|Overview||Purpose of HR analytics||Service Offering|
OverviewAs the world is moving towards using more and more data to improve decision making by predictive analysis, big data also has attracted the attention of human resource managers who now can analyze mountains of structured and unstructured data to answer important questions regarding workforce productivity, the impact of training programs on enterprise performance, predictors of workforce attrition, and how to identify potential leaders.
Purpose of HR analytics
- Leverage employee data to improve operational performance
- Make HR department more data driven
- Helps in predictive analytics
- Making HR contribution to bottomline visible the same way as business/product leaders.
- Make employee feel more happier, engaged and satisfied
A. Employee Cost Analysis
- Analyse pay-outs and increments to retention rates, for e.g. whether normal curve payment model holds good for company or not
- Analyse money spent on various HR initiatives and how to divert money to more beneficial initiatives (Linking investments to more tangible outcomes)
- Competitor Analysis
- Linking department /job level performance to department/job level cost
- Analyse average pay for each job level vis a vis outliers
- Linking organization performance to HR initiatives and contribution , for eg: an increase in overall revenue in a year could be because of some great hirings by HR
- Average salary hike and bonus payout % at each department/job level.
- Biases identification in appraisal process. Data points for promotion/demotion/average ratings.
- Average time period for promotion at each level and identifying outliers and hence identifying potential leaders.
- Learning courses are relevant to job description/level
- Trend analysis through employee performance report card
- Identifying managers/departments showing highest attrition.
- Identifying if there is a training need to improve manager quality.
- Estimating separation cost/employee
- Analyse cause of separation (exit interviews and others) - what factors are attributing the most to employee separation.
- Prediction Analysis -
- Who is likely to leave and reasons
- Who will be the replacement
- Is people planning to leave worth keeping
- Retention of Valued Employees
- Recruitment cost/hire (Find out cost effective ways of recruitment)
- New hire failure factor (New hire performance analysis of past and learning outcomes for future hirings)
- Increase in department performance before and after new hiring vis a vis increase/decline in department cost
- Improvement in customer satisfaction score after new hiring/note
- Analysis if new hiring reasons
- New job roles
- Company Expansion
- Reasons for legal suits with Ex-Employees
- Lack of written job description
- Lack of written policies
- Lack of documented induction
- Lack of documented induction
- Purpose is to avoid high litigation cost and compensation to be paid to employee which will directly impact the bottom line.
- Trends in legal suits and how to avoid them for organization.
- Stay Interviews - What is bothering employees and what organization can do about it