Top 5 Most Useful HR Analytics You Should Know
Employee data can be the most important and critical asset to your HR department, but only if used properly. Powerful HR analytics can help your organisation and also improve your key HR decisions. Big data alone is useless and uninsightful hence we have witnessed enterprises pouring funds into hiring experts to analyse said data. Digital HR systems like MiHCM can all-inclusively generate analytics from big HR data it collects over time, saving great costs for your enterprise.
Without further ado, we will look into the top five most useful HR analytics.
5. Time and attendance analytics
There is more to it than just figuring out which of your employees are rocking up late to work or taking leave too frequently.
There are high costs associated with absenteeism which you may not realise. A research shows that unscheduled absenteeism can lead to direct costs of $602 per employee; We are yet to add in the indirect costs relating to overtime pay, temp-hires, missed deadlines and lost productivity. It is a strategic move to use time and attendance analytics smartly to forecast expected workload, absenteeism, resources and budgets. Digital HR systems allow you to calculate absence rates of individuals and teams so you can plan ahead to balance workforce and maintain productivity.
4. Recruitment analytics
It is a modern day tragedy to find the perfect candidate for a job vacancy, but lose the candidate to a lengthy recruitment process. A bumpy application and interview experience can adversely influence the way potential candidates perceive your organisation and deter them from accepting your final offer. Fortunately, HR systems like MiHCM can automate your recruitment processes for a quicker and smoother experience.
Recruitment analytics such as time taken to hire, offer-acceptance ratio and key positions filled by external candidates can help you identify flaws in your recruitment procedure. If you have a low offer-acceptance ratio, you may want to think about increasing the attractiveness of your compensation and benefit packages; If you are filling most key positions with external hires, you may want to review your enterprise’s succession planning model. Recruitment channel analytics are also significantly useful in determining where your top talent come from and which recruitment channels are the most effective.
3. Employee satisfaction analytics
Employee satisfaction is Talent Retention 101. Productivity and profits aside, you need to make sure that loyalty is being cultivated within your organisation. Staff turnover rates are a good evaluation for the talent retention level of your enterprise as they capture employees’ willingness to stay with the company. Absence rates, as discussed above, can also be an indicator of employee satisfaction.
More helpful data can be collected through pulse surveys and feedbacks from employees to generate analytics on employee happiness. 360° feedback powers two-way feedback for a more effective and detailed data collection. Premium digital HR systems are now designed to conduct surveys in this manner.
2. Performance analytics
This one goes without saying as performance = productivity = profit.
High performing employees are key to survival and establishing your organisation. Identifying your high performers can help you decide who to promote in the upcoming vacancies. With this being said, performance analytics will oftenly integrate with succession planning. Underwhelming performers can also be supported and groomed through training and development to become potential successors. Mobile learning analytics for employee performances are especially useful to make quicker decisions.
Team performance analytics are an indirect assessment of managerial performance. A high performing team can result from outstanding leadership and management therefore it is crucial to assess your managers as well. On the topic of performance reviews, we encourage companies to depart from the outdated and paper review methods as technological advancement has enabled more innovative techniques to analyse individual performance.
1. Training and learning analytics
Recent attention is given to calculating the return on investment (ROI) for training programmes. Training is a constant and costly investment for organisations but it is a waste of time and funds if it fails or is barely able to elevate your workforce. The challenging aspect of this evaluation is that companies are still unable to measure training outcomes and put them in quantitative terms. This is where training and learning analytics rose to improve and assess the effectiveness of training programmess. Training attendance rates, completion rates, course engagement, average time spent on training and date-based progress can all come in handy in measuring the impacts of learning outcomes.
The above analytics can jointly create stronger analytics and bring deeper insights when integrated well with one another. Time and attendance analytics can be combined with and interpreted alongside employee satisfaction analytics; Training and learning analytics and performance analytics always complement each other and significantly improve succession planning. MiHCM has specialised in seamlessly integrating these fields to optimise your workforce, book a demo now to learn more.