What is Predictive HR Analytics?
Predictive HR analytics play an important role in business outcomes, and utilizing HR data enables informed decision-making. Going by the Gartner definition, “HR analytics (also known as people analytics) is the collection and application of talent data to improve critical talent and business outcomes. Predictive HR analytics enable HR leaders to develop data-driven insights to inform talent decisions, improve workforce processes and promote positive employee experience.”
Data, if used the right way, enables analysis for deeper insights and knowledge on the subject. As Deloitte notes, “77% of executives now rate people analytics as a key priority. In response, companies are building people analytics teams, rapidly replacing legacy systems, and combining separate analytics groups within HR into one strategic function.” This report found that 44% of surveyed companies use workforce data to predict business performance.
We can therefore infer that predictive HR data analytics is the science of gathering, organizing, and analyzing the data related to HR functions like recruitment, talent management, employee engagement, performance, and retention to ensure better decision making by the HR. While the HR departments are generating a large amount of data every day. However, the objective of HR data analytics is to make sense of this data and turn it into a valuable insight. HR analytics software play an important role in converting this mass data to useful HR insights.
Benefits of Predictive HR Analytics Tools
The amount of data flowing into the HR departments over the years is humongous. If unorganized and distributed, it gets very difficult to retrieve or analyze this data. Here technology is making a huge difference in the HR world. Cloud and analytics have been instrumental in helping analyze information and gain useful insights that help in taking strategic decisions. Cloud-based HR automation technology has now allowed HR teams to transition their analytics processes into services. Besides accessing your data from any part of the world, and anytime you want, here are a few more benefits of predictive HR analytics tools.
- Better decision-making
- Data security & easy accessibility
- Error-free payroll management
- Practicing data-backed HR
- Improving talent acquisition
- Tracking employee performance
- Building equitable compensations and benefits
- Enabling effective workforce planning
- Easily conducting skills gap analyses
- Boosting learning and development
- Improving candidate and employee experience
- Identifying inefficiencies
- Saving operational costs
- Supporting internal mobility
- Identifying emerging HR trends
- Supporting organizational goals
Using HR automation tools and automated processes not only reduce data errors due to human factors but also give time for more important strategic tasks. Evolving to HR analytics software is one of the easy ways to utilize the real power of predictive HR analytics. HRSS360 is robust HR automation solution that facilitates your HR to collect and utilize the people data for data-backed analysis and business growth. While the payroll management feature can help in salary calculation and payslip generation, the data generated due to integration with other HR systems, like attendance management, roster management, travel and expense management, asset management, etc can help speed up the process without manual errors.
Connect with our team to understand your HR analytics software requirements.
