When it comes to applying advanced analytics, HR is falling short of perceiving the need to leverage the capabilities analytics can provide. With regard to talent management, the hyper-competitive job market has made it difficult to acquire and retain the right talent. The new generation of workforce portrays a forward-thinking attitude, they tend to expect more from an organization and a job profile. Thus traditional practices to engage and employ them does not make sense anymore. The need to utilize advanced analytics to study and improve talent management solutions must be prioritized by managers and CHROs.
Initially, the lack of analytical competency was directed towards the scarcity of data within the HR department, but that is not the case now. Data tracking and gathering is happening on a regular basis and the database for employee information is being enriched with valuable material. Employee surveys, reliving statements, social media blogs, online company reviews, employee suggestion, feedback reports and frequent update on employee credentials are all being used to develop the volume of constructive data available to make insightful decisions.
HR analytics is the key to inspect and improve work efficiency. It simplifies data metrics and improves the process of hiring, progress monitoring, employee compensations and strategic planning.
So how can the collection of informative statistics be used to strategize efficient talent management solutions and acquisition programs?
Apart from descriptive and predictive analytics, a comparatively new approach to data interpretation is prescriptive analytics; which is expected to significantly influence the market for advanced HR analytics . The use of prescriptive models enable analysts to foresee possibilities of flight risks or shortage of staffing and recommend several action plans for the same. When it comes to talent management, solutions for employee retention and reforming productivity targets to reach optimum results can be monitored on real time basis and can be analyzed to prescribe appropriate solutions.
Frequent Performance Reviews
The idea behind annual performance reviews is slowly being pushed to the dark. With the support from advanced HR analytics, real-time data monitoring is being highly spread across to managers. These statistics and reports are being utilized to regularly conduct assessment and performance reviews, which can provide more opportunities for employees to get an understanding of their accomplishments and improvise on their capabilities. Constant monitoring of performance can improve employee engagement and their attitude towards work. They can streamline their work process and prioritize tasks. Knowing one’s level of competence can significantly improve the benchmark for future recruits and increase the market value of the organization.
Apart from commercial revenue and customer satisfaction, one of the top criteria to measure the success and reputation of an organization is employee experience and their contentment towards the company. In order to accomplish this critical goal, managers are trying to personalize employee experiences as much as possible to retain talented resources. Advanced HR analytics can gather discrete data related to each employee, with this, training modules and development activities can be designed according to individual personalities and interests. Customizing approaches towards overcoming employee challenges reassures them of their trust towards the company. When employees get a feel of belonging and involvement towards the organization, they tend to outshine average performance.
Enhanced Recruitment and Retention Practices
Hiring the right talent for the job has always been time-consuming and a bit tedious too. Though it is a critical aspect of talent management; recruiters struggle to find capable skills for their requirement. Advanced analytical tools can be used to predict the necessary character traits and skill sets required for the job. It can also operate to filter shortlisted candidates based on their submissions. HR analysts leverage the capabilities of advanced analytics to study time management, employee behavior and abilities to generate necessary strategy plan to retain them and document the essential steps needed to keep them motivated throughout their service period at the organization.