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Human Resource Analytics

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Human Resource Analytics

  1. 1. What is HR analytics? HR analytics involves collecting data and key metrics on your workforce and organization to gain valuable insights and better understand their effectiveness. With this data, you can spot weaknesses across the business and improve these to boost efficiency, productivity, retention rates, training effectiveness, and more—all of which will benefit your bottom line.
  2. 2. Definition Human Resource analytics (HR Analytics) is defined as the area in the field of analytics that deals with people analysis and applying analytical process to the human capital within the organization to improve employee performance and improving employee retention.
  3. 3. For example, using HR analytics you can answer the following questions about the organization’s HR system: • How high is your employee turnover rate? • Do you know which of your employees will leave your organization within a year? • How many employees deserve a promotion? • What is the employee value and retention rate? • What percentage of employee turnover is regretted loss? • As soon as an organization starts to analyze their people problems using the collected data, they are engaged in active HR analytics.
  4. 4. HR teams use HR analytics for three important reasons. Understand their workforce. Efficiently deploy resources. Plan for the future.
  5. 5. Need of HR Analytics
  6. 6. The metrics based on which HR Analytics is measured
  7. 7. 1. By measuring ___________, recruiters can alter their recruitment strategy to identify areas where the most time is being spent a) time to hire b) revenue per employee c) time to fill d) None of these
  8. 8. 2. ________ is a productivity metric a) Human capital risk b) Absenteeism c) Time to fill d) Time to hire
  9. 9. 3. Which of the following is not a principal outcome of HR analytics? a) generating revenue b) getting income c) minimizing expenses d) mitigating risks
  10. 10. 4. HR Analytics deals with a) metrics of HR b) Training expenses c) time to hire d) All of these
  11. 11. 5. ________ is a measure of how efficient an organization is at enabling revenue generation through employees a) revenue per month b) revenue c) revenue per employee d) None of these
  12. 12. 6. Employee experience that are leading to voluntary attrition a) Voluntary turnover rate b) Involuntary turnover rate c) Both d) None of these
  13. 13. 7. ________ refers to data obtained from the HR department of an organization a) Internal data b) External data c) Both d) None of these
  14. 14. 8. Which of the following is a key metric of HR Analytics? a) revenue per employee b) offer acceptance rate c) voluntary turnover rate d) All of these
  15. 15. 9._________ is expected to become an integral part of HR teams a) Data scientists b) officers c) Both d) None of these
  16. 16. 10. ________ is the interpretation of data patterns that aid decision- making and performance improvement a) Analytics b) HR c) Statistics d) None of these
  17. 17. • https://www.analyticssteps.com/blogs/what-hr-analytics-role- challenges-and-applications • https://www.naukrirms.com/blog/the-importance-of-hr-analytics/ • https://intellipaat.com/blog/hr-analytics/ • https://datasemantics.co/why-human-resource-professionals-need- hr-analytics/ • https://www.questionpro.com/blog/hr-analytics-and-trends/ • https://www.acmecollinsschool.com/hr-analytics-free-test.html
  18. 18. Meaning – Workforce Planning Workforce planning is the process of analyzing existing employees and planning for future staffing requirements through talent gap assessment, developing employee management procedures, and setting recruitment strategies.
  19. 19. How to conduct a workforce analysis 1. Define a challenge you want to address Does your current workforce have the skills needed to launch a new product line with minimal training? Will they respond well to these changes and remain loyal to the organization? If you need to hire more employees, how many do you need? And will you find those with the skills required to perform in the labor market? What will your organization need to do to attract and retain those employees? Will any other changes in demand affect the number of employees you need?
  20. 20. 2. Collect relevant data Once you know the challenge you want to address, the next step is to collect the relevant data needed to measure this. This could include workforce demographic data, skills data, performance data, training completion data, employee survey results.
