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What is HR Analytics Software?
HR analytics is the science of collecting, organizing, analyzing, and managing HR data with the goal of improving employee performance and return on investment. HR analytics software helps companies manage the data that comes with all of their employees. These data sets might analyze recruitment, employee engagement, compensation, talent management, performance management, and retention to ensure data-backed decision-making. Otherwise known as people analytics software, HR analytics technology maintains all company employee data and provides actionable insights to inform recruiting strategies, improve employee engagement and performance, and understand how to provide the most applicable employee benefits, to name a few. These tools help companies, HR personnel, and managers understand their employees to make informed decisions that benefit everyone.
Key Benefits of HR Analytics Software
- Analyze current workforce
- Measure employee performance
- Provide predictive insights to improve hiring decisions
- Help management and HR departments budget accordingly
Why Use HR Analytics Software?
HR departments and personnel use HR analytics technology to glean critical data and insights about their workforce. This data can help HR personnel and management improve their hiring initiatives, understand employee motivation and productivity, as well as determine how company culture is impacting employee engagement and performance.
Improved hiring decisions — Companies can use HR analytics technology to better determine their organization’s hiring needs and improve the quality of hires.
HR metrics and analytics — HR personnel can analyze HR data to understand patterns of high-performing personnel as well as determine activities that have the most positive impact on employee engagement.
Data-supported HR initiatives — HR analytics software can provide HR departments with verifiable data that they can use to back their hiring, employee engagement, and retention initiatives, to name a few. This data provides HR departments with the support their initiatives might need to continue.
Who Uses HR Analytics Software?
Although all types of companies can benefit from data analysis, larger companies in particular use HR analytics functionality, as it provides HR employees with the analytical tools necessary to manage their employee data.
Kinds of HR Analytics Software
HR analytics software helps organizations and HR departments effectively measure all of their people operations. The following list covers areas in which HR analytics software provides companies and HR departments with insights to improve their HR initiatives.
Performance analytics — These HR analytics solutions help businesses, HR departments, and managers analyze people data to determine employee needs, including time tracking, attendance, and leave. This might include which employees need attention and help and which are thriving in the current workplace.
Recruiting analytics — This HR analytics technology helps companies understand their recruiting needs and provides recruiting data management to promote efficient hiring initiatives.
People analytics — This HR data provides companies with employee sentiment analysis to help HR departments keep a pulse on their employee engagement initiatives. People analytics tools might include compensation plan modeling, leave and absence reporting, succession planning, talent management, turnover tracking, and more.
HR business intelligence — Business intelligence solutions provide insight into operations performance data, workforce specifics and needs, workforce planning, and more.
Attrition risk management — HR data can help HR departments visualize the impact of retention initiatives on employee productivity and overall satisfaction.
Candidate and employee profiling — HR departments and personnel can glean information as to which candidates have the potential to be most successful based on data collected on the most successful employees currently employed and engaged in the company.
Fraud risk management — HR analytics data can help HR departments identify fraud if it occurs and assess the risk for fraud in the future. Employee fraud and theft includes asset misappropriation, vendor fraud, accounting fraud, payroll fraud, data theft, and so on.
HR Analytics Software Features
HR analytics software helps HR departments prove the impact of their various HR initiatives. The following are the various features of HR analytics technology.
Security — HR analytics software secures all people data so HR departments and personnel can guarantee data privacy and security.
Automation — HR analytics software can be programmed to send reports directly into the inboxes of HR personnel. These can be automated to be processed and sent on a regular interval for consistent insight.
Reporting — HR analytics technology provides lists, charts, heatmaps, and so on for HR personnel to visualize important HR data trends.
Potential Issues with HR Analytics Software
Data is meaningless without proper analysis. More and more HR leaders are improving their data analysis skills, and data analysts are focusing their attention on human resources solutions.
Skills and training — HR managers and personnel need to focus on data and analytics training to properly implement and use HR analytics technology. While there is some fear that machine intelligence will replace the human power in HR, the opposite is actually true. Data analytics technology needs the human touch to take the insights gleaned from data processing to improve processes and implement process and software updating.
Duplicate data — Most HR technology collects data based on the focus of the solution. Applicant tracking systems (ATS), training eLearning solutions, and performance management solutions all collect data based on their functioning. This data has the potential to provide important insights into various people issues, but these separate solutions might provide slivers of data that are difficult to integrate and align.
Data security — Data security and privacy are top concerns for HR professionals since they manage vast amounts of sensitive and confidential employee data. Maintaining security is essential when employing HR analytics software to ensure that all data collected, processed, and analyzed is kept safe and secure.
