Obtain Profitability with HR Data Analytics
HR data analytics software is a tool to give executives insights into workforce inefficiencies and help develop strategies to improve employee learning, career planning, recruiting and many more expensive aspects of your company.
Worker productivity is a factor that can directly impact the profits of a company. While managing the variables that impact profitability is simple for small businesses, it is nearly impossible for large Fortune 500 companies. Human errors and subjective decisions can prevent a company from obtaining an optimal level of productivity. Fortunately, HR analytics software can compile workforce data to help managers and HR professionals make better decisions about efficiency strategies. Here are a few ways data analytics software can be used:
- Aid in employee training suggestions
- Employee goal tracking insights to understand performance trends in various departments
- Understand what departments are experiencing high turnover rates
- Make cost-benefit analyses to improve on ROI strategies
- Understand how compensation affects output of your employees
HR predictive analytics gathers both historic and current data from a company to help human resource professionals make smart decisions. Through the use of sophisticated software and algorithms, Cornerstone's predictive analytics processes data to identify productivity trends under different conditions. For example, the software may compare the trends of a company that currently has 85% labour capacity and low training with a previous condition that entailed 65% labour capacity and high training. Based on the productivity outcomes from this data, predictive analytics will suggest a decision that will optimise profits.
Measure the Productive Value of Each Worker with HCM Data
Every manager understands that each of their employees is different. Due to past experiences, levels of education, and motivation, some workers are more motivated by current reward systems than their peers. While some of these high-value workers are easy to identify, others are more difficult to tag. Data analytics can eliminate this problem through a performance data analysis. This will allow HR professionals to eliminate unproductive compensation strategies or work structures. High-value workers can be rewarded and career paths can be developed for them for a better succession strategy within the company. Cornerstone's software allows HR professionals to create easily accessible reports to increase transparency of compensation, labour capacity, human capital requirements, and predictive analytics.
Find answers to tough HR questions with talent management analytics:
- How does our company attract and select the right applicants to deliver exceptional customer experience?
- Which capabilities in our workforce need to be developed today to achieve future business performance?
- How can HR professionals anticipate and mitigate our organisation’s workforce compliance risk?
- What career experiences will most likely result in the development of our company's future leaders
Use Data Analytics to Gain a Competitive Edge Over Other Companies
Because of the large and complicated nature of many companies in today's markets, the companies with the best analytical capabilities have a significant advantage over their competitors. Companies that use predictive analytics for HR can mine through employee data quick efficiently to make appropriate decisions. Research has shown that companies that use HR data analytics are five times more likely to make quick decisions with positive outcomes than competitors without these tools. Companies with HR data analytics are also three times more likely to follow through with their strategic plans. In other words, they are less likely to compromise long-run goals due to short-run issues.
Make Cost-Effective Decisions with Big Data
Workforce data can help professionals avoid poor judgment when it comes to important decisions. Big data for HR will ensure that all decisions are supported by up to date data and trends. This mathematical decision-making process has helped companies become two times more likely to be in their industry's top quartile for financial performance. On average, companies that use HR data analytics tools like Cornerstone have 30 percent higher stock prices than their competitors in the S&P 500 index.