What is HR Analytics?
HR analytics, also known as people analytics, is the use of people data in analytical processes to solve business problems. Most of the HR’s are now moving towards automation to enhance the proficiency of HR by freezing employees from tedious manual tasks. By automating HR activities an organization can reduce the cost and time they spend on manual HR processing and planning. Organizations that regularly use data to make talent and HR strategy decisions generate 30% greater returns.
86% of Executives using Predictive Analytics in HR for over 2 years report an ROI.
Need of an hour HR Analytics & Reporting:
The analysis is the discipline of gaining meaningful insights through the interpretation of data that helps in better decision-making.
- 82% Improvement in joining predictions
- Valuable Insights in terms of recruitment, L&D, and new hire progress, and milestone tracking
Onboarding analytics can be further divided into:
- Feedbacks & Survey
- Engagement on the self-service portal
- New Hire Progression and task list
Some More Important Onboarding Analytics:
- Offer Generation V/S Offer Accepted: The offer acceptance rate compares the number of candidates who successfully accepted the job offer with the number of candidates who received an offer. This ratio further helps organizations to analyze their drop-out ratio. It helps in understanding some ratios like:
- Helps in understanding the reason for dropouts
- Helps HR to attain a better offer acceptance rate
- Helps in internal HR analysis; like analyzing competition, Communication gap with a candidate, reasons for not accepting
2. Source of Hiring: Source of hiring shows that percentage of your overall hires entered your pipeline through each recruiting channel or source. It also helps in analyzing
- Helps in tracking effective sourcing channel
- Helps in analyzing sourcing channel cost
- Helps in creating surveys and analytical graphs
3. Time to Hire: Time to hire represents the number of days between the moment a candidate is approached and the moment the candidate accepts the job. In other words, it measures the time it takes for someone to move through the hiring process once they’ve applied. Also the analytics helps us to understand
- Helps in analyzing recruiter performance
- Helps to view realistic time to fill a position
- Helps in analyzing success ratio and quality of hire
4. Early Employee turnover: This early leaver metric indicates whether there is a mismatch between the candidate and his company or candidate or his position. Early attrition is also very expensive and troublesome for an organization.
- Helps in analyzing reasons for early attrition
- Helps to Onboard better & efficient candidate
- Enablement of employee engagement activities
What are the top 3 objectives that organizations can achieve through early employee turnover?
• Helps in recruiting efficient candidates – Due to early employee attrition recruiters can also allocate better and efficient resources for the organization.
• Helps in analyzing reasons for Early Attrition – Early employee turnover not only lets the recruiter and HR hire new talent but also lets recruiters know their reasons for leaving which helps them to overcome the loopholes in the future.
• Helps in increasing employee engagement activities – After analyzing early employee attrition; HR analyzes and can work upon more engagement activities that can reduce early attrition in an organization.
Onboarding in 2021 is not just about getting necessary documents in order and making them familiar with company policies and rules. Acclimatize new hires with the organization, assimilate them culturally into the organization, and leverage the latest employee engagement models to create a first impression that lasts!
MyJoining not only takes care of preonboarding and onboarding phase but also has endless people analytics capabilities likeEnd-to-end analytics capabilities for the entire employee lifecycle from talent acquisition to exit to enable improvised decision making in terms of understanding workforce performance and productivity, delivering talent management strategy, understanding workforce culture and behaviors and much more.
To know more visit www.myjoining.in