Key HR Analytics Every Manager Should Know About

by Yakshit Chaudhary Marketing Executive

The secret ingredient for making any business successful is its employees. It can make even failing start-ups into lucrative enterprises. This is where HR professionals come in who have significant burden thrust on their shoulders to attract the right talent pool with desirable competencies to ensure long term success of the company.

HR managers in their quest to ensure potent human capital management have to generate and compile a large amount of data in the form of the talent pool, performance reports, time & attendance sheet, employee life cycle, etc. This proves troublesome as making sense of all human resource data and deriving insights from it can be quite tricky. This is where HRMS software proves to be a blessing.

Big Data Impacting HR Management

HRMS software helps out by providing custom reports for different performance metrics. HR managers make use of HRMS software to extract graphical reports at employee level, department level and organization level. To generate HR analytic reports, all you require is a template that suits your business setup, and you’re set.

Some of the key analytic tools of HRMS software that can help you improve the level of expertise and skills of the workforce have been discussed below.

Competency Acquisition Analytics

HRMS software helps determine the core competencies of an organization through competency acquisition analysis. Moreover, they can scrutinise the capabilities of the existing talent pool and determine if it has the desired competencies or not. Accordingly, corporate leaders can choose training programs which will help make the talent pool proficient and improve their competency level or recruit new talent.

Capacity Analytics

Capacity analytics can prove instrumental in increasing business revenues. Corporate leaders have to identify how much capacity it needs to grow further which it does by establishing the current operational efficiency of a business. HRMS software helps find out gaps in employee performance with its reporting module and determine whether they are fully utilizing their work potential. Accordingly, employees can focus on developing their core competencies and reduce unnecessary administrative burden.

Employee Churn Analysis

Employee churn analytics proves useful in determining past performance of employees. Based on historic churn, future attrition rates can be predicted and companies can take significant steps towards reducing the turnover rate. This can be achieved by taking into account factors like the engagement level of employees, satisfaction index and advocacy score.

Leadership Analytics

Leadership analytics takes the help of surveys, employee interviews, focus groups and ethnography, organizations to analyse leadership performance. These analytics can be used for ascertaining the performance of leaders and success rate of any business. Top

management can curate useful information about leadership performance by keeping the data collection process anonymous.

Recruitment Channel Analytics

HR managers use recruitment channel analytics to figure out different hiring channels in order to identify from where they can attract top talent. HRMS software helps provide historical assessment of employee value based on the metrics of return per employee and human capital value added. Along with this, surveys and interviews can also prove useful in recruitment channel analytics.

Employee Performance Analytics

Employee performance analytics is used for assessing the performance of individual employees. Managers have a host of innovative ways ranging from big data analytics to crowdsourced performance assessments to gain insights on who is performing well and who needs additional training.

Corporate Culture Analytics

For an organization, corporate culture is its backbone. In order to understand which changes need to be incorporated to make your culture more productive, you need to first understand it. Corporate culture basically is a collection of rules and systems that exemplifies your organization and behavioural pattern of employees. Corporate culture analytics helps track early signs of distrust in your organizational environment and also, through customer service conversions, you can figure out what kind of employees to recruit to prevent chances of clashes in your corporate culture.

Wrapping Up

Now that you know these vital HR analytics metrics, you can make the best use of HRMS software and gain insights into the performance of your employees. Based on this, you can undertake tangible steps towards augmenting your organization’s overall efficiency