Scribd
Upload
69 views

HR Metrics and Workforce Analytics

HR metrics and workforce analysis is a strategic tool that provides factual information about employee performance and functioning. Over time, metrics have evolved to use more quantitative and qualitative measures, allowing access to large data. Workforce analysis helps with gap analysis and forecasting business goals. Objectives of HR metrics include linking HR goals to business strategy and enabling access to employee data like tenure, recruitment, and surveys to inform managerial decisions. Data is gathered from sources like HR databases, employee information, and focus groups. Reporting addresses crucial questions for decision making, while dashboards visually summarize key metrics. Benchmarking allows comparison to standards, and data mining uses statistical techniques to analyze patterns and relationships in large databases for knowledge and decisions. Predictive analysis as

Uploaded by

Dr. Priya
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
69 views

HR Metrics and Workforce Analytics

HR metrics and workforce analysis is a strategic tool that provides factual information about employee performance and functioning. Over time, metrics have evolved to use more quantitative and qualitative measures, allowing access to large data. Workforce analysis helps with gap analysis and forecasting business goals. Objectives of HR metrics include linking HR goals to business strategy and enabling access to employee data like tenure, recruitment, and surveys to inform managerial decisions. Data is gathered from sources like HR databases, employee information, and focus groups. Reporting addresses crucial questions for decision making, while dashboards visually summarize key metrics. Benchmarking allows comparison to standards, and data mining uses statistical techniques to analyze patterns and relationships in large databases for knowledge and decisions. Predictive analysis as

Uploaded by

Dr. Priya
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

HR METRICS AND WORKFORCE ANALYSIS

HR Metrics and Workforce analysis is a useful strategic tool for HR which shares
information and evidences about the functioning of the entire system by relying on facts and
figures, as opposed to mere assumptions or personal opinions. Over a period of time, the HR
Metrics has evolved with the usage of more quantitative and qualitative measurement
methods, as it allows more access to large amount of data. Workforce analysis helps by way
of gap analysis and involves forecasting of futuristic business goals and objectives.

HR Metrics and Workforce Analysis has its origin far back during the days of Taylor’s period
when he propounded the notion of scientific management. Extensive research in this field,
reveals the fact that with the increase in the areas of HR functioning, HR metrics and
Workforce Analysis play a predominant role in sharing vital information on the people
matters and support with crucial data which help in strategic decision making at the top level.
Since HR is playing more of a strategic role today, hence these techniques have received a lot
of importance from the HR professionals.

HR Metrics and Workforce Analytics is in a state of transition currently.


Today organizations use metrics for evaluating or auditing their HR
initiatives/programs and measuring its success. Data Metrics and Workforce Analytics,
help the organization in implementing effective and much more informed decisions by
analyzing the available information.

Objectives

The main purpose of HR Metrics and workforce analysis is to link HR objectives to strategic
business activities. It enables the accessibility of information for proper managerial decision.
So, a proper HR metrics and analysis should be identified. HR Metrics and Workforce
Analysis can be used to analyze the crucial employee related data such as Staff
Characteristics, Strategic Business Objectives and the overall HR strategies, talent acquisition
and management, Employee Wellness and Productivity details and diversity targets. To
conduct HR metrics, data gathering is one of the most pivotal step and the information of this
can be gathered from the HR databases. The details can be collected from various sources
like:

 Employee Work Tenure


 Recruitment details including information on new recruits across various departments
and the business units.
 Surveys designed and conducted by the department
 Information gathered from the existing, new or exiting employees by way of
interviews
 Through focus groups
Using HR Metrics and Workforce Analysis

REPORTING: Reporting addresses some of the very crucial questions pertaining to the


decision making. It involves decisions about what and how metrics should be selected and
presented, to whom the metrics should be communicated, equally how and when it should be
reported. This is one of the most useful tools for identifying the existing problems or
loopholes which affect the overall employee performance, motivation and productivity. This
provides an opportunity to work upon the existing lacunas or loopholes by recommending a
strategic plan of action for driving excellence in performance and improved organizational
productivity. Apart from providing quantifiable data, it involves interpretation of the
information, putting it in right context and recommending suitable strategies for continuous
improvement.

DASHBOARDS: Dashboards are typically used to measure and display metrics defined by


any organization. It helps managers to examine metrics at different levels of the organization.
The metrics identified are called Key performance indicators (KPI). Dashboards provide
summarized details or at a glance visual representation of information on certain key
functional area of HR. It also provides scope for analyzing the key HR metrics or additional
details.

BENCHMARKING: Benchmarking is a useful strategic tool by way of which a comparison


can be done between the set or predefined standards against the existing achievements or
outcomes. It offers practical insights on the feasibilities for achieving an outcome, helps in
redefining goals and forecasting the progress by way of analyzing the existing realities and
limitations on a comparative basis.

DATA MINING: Data Mining technique is one of the most valuable tools for the HR
professionals, as it relies on data patterns from usually large databases for acquiring
knowledge and enabling effective decision making by understanding the causal mechanisms.
It uses various statistical techniques like multiple regression and correlation for analyzing
these patterns of data and the relationships. The data mining process essentially involves
three stages: (1) The stage of initial exploration, (2) Identification of patterns or the stage of
development of models and (3) final implementation/deployment stage.

 Exploration: This is the stage of selection of data records subsets and preparation of


data;
 Model building: This stage involves development of various models and selecting
the best model by considering various factors or criterions;
 Deployment: This is the stage of implementation of the best model selected for
arriving at effective decisions and meeting the expected outcomes.

PREDICTIVE ANALYSES: This is a very crucial tool used by the HR professionals for


effective strategic decision making and improving overall organizational profitability by
assessing and predicting future outcomes by assessing key indicators or processes of an
organizational system.
OPERATIONAL EXPERIMENTS: operational experiments help to develop models on
which the managers take decisions about the actual functioning of the organization. It helps
to determine the relevant variables and how much useful they are to the system.

WORKFORCE MODELLING: Workforce modeling is a useful technique, by way of


which an HR professional can understand the changes in the requirements for human capital
as a result of change in the organizational environment. This can be due to strategic alliances
like merger/demerger, acquisition or divestiture or due to changes in the demand for the
products of the organization.

You might also like