Other parts of this series:
- Human capital analytics ramps up business performance
- Human capital analytics helps organizations get smart about their future talent management requirements
- Human capital analytics enables organizations to improve their workforce management through better engagement and rewards
- Human capital analytics boosts staff retention by curbing absenteeism and combating employee attrition
The deployment of advanced analytics systems linked to big data tools and services is dramatically improving the ability of organizations to understand and serve their customers.
The application of this technology to enhance human capital management can further boost the performance of such organizations. The benefits of human capital analytics, as I discussed in my previous blog post, reach far beyond the human resources department. They include substantial improvements in operational performance, customer service and revenue growth.
Human capital analytics provides organizations with valuable insights into the attitudes, behavior and performance of their workforces. Such insights can be used to enhance the effectiveness of workers and the efficiency of the support processes throughout the organization. Recruitment costs can be cut by more accurately assessing and then improving the effectiveness of assessment processes. And, staff attrition can be curbed by introducing predictive employee retention models.
Human capital analytics shifts the focus of an organization’s executive team from traditional report-based descriptive workforce analytics to predictive analytics. It’s not limited to analyzing and describing the current dynamics of the workforce. Instead, it also looks forward. It anticipates future needs and identifies proactive measures to enhance workforce performance and align talent to the organization’s human capital strategy. This is achieved by implementing an analytics framework that identifies and analyzes potential pitfalls; devises interventions to resolve them; and measures and controls key performance criteria.
Human capital analytics systems and processes can address the whole of the talent life-cycle from talent planning, to staff recruitment and engagement, through to employee retention. This allows organizations to forecast workforce requirements and to optimize their fulfilment plans.
An analytics-enabled workforce planning solution allows an organization to cascade its business strategy through the many levels of its workforce. It can then optimize the size and composition of its workforce to meet its short-term and long-term requirements. Furthermore, a variety of economic simulations can be performed to ensure the organization has sufficient flexibility to quickly change its workforce dynamics to meet shifting market conditions. Such information is delivered to key executives on online interactive dashboards linked to workforce planning applications typically running on a software-as-a-service platform.
Human capital analytics can significantly improve the effectiveness of the recruitment process. High-potential candidate profiling identifies the best people to hire, while throughput conversion analysis and campus hiring analysis select the most effective recruitment methods. Furthermore, the recruitment process can be enhanced by employing analytics systems to gauge the lead times needed to fill key vacancies and to map the supply of talent.
In my next blog post, I’ll discuss how human capital analytics can significantly improve workforce management.
In the meantime, take a look at these links. I’m sure you’ll find them very useful.