In the present data and analytics space, HR Analytics is the most recent consideration which is being received by many organisations. New techniques to identify, recruit, develop and retain your best employees is becoming more mainstream for HR.
Having said that, it isn't unexpected to see HR still putting together their choices with respect to instinct and past encounters as opposed to on actualities. HR Analytics gives these HR professionals an opportunity to make informed decisions, understand what is lacking and what needs to be improved in their workforce – all by looking at the factual data present with them.
Here are two examples solved by our HR Analytics offering -
1) Addressing Attrition
So how does it work? At Just Analytics, we have come up with our own approach to retaining employees by detecting their behavioral patterns, by analyzing their social feeds and by combining various data sources with predictive machine learning algorithms.
We further perform an in-depth data discovery to check the various possibilities that may lead to attrition and bucket employees as per the data points. For example, one possibility leading to high attrition rate may be due to unequal compensation levels which is disturbing the harmony between employees, the other maybe due to limited investment in employee training or due to inadequate recognition. Sometimes expensive retention bonuses to which companies resort to in desperation, is not always the answer.
Further, we visualize this data using interactive dashboards built on PowerBI. The important advantage of using HR Analytics is that this approach is predictive, rather than reactive, and gives a more objective finding. Here's a quick demo of our Attrition Dashboard.
2) Identifying the best candidates for a job opening
Our algorithm once adjusted by the HR, considers verifiable selection data including past resumes and details of candidates who were previously given offers and matches them with the company’s current hiring goals. The model effectively distinguishes those applicants well on the way to be hired and naturally passes them on to the next phase of the enrolling procedure. The others are automatically dismissed. This automation helps save 50% of the recruiters’ time that he’d otherwise spend on manual screening.
These two are the most common use-cases organisations are looking to solve these days and HR professionals can leverage on our HR Analytics offering to generate data-driven, organization-specific insights to make more strategic decisions about their people. Contact us today to schedule a demo!