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Human resources are the heart of every organization. Great employees drive company performance, and this is why improving human resources decision making has become a focal point for organizations of all shapes and sizes.
But what categories of information do you start to analyze and how do you analyze them? In this guide, you’ll learn about the different types of HR data, as well as how to analyze data and make data-driven HR decisions.
HR analytics is a field of analytics where analytic, data-driven processes are applied to human resources functions, decisions and practices. The goal is to improve HR KPIs like employee performance, employer brand attraction power, hiring speed/effectiveness, and retention to get a higher return on investments in the HR functions of companies.
In order to access HR data, you’ll need to leverage best-in-class HR tools. Here are the common HR systems and some of the vendors that you’ll see on the market.
Employee Sourcing Software
Job Boards and Job Posting Software
Applicant Tracking System
Reference Checking Software
Employee Payroll and Benefits
Performance Review / Management Software
Employee Learning / Development
Employee Feedback / Engagement
HCM / Talent Management Suite
Using the HR tools above, you can gather a wealth of HR data that you can also begin to analyze.
Below we break this topic down by different HR functions (sourcing candidates, maintaining high employee satisfaction, etc.) and the metrics that are most commonly used within those areas.
To keep everything organized, we’ll start from the beginning of the talent acquisition funnel and end at employee churn and succession.
Employee sourcing is one of the most recent areas to receive the benefits of HR analytics. Most commonly, employee sourcing has been looked at through the same lens as email marketing, as marketing your company and job opportunities is similar to this marketing field.
When interviewing candidates, valuable time is being used for each applicant. Use these metrics to determine quality of candidates, and time spent per candidate.
Hiring and recruiting analytics are among the most commonly reported and earliest measured HR metrics.
Below you’ll find a list of some of the most common talent acquisition metrics and how to calculate them.
Using your performance management system like the ones listed above, you can gain insight into employee performance and build performance benchmarks by department and role.
With retention and engagement becoming more important in measuring your culture, use these metrics to measure your employee satisfaction.
Employee development and training metrics help you measure and optimize the performance of your development programs. A vast majority of metrics will be tailored to specific employees or teams at the micro-level, but you can also measure participation and engagement at a macro-level.
Your company may spend millions in employee benefits, so it’s in your best interest that they’re adding value to the lives of your employees. Track employee benefits metrics to understand which benefits are the most popular and which you can drop.
The US Bureau of Labor Statistics regularly releases metrics that you can use within your analytics systems. All of their labor force metrics can be used to analyze the market competitiveness and trends that can influence your talent acquisition efforts.
With the wealth of public data available, you can leverage your internal HR Data systems to compare your company’s metrics to the public data of competitors.
Below are some great ideas for HR Competitor Analytics that you can measure.
Your HR data is valuable. So valuable in fact, that you need to be using it make informed decisions about your human resources.
But oftentimes, this data is separated into several different silos, making it increasingly difficult to move beyond basic metrics. This is why Data-Driven HR departments require the proper foundation for their HR analytics.
Here is the foundation for ensuring you have quality HR data.
Proper data governance is the most difficult part of realizing a data-driven HR department. The challenge here is connecting your manual data, all of your data sources, integrating all of those systems, and pulling all of this information into a data repository or data lake. The easiest way to ensure proper data governance is to use a tool like SwoopTalent.
SwoopTalent acts as a middleware piece to your HR ecosystem that integrates all of your HR tools, as well as public data to create a data lake. Then, you’re able to easily turn that HR data into insights using SwoopTalent, which looks like the screenshots below.
As an HR leader, or HR analyst, tools like SwoopTalent become integral into building our your HR analytics and data plans, especially as Big Data analysis becomes the norm in HR .
As data sets continue to increase in HR, so will the need for a data governance tool like SwoopTalent.
Big Data in HR refers to massive and quickly growing data sets as they relate to current employees, past employees, active job candidates, passive candidates. These data sets can include skills, performance ratings, education history, work history, performance, background and more. These big data sets in HR help modern HR teams evaluate and improve practices in talent acquisition, development, and retention.
The biggest problem for HR departments has been the lack of solutions to compile these big data sets, analyze them, and turn those insights into action.
To learn more about how you can start leveraging Big Data to predict employee performance, increase retention, improve quality of hire, and more, then click here.