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Glossary of Human Resources Management and Employee Benefit Terms
HR analytics gathers information across various aspects of the employee lifecycle. Here are some key categories:
HR analytics, also known as people analytics or workforce analytics, is the process of collecting, analyzing, and interpreting data related to your organization's human resources. By leveraging this data, HR professionals can make data-driven decisions that benefit both the employees and the business as a whole.
HR analytics is a valuable tool, but like any tool, it has its advantages and disadvantages. Here's a breakdown of the pros and cons to consider:
Pros of HR analytics
Cons of HR analytics
HR analytics gathers information across various aspects of the employee lifecycle. Here are some key categories:
Implementing HR analytics requires a solid foundation built on these key components:
Effective HR analytics hinges on identifying the right metrics to track and analyze. These metrics should be aligned with your overall HR goals and business objectives. Here are some key categories of HR analytics metrics:
Predictive HR analytics is a powerful application of HR analytics that uses statistical modeling and machine learning to forecast future trends and events related to your workforce. Here's how it works:
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
HR analytics offers immense benefits, implementing it effectively comes with its own set of hurdles:
Traditionally, HR decisions were often based on intuition or experience. HR analytics injects a powerful dose of objectivity into the mix. Here's why it's crucial:
HR analytics revolutionizes decision-making in HR by:
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