In today's data-driven world, making informed decisions
based on evidence is no longer a luxury, it's a necessity. This holds true for
all aspects of business, including Human Resource Management. But with the vast
amount of data generated by HR processes, it can be overwhelming to know where
to start.
This is where HR analytics comes in. By applying analytical
methods to HR data, organizations can gain valuable insights into their
workforce, leading to better decision-making, improved efficiency, and even
cost savings.
Here are the four main types of HR analytics and how they
can empower HR professionals:
1. Descriptive Analytics: Understanding What Happened
Think of descriptive analytics as the foundation for all
other types. It involves summarizing and describing past data to understand
what has happened in the organization. This could include metrics like:
·
Employee turnover rate: What percentage of
employees leave the organization each year?
·
Time to hire: How long does it take to fill open
positions?
·
Cost per hire: What are the expenses associated
with recruiting and onboarding new employees?
By analysing this data, HR professionals can identify
trends, patterns, and potential areas for improvement.
2. Diagnostic Analytics: Why Did It Happen?
Once you know what happened, the next step is to understand
why it happened. Diagnostic analytics involves digging deeper into the data to
identify the root causes of trends and patterns.
For example, if the data reveals a high turnover rate among
new hires, HR can use diagnostic analytics to identify factors contributing to
this, such as a lack of onboarding support or a mismatch between candidate
expectations and the job reality.
3. Predictive Analytics: What Might Happen?
Predictive analytics takes HR analytics to the next level by
using statistical models to predict future outcomes. The future of work is one
of the top priorities for 42% of HR leaders according to Gartner. This allows
HR professionals to proactively address potential issues and make informed
decisions.
For instance, predictive analytics can help to:
·
Identify employees that may leave based on
factors like performance, engagement, and demographics
·
Predict the cost of future recruitment campaigns
based on historical data
·
Forecast workforce needs based on business
growth plans
4. Prescriptive Analytics: What Should We Do?
Finally, prescriptive analytics goes beyond simply
predicting future events. It uses advanced algorithms to make recommendations
for specific actions to achieve desired outcomes.
For example, prescriptive analytics can suggest:
·
Targeted interventions to retain high-potential
employees
·
Training programs to address skill gaps and
improve employee performance
·
Optimizing recruitment strategies to attract and
hire the best talent
Equipping Yourself for the Future of HR with MITSDE’s
PGDM HRM:
As HR analytics continues to evolve, it's crucial for HR
professionals to stay ahead of the curve. This is where topdistance PGDM HR courses like the one offered by MITSDE come into play.
MITSDE’s post graduate diploma in HR is a top-ranked
distance learning program designed to equip you with the knowledge and skills
you need to thrive in the data-driven world of HR. The program includes
dedicated modules on HR analytics, covering topics like:
·
Data collection and analysis techniques
·
Interpretation of HR data
·
Applying HR analytics to different HR functions
Here are just a few reasons why MITSDE offers the best PG
diploma human resource management:
Flexible and accessible:
The distance learning format allows you to pursue your
education while managing work and personal commitments.
Industry-relevant curriculum:
The program is designed to equip you with the latest HR
practices and trends, including those related to HR analytics.
Renowned faculty:
The postgraduate diploma in HR management is led by experienced and qualified
faculty with expertise in various HR domains.
Strong industry linkages:
MITSDE enjoys strong relationships with leading
organizations, providing students with potential internship and career
development opportunities.
By investing in your education and developing your skills in
HR analytics, you can become a valuable asset in today's data-driven business
landscape. MITSDE's PG diplomain HR can be your stepping stone to a successful career in the
ever-evolving world of HR.