Analytics field isn't just for statisticians anymore. Most of the business is using analytics to examine and act upon data about their people in the workplace, known as workforce analytics. These advanced tech tools are changing the HR game, and those companies willing and able to harness the power of Big Data for analytics are seeing great gains and meaningful advantages over their competition. It could be used in predictive or prescriptive fashion.
This field of analytics tries to help businesses with management and improvising the hiring process, this also helps in taking key strategic recruiting decisions, tries to retain the best workers. Generally, it uses the advanced statistical algorithm along with machine learning to solve most of the hiring process. It helps to analyze recruitment, staffing, training and development, personnel, and compensation and benefits, as well as standard ratios that consist of time to fill, cost per hire, accession rate, retention rate, and rate, replacement rate, time to start and offer acceptance rate. Following are the objectives of workforce analytics -
Prediction of the success of an employee.
Who is going to leave the organization in near future?
How to retain the best talent for the organization?
Is there any need for new post and new vertical?
Identifying which department to eliminate.
Identifying factors which can influence employee job satisfaction.
Prediction of new technological need.
Optimize the organizational structure.
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