The power and growth of analytics in Human Resource Management (HRM)
Human resource management (HRM) is a people-oriented function and is so perceived by most people. Analytics in human resource management refers to workforce analytics and collating HR data more sharply and efficiently. It allows the organization to measure the impact of a range of HR metrics on overall business performance and make decisions based on data.
Our workplaces have transformed due to the pandemic. Various companies have adopted hybrid workplace models allowing flexibility to the employees. Keeping the employees aligned with the culture, HR professionals have been experimenting with evolved HRMS tools.
Some vital benefits of analytics in HRM:
• Flexible and effective recruitment process
Sourcing, hiring, training, and nurturing talent are all time-intensive human resource processes. People analytics allows companies to identify the people and programs that are appropriately aligned with the business enabling them to optimize the time and investment thereby saving time.
• Improve employee experience
Organizations have been coming up with innovative ways to narrow the sense of isolation. Prioritizing employee engagement practices, companies must invest in Employee Assistance Programmes (EAP) for their mental wellbeing. People’s analytics can enable HR to design activities that would successfully improve experiences for their employees, and in an ideal situation, others too.
• Drive accountability
Analyzing employees’ long-term performance manually is time-consuming and can lead to ample scope of human error. With the help of people analytics, data visualization has enabled access to easily understandable insights that can be accessed easily and instantly. Transparency of information has also increased accountability on both employees’ and HR’s parts.