HR Analytics Paves Way for Enhanced Talent Management
Date: Wednesday , March 23, 2016
Headquartered in Colombo, hSenid is a software development firm that specializes in HR and mobile applications for Enterprise and Wireless markets. It currently serves close to 300,000 users globally across 18 industries in 30+ countries.
According to Harvard Business review, 71 percent of CEOs surveyed believe that human capital is the top contributing factor to sustainable economic value. Human resources are the core building blocks of any organization & it is imperative that these valued assets work together to meet organizational goals. Keeping in mind the dynamic working culture & how employee engagements would change over the next decade, it is vital for HR Personnel to reassess their Talent Management tools, especially in a highly competitive market.
While there is a dialogue around human capital, there are several HR professionals who aren\'t comfortable with data, mostly due to the lack of sufficient access. Although, Data collection is important, prudence is required to decide what to measure & how to measure to gain workforce insights. Data Analytics tools improve strategic decision making for this crucial people\'s management function. More & more growth oriented organizations are supportive of using Analytics for more intelligent, real time & improved Talent Management.
Talent Management is one of the key HR functions in any organization. Many organizations today have progressed to real time analytics to gain competitive edge as it helps them to be proactive & predictive. Some of the key Talent Management Areas addressed by Analytics are:
• How to identify the talent in a programmatic manner?
• How to distinguish talent gaps?
• How to groom the talent?
• How to overcome challenges in Talent Management
This is where HR analytics comes into play, wherein the simulated data from these sophisticated tools give a tangible view into the performance and business impacts. The strategic use of this data and analytics in talent management can further position HR as the driving force of people development practices that drive performance and contribute to business objectives. Fortunately, it\'s an information age and it\'s time to use this information to your advantage. As a major advantage to the personnel management department, Analytics can help them to be a profit centre rather than a cost centre.
Through the HRMS Analytics, competencies can be measured through development & performance mapping. HR analytics utilizes all the data recorded and converts it into useful information that aids in intuitive decision, hence creating new grounds through which the company is able to compete through the HR function as well. Analytics in Talent Management leads to employee retention & employee empowerment, thus saving costs for the organizations.
With Technology as an enabler, the need of the industry is that of a comprehensive Human Resources Management and Information system that caters to a wider spectrum of HR functions which can improve the HR business processes of organizations. A seamless Enterprise solution which encompasses a structured approach not only streamlines talent acquisition but also facilitates managing employee tenure life-cycle, compensation & benefits and provides for smoother employee engagement.
Riding high on cloud based HR solutions, Intelligent Human Resource Management can easily be configured to meet the requirements of any business, be it a multi-national conglomerate or a budding start-up. Mobility and Analytics can give a new dimension of competitiveness to an organization\'s HR strategy. The analytical tools come equipped with graphical representation of information which makes it simpler for the top management to assimilate important statistics and matrices.