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Why HR Analytics matter in 2023?

2023-06-19

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HR analytics is known to be one of the top HR strategies that organizations can leverage to maintain a competitive edge in the rapidly changing business landscape. Here, let’s decipher the importance of HR analytics strategy in 2023 and the not-too-distant future.

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Human Resource Analytics solution is associated with modern statistical and data analysis tools

 

The Evolution of HR Analytics

HR Analytics/People Analytics is the process of using data to identify and control risks affecting worker safety and performance, such as labor, fatigue, and stress of workers…

As organizations and businesses increasingly realize the potential of data-driven decision-making, HR analytics solutions begin to focus on and require the “hands-on” ability of HR professionals – Those who have a deep understanding of the employee’s working process and are proficient in modern statistical and data analysis tools.

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Human Resource Analytics solution is associated with modern statistical and data analysis tools

In short, HR Analytics is a leap forward in the field of HR. The data analysis on employee engagement and performance of HR analytics strategy will help organizations identify trends and appropriate management models in the HR field in particular and in operations. business in general.

Process of HR Analysis Strategy

HR analytics is increasingly focused as most businesses today rely on data to make strategic decisions. Information on Forbes shows that more than 70% of companies around the world use HR Analytics to optimize talent management processes, improve employee satisfaction, and drive organizational growth.

The following four basic steps in the HR Analysis process show the specific benefits of employing an HR Analytics strategy.

Determine the scope of personnel

The first step in an HR Analysis strategy is to determine the scope of the HR problem that needs to be addressed. This includes establishing criteria, boundaries, and analytical methods from stakeholders such as employees, management, customers, etc. Defining the scope helps focus the analysis on the most important aspects of the business issues.

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Determine the scope of the HR problem

Personnel data collection

The second step of HR Analytics is to collect data on the current HR situation, including causes, consequences, and potential solutions. This process will use a variety of data collection methods, such as observations, interviews, surveys, questionnaires, etc. Behavioral characteristics and skills of workers in the individual and group spheres. will also be considered to bring the most objective view on personnel issues.

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Collect data on current personnel situation

HR data analytics

The third step of HR Analytics is to analyze the collected HR data to identify the root cause impacting the problem. Various data analysis tools and techniques such as diagrams, matrices, checklists, models, etc. will be used to find both gaps and opportunities to improve HR. Some basic HR analysis tools and techniques can be listed as Human Factor Classification and Analysis System (HFACS), Human Error Assessment and Reduction Technique (HEART), and the Swiss cheese model…

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Analyze HR data with a variety of specialized tools and techniques

2.4. Designing HR solutions

The final step of the People Analytics strategy is to design HR solutions. Various strategic solutions such as training, feedback, encouragement of participation or policies, guiding standards, control… will be proposed to redesign processes, equipment, and working environment, compatible with the abilities, limitations, and needs of the workers.

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Solutions to optimize the human resource management process

Importance of HR Analytics in 2023

By leveraging the data-driven insights of the HR Analytics strategy, many companies have successfully optimized their HR management processes and gained a competitive edge in the market.

Currently, thanks to the use of advanced tools and technologies such as AI, Machine Learning, Natural Language Processing, etc., organizations and businesses can easily apply the HR Analytics strategy. In 2023 in particular and in the distant future, HR Analytics is important in aspects such as:

Set HR strategy

HR analytics in 2023 enables organizations to make strategic, data-driven decisions to manage and grow their workforce. For example, to identify gaps in HR skills, and to devise targeted employee development and training programs.

Improve employee engagement

By analyzing employee satisfaction and behavior feedback data, HR professionals can monitor employee well-being, reduce burnout, and promote a healthy work-life balance. This will contribute to improving the level of engagement between employees and the organization, or between employees.

Retain HR strategies

With predictive analytics modeling, HR professionals can develop employee retention strategies to retain a skilled workforce. For example, identifying key characteristics of managers, or factors contributing to the success of teams, will help facilitate succession planning and leadership development.

Reinforce organizational diversity and inclusion

HR analytics provides insights into the demographics of the workforce, allowing organizations to track DEI (diversity index metrics,  equality and integration). For example, analyzing the effectiveness of teleworking policies and their impact on productivity and employee satisfaction will contribute to creating a diverse and inclusive work environment.·

Refine AI-based HR strategy

By leveraging AI-powered talent analytics platforms, organizations can effectively refine talent acquisition and management strategies: reduce time, cost, and bias in candidate selection, while still identifying the most potential candidates.

HR analytics is evolving with the increasing recognition of data-driven decision making in human resources. Understanding and considering the advantages of HR Analytics plays an important role in optimizing the human resource management process and increasing competitiveness for organizations and businesses, in the context of innovation and modernity business.

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