  21. 21. 3. Decide on the right analysis method The next step is to decide which analysis method is most suitable for analyzing your data sets. Here are some of the most common methods
  22. 22. • Trend analysis refers to comparing data over a set period in the past to identify any trends. • Correlation analysis is used to study the strength of a relationship between two variables(Lack of training causes low employee enagement) • Predictive analysis uses a combination of historical data to predict the likelihood of future outcomes based on past data so that businesses can make accurate forecasts. • Prescriptive analysis relies on historical data. It is typically used after predictive analysis to plan the most suitable course of action for the organization to meet its goals. • Diagnostic analysis identifies the causes of success or failure within a workforce, which can be used to correct failures and boost business performance.
  23. 23. 4. Analyze and present the results Once you’ve selected the most appropriate analysis method, the next step is to conduct the analysis and then present the findings to relevant business leaders and stakeholders. You can display the results as a dashboard or in a report— what’s important here is that it’s clear and easy to understand.
  24. 24. 5. Determine what action you’re going to take The final step in conducting a workforce analysis is to determine the most suitable course of action for the business. For example, if your results identify a future skills gap over the next 12 months, now is the time to plan how you will avoid this. This might mean training existing employees or hiring as many new ones as needed with the right skills and integrating them into the existing team.
  25. 25. •The right people •With the right skills •At the right place •At the right time •At the right cost When these conditions are met, your workforce is dignified to deliver on your business goals effectively for the long-term.
  26. 26. MCQ Administrative process efficiency is the type of HR efficiency that refers to the capacity to conduct existing HRM processes accurately and on time while minimizing costs. • True • False
  27. 27. 5. It is a good source of filling the vacancies with employees from over staffed departments. (a) Transfer (b) Promotion (c) Placement agencies (d) Government exchanges
  28. 28. 6. This analysis would reveal the number and type of human resource available within the organization. (a) Workload analysis (b) Breakeven analysis (c) Workforce analysis (d) All of the above
  29. 29. 7. Workforce analysis would enable to know whether the organization is (a) Understaffed (b) Overstaffed (c) Optimally staffed (d) All of the above
  30. 30. 8. Which of the following is not a benefit of training and development to an organization? (a) Help to avoid wastage of efforts and money (b) Enhance employee productivity (c) Lead to better career of the individual (d) Reduce absenteeism and increase employee turnover
  31. 31. 9. Which of the following activities lie within the scope of Human Resource Department? (a) Formulating compensation and incentive plans (b) Ensuring healthy labour relations and union management relations (c) Creating provision for social security and welfare of employees (d) All of the above
  32. 32. 10. Identify the correct sequence of the steps involved in the staffing process (a) Recruitment, Estimating the Manpower Requirements, Placement and Orientation, Selection (b) Estimating the Manpower Requirements, Selection, Placement and Orientation, Recruitment (c) Selection, Estimating the Manpower Requirements, Recruitment, Placement and Orientation (d) Estimating the Manpower Requirements, Recruitment, Selection, Placement and Orientation
  33. 33. • https://www.aihr.com/blog/workforce-analysis/ • https://www.insperity.com/blog/strategic-workforce-planning/
  34. 34. Talent Sourcing and Acquisition Analytics Finding and hiring the right talent has become the top priority for many businesses.
  35. 35. Recruitment advertising fees and staff time Relocation and training fees for replacement hires Negative impact on team performance Compromised quality of work Less productivity Disruption to projects Lost customers Weakened employer brand.
  36. 36. How to avoid bad hire?
  37. 37. According to LinkedIn’s Global Recruiting Trends 2018, 50% of hiring professionals use big data as part of their strategy, which has helped them with talent acquisition and increased their employee retention by 56%.
  38. 38. Drive High Quality Hires with Talent Acquisition Analytics • Candidate Pipeline
  39. 39. Channel Effectiveness Analytics
  40. 40. Candidate Experience Survey
  41. 41. • https://www.talentlyft.com/en/blog/article/233/talent-acquisition- analytics-what-it-is-why-it-matters • https://www.peopleinsight.com/talent-acquisition-analytics-overview