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HR Analytics: Where Do We Stand?
Human Capital
|October 2016
The paramount objective of HR Analytics is to provide an organization with appropriate insights for effectively managing employees so that business goals can be reached swiftly and efficiently.
In today's volatile business environment, differentiation can be achieved only through Human greater complexity as most businesses operate on the supply chain model. Therefore, organizations are required to be not only concerned with the implications this brings forth with respect to the inherent human capital, but, also those of the supply chain partners viz. raw material and components vendors, business associates, logistics vendors, technology services vendors… an almost endless list!
For an effective and an efficient role enactment, HR needs to equip itself with tools and resources that enable it to get better insights into the behavioural patterns, opportunities and challenges. Again, the proposition is no longer confined to the four walls of an organization.
What is HR analytics?
HR analytics is the application of mathematical, statistical and data mining techniques to Human Resources and business data to explore concepts and ideas and solve or respond to HR-related business problems. HR analytics facilitates better and more importantly quicker decision making by providing an organization with insights about the workforce, and, the HR policies and practices that support them.
In short, with the aid of analytics, HR practitioners are enabled to take more informed decisions. Analytics may be used to look at the workforce quality, in particular its human capital the value of individual education, knowledge, skills and the experience of individuals and teams; virtually anything and everything that is expected to contribute towards a happy, healthy society along with economic development through a productive workforce.
Why is HR analytics important?
Denne historien er fra October 2016-utgaven av Human Capital.
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