Perhaps the most vital use of technology in HR Management is an organization’s Human Resource Management System (HRMS). Because HR affects the entire workforce- Everyone who works for the company must be hired, trained, assess, paid and promoted, exit/retired usually through HR – The impact of HRMS has been dramatic. It has been come a potent weapon for lowering administrative & operative cost, intensifying productivity, speeding up response times, improving decision making and tracking a company talent.
HR Management has long been growing beyond its traditional and outdated role as a mere processor of administrative transactions. Last two decades HR is typically viewed as a strategic partner to the business. The intensity of competition and the pace of change demand that the HR function fulfil this mandate.
What is HR analytics?
Traditionally HR management gut feeling or intuition use to make the HR related decision in any organization. In recent development of using data while making HR decision and thereby giving semblance of database objective (scientific basis) in HR decision. This scientific approach to HR Management in organization has given birth to a new field called HR analytics. HR analytics is database; it uses past data to predict the future. Rather it uses the mix of data base algorithms and intuition in making HR decision across an employee life cycle.
What is not HR analytics?
HR analytics does not include metrics, dashboard, and scorecard, reports of simple headcount or employee performance score or attrition data etc. HR analytics include only predictive and prescriptive analytics. HR analytics is like a range and on one end it can be basic ratios and metrics and on the other it will be complex algorithm based predictive and prescriptive analytics.
What is predictive analytics?
Predictive analytics brings together advanced analytics capabilities spanning ad-hoc statistical analysis, predictive modelling, data mining, text analytics, optimization, real-time scoring and machine learning. These tools help organizations discover patterns in data and go beyond knowing what has happened to anticipating what is likely to happen next.
Current era why HR Predictive analytics is so important?
Today top management people see HR department as a strategic function for organization it has been striving to get seat on table in boardroom along with Sales & Marketing, Operation, Finance, Production etc. function.
Human resource predictive analytics is a growing application field of analytics for HR Management purposes. The purpose of HR Management is measuring and evaluating employee performance and engagement, studying workforce collaboration patterns, analyzing employee churn and turnover and modelling employee lifetime value. Now, predictive analytics makes an inroad into people management space and helps the organization to optimize performances, produce better return on investment and enriches the value of their human resource.
To get better return on investment for organizations through decision making based on data collection, HR metrics and predictive models we have to use predictive analytics very efficiently.
Predictive Analytics is an exciting and fast-growing area in HR management, but many companies are not focusing on it. How can they address this transformative area of HR to move quickly and methodically into the future?
At their core, predictive analytics are all about identifying and improving the probability or likelihood of an event, action, or behaviour.
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