The new analytics platform helps organizations determine the employees' digital skills and impacts on pay. Platforms like Skillsvue leverage machine learning algorithms to assess skills and payment data to evaluate individual skills' value.
FREMONT, CA: Data Analytics has a very crucial role to play in the day-to-day business of Human Resources (HR). It allows HR professionals to make data-driven decisions to attract, manage, and retain employees. It also helps organizations in making decisions to build a better workspace and increase employee productivity.
Analytics has a significant impact on areas like payroll that could benefit from the emerging science around data. The organizations need to determine the employees' skills, which they already possess, to encourage the workplace toward skill-based pay. Although, the HR professionals adopt skills mapping programs that consider worker's interests and career paths to determine how to manage their training programs.
However, organizations are using new analytics platforms like Skillsvue, which uses machine learning algorithms to assess skills and compensation data to calculate the value of individual skills. According to a survey, most of the organizations struggle with attracting and retaining digital professionals. To overcome this problem, companies need to look for a different approach for compensating and rewarding the digital professionals who are growing along with digital technologies.
Many employees are proud of their skill set instead of their paycheck, but this does not always result in the employee's satisfaction toward their wages. Instead, they are unhappy with the slow wage growth. It is observed that at times, employers face difficulty in finding employees with particular skills, and the main reason is that the companies are not offering better packages that match their competition. Currently, the organizations are paying high salary packages for the employees who are experts in digital skills and have complete knowledge of advancements like blockchain, artificial intelligence (AI), and mobile devices. By recruiting such digital professionals helps the organization accelerate its growth and productivity. Also, the companies should offer differentiated rewards to the employees to encourage them toward increasing their work interest.
The aggressive data provided through traditional means requires revision incorporating a hassle-free, skill-aware groundbreaking experience that can be repeated every year. Hence, the higher officials in the organizations need to advance their knowledge of data science, as the HR departments are adopting data in sectors like recruiting and employee engagement.