People Analytics: The Top 3 Tools Available
According to a 2017 study conducted by Deloitte, about 70% of companies regard the analytical diagnosis undertaken by their Human Resource Departments, a high priority. However, the same paper also shows that less than 10% businesses actually understand the proper screening procedure for the same.
Simultaneously, there are many organizations who are not well-versed even with what People Analytics stands for?
So for them, let’s do a quick recap.
People Analytics, or as it is also widely known, HR Analytics is a system designed to provide insights into how the Human Resource procedures and processes are interlinked with an employee’s individual experiences as well as the enterprise’s success. For instance, the team bonding activities organized by the business may seem to work in theory, but are they equally effective in practical scenarios as well? And if they are, how and to what extent are they affecting the output produced by each individual, the entire team, and subsequently, the entire organization. These are the kind of questions that we aim to answer in these diagnoses.
Why is it Needed?
People Analytics serves multiple important purposes in varied organizations.
Saves Time in Recruitment Process
Hiring is one of the foremost functions of an HR Manager, but when equipped with scientific data based on Talent Acquisition Analytics, they can save a lot of time and energy that is spent on candidates who are not suitable for the position.
Increases Quality of Hire
By checking for pre-established attributes and qualities, companies can make the entire onboarding process easier for both parties while also monitoring where they are acquiring their best candidates from, which further helps them to optimize their reach and lookout.
Monitors Attrition Rate
Keeping an eye on the attrition or employee turnover rate is of significant importance to any Human Resource personnel. This can guide them towards what grievances and/or current policies are working towards driving the existing staff away so they may update the same as per the business’s need.
Challenges Faced by HR Analytics
As always, every up-and-coming trend has to face a few hurdles before it is unanimously embraced. A couple of such obstacles in the path of this stream include the following:
Oftentimes, the applications and programs required for a successful diagnosis and reporting of an analytical procedure are complex. This creates trouble for those members of the HR team who are not as tech-savvy as their counterparts. It also leads to a brewing dislike of the entire process.
Decisions taken by computerized tools are frequently objected against as not everyone trusts the selections and resolutions made by binary algorithms over those made by human minds, based on not just certain attributes but also valuable interactions.
Top Tools Available
Most of us use or have used Microsoft Excel in some or the other capacity. Advanced analytical functions are also however possible in the software wherein prior knowledge of functions of Excel can be a boon. You can also use an infographic maker alongside for efficient visualization and reporting.
Helpful in the statistical analysis of employee data, it is easy to learn and is used by Data Scientists worldwide. It is also a great tool for visualization.
One of the most effective and famous programs in People Analytics is R, which can diagnose and interpret massive amounts of data in one go. It has an integrated feature for visual reporting as well.
HR Analytics is an extremely important, albeit relatively newer trend in the market, but its proper usage is sure to bring you positive results.