HR analytics data can be gathered from multiple sources like employee surveys, applicant tracking systems, HR information systems, human capital management, and human resource management systems.
Fremont, CA: Without a doubt, people are a company’s most valuable and expensive asset at the same time. A productive and hard-working labor force helps companies increase profits and achieve business efficiency. However, to make the best out of the workforce, companies need to first make significant investments in people. Such as their salaries, benefits, office space they occupy, and the technology they use. To protect these investments, HR professionals look up to HR analytics to find out what is going on in their workforce and how to best deploy their resources.
HR analytics is the process of gathering data and analyzing it to understand the company’s workforce. It comprises various aspects like headcount, compensation, job title and function, work location, hiring, onboarding, turnover, employee engagement, diversity and inclusion, learning and development, and more. HR analytics data can be gathered from multiple sources like employee surveys, applicant tracking systems, HR information systems, human capital management, and human resource management systems.
HR executives are riddled with several questions while managing the workforce. How to speed up the hiring process? What is the right time to promote someone? How can we make sure the workforce is diverse and inclusive? HR analytics answers these questions and more for HR professionals. From the time an employee submits their application to their date of retirement, HR analytics offers continuous insights on an employee’s entire work cycle.
HR professionals are always looking to hire the best people for a position in the shortest period. With the help of HR analytics, this process becomes much more straightforward. HR analytics can help in not only finding talent but also in evaluating the recruiting process and quality of candidates.
Time to Hire
Time to hire is a metric used by HR professionals to measure how long it takes to hire a person for a position. This includes getting the job description approved, posting the job, screening applicants, interviews, making an offer, background checks, and finally, signing the final paperwork. HR analytics can track the entire time-to-hire workflow, noting how long each step of the process took. Using this data, HR teams can identify backlogs and develop a solution.
Hiring new employees is just the first step. These employees need to be settled into the company and brought up to speed with technology and equipment, complete training, fill out paperwork, and meet their colleagues. This can be a time-consuming process. Some HR professionals believe this process should take at least three months. With so much time being invested in the process, it is better to deploy HR analytics to ensure that the process is productive and fruitful.
See also: Top HR Technology Solution Companies