Growth should always be a priority at any forward-thinking business and HR analytics tools are making things easier than ever before. But, if you’ve seen your business growth plateau then it’s possible you’re missing out on the benefits that HR analytics has to offer.
Traditionally, HR analytics tools have been limited in their ability to provide businesses with data that could improve bottom lines. However, that’s not the case in today’s world as HR data analytics allow businesses to optimise their hiring process, strategic planning, decision making, performance tracking, and much more.
We’ve listed 5 reasons why HR data analytics will give your business an edge when growth is your goal. Continue on to see for yourself or visit our Human Resources page to read more of our HR-inspired blogs.
Wouldn’t it be great if your business could stay ahead of any issues that may arise in the future? Well, predictive analysis is essentially the closet thing you could have to crystal ball and it’s not something to be underestimated.
If you end up reacting to problems that crop up, you’ve spotted them far too late. However, if you’re able to predict potential issues you can put safeguards in place long before they ever present your business with a serious problem.
Real-time HR data analytics software enables your business to spot emerging trends in turnover, productivity, customer satisfaction, employee retention, and other vital performance indicators. Therefore, it becomes far easier to put a plan in place that can address issues before they cause your business any downtime or loss in revenue.
Improved managerial decision making
Your management team and more senior leaders are constantly having to deal with developing threats from market competition, efficiency issues, pressure to reduce costs, customer satisfaction, employee wellbeing, and much more.
Unfortunately, bad decision making is much more likely to occur if your management team has to rely on antiquated HR analytics tools or none at all. By utilising personality and performance data, your business’ leaders can better navigate their unique path along the road ahead.
After all, if your management staff know where they are going, they can steer the rest of your employees in the right direction far more effectively. In the end, this is only going to improve productivity and increase your business’ bottom line.
Track and improve employee performance
It’s fair to say that the days of giving your employees an annual performance review are long gone; well, they should be. It’s simply no longer a viable business option to address issues your employees may have once a year.
If your company continues to do this then you may be losing huge amounts of revenue to poor performance and this won’t necessarily be the fault of the employee.
It should come as no surprise that employees who are part of a support network with their more senior colleagues are able to perform far better than those without.
Thankfully, HR analytics can help to identify areas in which employees need to improve and this gives leaders the opportunity to guide those they’re responsible for.
With the right tools, your leader can gain access to real-time performance data that will give insight into whether particular employees may need additional training or support. In addition to this, your business will also be able to improve your induction programs for new hires which should reduce employee performance issues in the future.
Knowing how to effectively reduce operating costs is hugely important if businesses wish to increase their bottom line. And what kind of business wouldn’t like to do that?
Typically, employees represent the biggest area where companies can reduce costs. No, this doesn’t necessarily mean laying off a large number of your staff, but it does mean you’ll need to better understand your workforce and manage it more effectively.
Cost modelling is the first step your business will take to identify and reduce costs. It’s HR analytics tools that automate this process and will allow you to model the costs for your hiring processes, onboarding expenses, productivity, employee turnover, and much more.
Without even having to delve too far into the data, your business will be able to quickly identify cost drivers that can be acted on in order to make improvements.
HR apps for mobile devices
As mobile devices become more sophisticated, HR analytics tools are embracing the potential for change. Now, many HR tools allow users to access dashboards from mobile devices at remote locations.
Moving in this direction with your HR analytics tools will allow your employees to manage themselves by taking control of recording their attendance, accessing benefits, managing their time, requesting holiday, and so on.
This will help your HR employees to meet their targets and to focus on more pressing business issues. However, in addition to this you’ll also have a huge amount of data that will allow you to better manage your employees and push for business growth.
Are you interested in equipping your HR department with the best analytics tools available? To see how Saxons can help your business grow, visit the IT Solutions page now. Or, get in touch with a friendly member of our team by contacting us now.