H Coase.
Your organizations historical and past data can help you understand critical employee details like salary analysis, headcount and geographical analysis of employees from the point of view of each different business unit, analyze the performance of the employees, training and cost in different categories, attrition analysis, termination analysis, absenteeism analysis and can also help forecast or predict likely outcomes.
Organizations can utilize data analysis to understand key employment metrics like when you went to hire employees the count of the success and the failure rate, hiring process satisfaction rate, what was the cost per hire and whether the salaries match to the competition, turnover rate for highest performers, how many employees are innovating, are high performers and achievers to the percentage of workers below performance standards. When it comes to staffing and the recruitment gr
oup to fulfill requirements, data analysis can help understand how many of the sourced p
rofiles externally actually matched the job description, how many positions were filled internally, whether there were any referral hires.
And the best part is all of this can be summarized in one page. One single view of truth can drive organizations goal and help you do so much more.