When organisations think of analytics, how does it make them feel? Whatever their feeling is, it circles back to how data analytics builds a better workforce? HR utilise analytics to prioritise critical areas of employee lifecycle for data literacy. This enables them to identify the factors that improve workforce productivity and predict future opportunities or challenges. However, its success lies in the organisations’ ability to adapt to challenges posed by talent intelligence. In general, three types of data analytics techniques exist for using data analytics- predictive, diagnostic, and prescriptive workforce analytics.
Workforce Planning and Recruitment
Statistical modelling and machine learning techniques create predictive models that anticipate future outcomes based on historical data. For example, it is possible to determine future staffing needs and workforce gaps by identifying the demand and supply of talent. This analysis can define an organisation’s female talent compared with others in the industry for diversity and inclusion. This analytics tool also helps identify their skill gaps and ascertain competitors’ investment in capabilities.
Employee Rentention and Development
In conjunction with predictive analytics, Prescriptive analytics uses historical data to develop action plans. Workforce data analytics outline measures to reduce attrition of high-performing employees, especially by developing growth plans. Using this technique, organisations can identify reasons associated with attrition, whether voluntary or involuntary. They can also analyse past employee tenure trends and predict when they are most likely to leave. HR can also compare the effectiveness of its employee development programs against its competitors to identify areas of improvement.
The diagnostic analytics method examines relationships between data to determine the cause of success or failure using performance-based metrics. Typically, data is collected via surveys or polls. Using sentiment analysis, for example, managers can identify how comfortable their employees feel, approach their managers and improve their management. In addition, it is possible to assess whether or not employees feel safe or vulnerable at work based on bullying and harassment policies. Finally, organisations can identify employee resilience by tracking employees’ current working environment and their ability to maintain work-life balance.
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Understanding how to implement and interpret HR Analytics can be a challenge. However, getting the right advice from the beginning can help you mitigate the risks.
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The information contained in this blog is general in nature. If you are unsure how this applies to you, please get in touch with us at VeiraMal Consulting. Our HR consultants will be happy to guide you through this.