As time continues to change all things, the field of human resources management has had its fair share of changes. Since Year 2000, the concept, development, and application of HR analytics, which is conveniently ensconced in the Human Resources Management/Information System, have taken the HR world by storm. HR analytics tools will continue to evolve and offer more powerful outcomes with the progression of time. Also with the progression of time, we are seeing a name change to Workforce Analytics or People Analytics. So, what exactly can HR Analytics do for you?
Briefly, according to Dave Foxall in a February 2019 article on HRMSWORLD, it can improve people management. He defines HR analytics as a “set of data-crunching functionalities within your HRMS.” HR analytics uses a large body of employee data to give insight into trends as well as the conduct and performance of the workforce in order to make predictions concerning future performance. The data is used in a combination of ways to do this.
The benefits of HR analytics are several, and include more efficient decision-making at all levels, better succession planning, identification of candidate sources, improved employee retention, more appropriate reward strategies, more engaged employees, and credible human resources management. HR analytics can bring improvement in a number of key areas. These include the hiring process in which predictive analytics can reduce the traditional time of hiring by a half; retention, for which HR analytics can identify the most common reasons for staff turnover, and workforce management, wherein human resources can be matched to the needs of the organization and be effectively deployed.
In recognition of Labor Day on May 1, for the entire month of May we are offering a 50% discount on eCornell’s Professional Certificate in HR Analytics. Take advantage of this discount when you register using the code LABORDAY50.