Understanding the Real Benefits of HR Analytics Tools in Today’s Corporate World | Quantzig
LONDON--(BUSINESS WIRE)--Oct 2, 2018--Quantzig, a global analytics solutions provider, has announced the completion of their latest article on the .
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3 MAGICAL BUSINESS IMPACTS OF HR ANALYTICS TOOLS (Graphic: Business Wire)
Today, human resource is witnessing the advent of two new tools, hiring analytics and big data, which will help them boost process efficiency and identify the right candidates. Many companies are incorporating these tools in their HR practices and policies, owing to the numerous benefits associated with them. The effectiveness of and is helping organizations to do away with the concept of intuition-based decision making. With the help of HR analytics, decisions can become more precise and effective. Employees being the central part of any company, need to be taken care of and the HR department is accountable for every feature of this pool. Therefore, the HR acts as a data accumulator for the organization and gathers information related to their hiring requirements, attrition, salaries, and so on. But all the valuable data will remain scattered or in silos without the proper use of HR analytics tools.
According to the analytics experts at Quantzig, “With the HR analytics tools and big data, companies can interpret the unstructured data and turn it into useful insights.”
HR analytics tools are those that analyze workplace and performance data to simplify the composite metrics involved in strategic planning, hiring processes, and performance tracking. The data that is generated helps organizations to forecast talent gaps, employee behaviors, potential turnovers, and predict areas of incompetence. HR analytics tools form the basis of predictive data and employee management.
Benefits of HR analytics tools
Better hiring decisions: HR analytics tools help in making predictive analysis simpler and allow HRs to make improved decisions that are based on historical data. Also, there are some great HR analytics tools that can make the difference by allowing the HR to choose the best candidate to hire based on the historical data. Also, these tools let the recruiter know more about candidates through records, applications, online resume database, social media profiles, etc.
Better identification of retention rate: HR analytics tools help in estimating the retention rate of the employees. It helps the company to know the real reason for employees leaving or staying in the organization. There can be many reasons, such as compensation, under-performance, lack of skills, or anything else. It also helps in identifying the problem areas of employees and skill gaps. The HRs can use various HR analytics tools like team assessments, employee satisfaction surveys, exit and stay interviews to identify the real reason behind employee attrition and devise strategies to retain them. to know more about the benefits of HR analytics tools.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 55 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.
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PUB: 10/02/2018 08:01 AM/DISC: 10/02/2018 08:01 AM