Workforce analytics is a part of a new set for critical skills for HR, business, and leadership. Companies that devote valuable time and resources to build workforce analytics capabilities will be better positioned to stand ahead from their competitors in the future. Dr Arun Krishnan, founder and CEO of nFactorial Analytical Sciences, commented that the key drivers for business and industry in general lie in the need for more efficient talent acquisitions. This, fortunately, can be obtained from data-driven human resources analytics.
Nonetheless, companies are seen to progress slowly in developing full analytical capabilities. It becomes a multi-year process to complete a significant impact from analytics. Deloitte study on Global Human Capital Trends reported that only 8
HR metrics, the survey showed, is seen to be foundational for mature analytical capabilities. Companies should take advantage of operational measures and tactical as well as advanced reporting that will not only benefit the business but HR customers as well. In addition, HR metrics can be immensely valuable to an organisation when they are aligned to specific HR and broader business objective.
HR metrics is often described as a measurement used to determine the value effectiveness of human resources initiatives in areas, including turnover, training, ROI, costs of labour, etc. According to Enabling Business Results with HR survey, metrics play a vital role that allows companies to measure HR program performance while providing actionable insights and information. This results in
Aligning HR metrics with business purpose is important. While you might have a bunch of considerations when start sailing on HR measurements journey, you should start the process with these leading practices proposed by David Fineman, a specialist leader and the author of Enabling Business Results with HR survey. These practices will help you stay focus and align on the matric results that you wish to get.
Albeit HR metrics place great importance in business success, the latest survey by Deloitte showed that a fundamental change is underway. Businesses should no longer only focus on traditional metrics. Rather, organisations should increase their attention on the basis of their relationship with their workers, customers, communities, and impact on society at large. This changes the focus of business enterprises into social enterprises that will, absolutely, result in bigger triumph. These changes in relationships will help leaders as well as businesses to listen, enhance collaboration, build trust, credibility, and consistency better with their customers or constituents. Additionally, you can also maintain your organisation’s reputation as well as attract, retain, and engage your critical workers while cultivating loyalty amongst your customers.