hrtechoutlook

Key Steps to Get Started with HR Analytics

HR Tech Outlook | Monday, August 02, 2021

Data visualization is critical to the success of one's analytics endeavor. An HR dashboard serves as a one-stop-shop for all HR data, both internal and external.

FREMONT, CA: HR is undergoing a dramatic shift as a function that has traditionally depended on intuition and its "gut-feel" to make people choices. Because of the increased use of various HR technology, firms now have simple access to vital employee data for decision making. HR leaders and C-suite executives may now hope to comprehend the impact of their human capital strategy on company success, armed with large amounts of robust data.

Centralizing all Employee Data

The first step in HR analytics journey is to consolidate various sources of personnel data into a single repository. Employee information is frequently scattered across multiple HR systems, Excel spreadsheets, and paper records. Data access across disparate systems is inefficient and time-consuming. It is critical to have a single source of truth to assure data accuracy and consistency (centralized data repository). After one compiled all of one's employee data, one may create key performance indicators that will assist one in understanding how their performance relates to business objectives.

Creating an HR Dashboard

Data visualization is critical to the success of one's analytics endeavor. An HR dashboard serves as a one-stop-shop for all HR data, both internal and external. A graphical/visual representation of all of this data will allow one to monitor and benchmark it in order to gain insights into the HR metrics that define success. One can quickly obtain real-time data on critical HR indicators like headcount, cost per FTE, time-to-fill, attrition rates, and cost-to-hire.

Creating Analytical Capabilities

The majority of HR teams are still unfamiliar with the concept of analytics and lack the requisite capabilities to lead effective analytics adoption initiatives. As a result, it is critical to train one's HR team's analytical skills in collaboration with the organization's business intelligence team. Once one's organization has developed a strong analytics skillset, one will be able to provide a more comprehensive business context for one's human capital decisions.

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