7 Ways HR Analytics Tools Can Boost Your People Management
Human resources analytics are fast becoming a key tool in the quest to improve productivity and efficiency. According to Deloitte’s 2016 Global Human Capital Trends report, 86% of Australian businesses surveyed rate HR analytics as being a highly important factor in their workforce planning.
HR analytical tools – those that examine workplace and performance data – are simplifying the complex metrics involved with hiring processes, succession and strategic planning, and performance tracking. The data being uncovered is helping companies to predict employee behaviours, talent gaps and potential turnover, and forecast areas of inefficiency.
Here are seven ways that analytics tools can help your company better manage its human capital.
Imagine a workplace where you can stay one step ahead of common issues such as high staff turnover – problems become predictive, rather than reactive. Real-time analytics software can identify trends in turnover, areas of low productivity and potential flight risks by allocating appropriate people or resources to toxic cultures and relationships.
Employee performance and compliance
It’s no longer enough to check in with your employees for a once-yearly performance management meeting – up-to-the-minute employee performance data can support concerns or identify skill gaps, guide training and induction programs, and help manage key compliance reporting and risks. Engaged, high-performing employees are those who have the support of their leaders and peers every step of the way and are guided by real-time statistics highlighting their own successes and areas to improve.
Personalised induction programs
Telstra’s 90-day induction program, featured in the Deloitte report, is a prime example of how analytics are useful in tackling strategic issues. Using focus questions, ethnographic research among staff, prototyping and visual data methods, Telstra developed a personalised induction system for managers to understand and overcome new employee challenges during that time.
This extended onboarding system highlights how metrics are useful in preparing new employees with specific guidance and support, leading to increased productivity, decreased turnover and avoiding a repeat of recruitment processes.
Visual HR metrics
Your HR dashboard needs to give a current, real-time view of the data in order to quantify the cost of current HR programs and the rate of success or failure, and track year-to year trends and changes. Visual data is an opportunity to scrutinise critical metrics and access instant recommendations for change and potential impacts.
HR analytical software that allows for quick, easy candidate comparison alongside HR metrics during recruitment and succession planning means the ability to quickly identify suitably skilled candidates and potential leaders, and capture the characteristics of high-performing team members. Tablet and smartphone compatible software also provides a plethora of vacancy, candidate and employee information available at your fingertips.
Mobile HR apps
ANZ Bank has embraced HR analytics software for employees to better engage with their own HR dashboard. According to the Deloitte report, ANZ developed a user-friendly mobile app for employees to manage their own time, attendance, access benefits and complete absentee requests, resulting in less time dealing with HR and more time spent meeting targets and working towards shared business goals.
Analytical workforce planning strategies
Workforce analytics align your financial budget with HR staffing metrics that anticipate gaps in talent, provide clear visuals of staffing levels and allow for easy succession planning. It’s smarter preparation and planning with accurate forecasts, visual cost impacts, less re-work and with the right people in the right places, increased efficiency and productivity.
HR analytics are the cornerstone of predictive data and people management. They are the insights into employee behaviours, potential for problems and suitable allocation of funds and resources. Don’t let your employees fall through the data cracks. Improve your people management by embracing these predictive and analytical trends and tools.