HR Strategy & Advisory
Published on 02 Aug 2022
HR leaders play a crucial role in helping their organisation achieve its goals by identifying potential gaps and collaborating closely with management. The constant change that we see all around us is a testament as to why this needs to be done. Unfortunately, not every HR professional has what it takes to solve modern HR problems on the spot. With new technology, HR managers can start harnessing the power of software data analytics to solve these new issues.
One of the most famous business quotes comes courtesy of Peter Drucker (the father of management thinking): "If you can't measure it, you can't improve it". With the help of data analytics, HR managers can measure insightful data to unlock the critical value of people management to create a better work environment for employees.
What exactly is HR data analytics and why is it important?
HR data analytics refers to the collection and application of talent data which derives from certain metrics quantifying impacts and measuring the value and effectiveness of HR initiatives and resources to improve critical talent and business outcomes.
Data analytics is crucial to any organisation, allowing HR leaders to analyse, identify opportunities for productivity improvement, and identify people management areas requiring cost control and greater efficiency. This, in turn, will enable the achievement of the overall organisational goals, and promote greater employee experience through positive workplace culture.
There are many ways that HR can use data analytics for various people management strategies and planning. For example, global payroll data analytics have proven beneficial to HR managers. It allows you to simplify your payroll processes with core payroll processing technology, streamlined salary payments, statutory reporting and submission.
HR data analytics such as overtime data is incredibly important and can help improve processes and work-life balance in a number of ways. This data can help HR managers identify overtime patterns and use that information to develop more efficient workflows. Additionally, studying overtime data can help ensure that employees are not overworked, leading to reduction of stress levels and a healthy work-life balance.
Pay data plays a major role in driving productivity and determining the company's culture. As such, businesses need to attract and retain the best talent possible. A key part of this process is ensuring that employees are fairly compensated. By studying pay data, companies can ensure that they are paying their employees competitively. This, in turn, helps to attract and retain the best talent.
In addition, understanding pay data can also help businesses to budget their resources more effectively. By understanding how much they need to spend on employee compensation, businesses can more effectively allocate their resources and ensure long-term financial stability.
By analysing employee data with insights such as employee leave, recruitment, and resignation, HR managers can help improve the overall quality of the workplace. HR data analytics can help identify potential problems before they become serious issues. For example, if HR data analytics reveals that employees are frequently taking extended leaves of absence, it may be an indication that the workplace is not meeting their needs. By using data to identify these trends, HR managers can take steps to correct them before they cause serious harm to the organisation.
Using people analytics to your advantage is critical for developing a competitive edge over your rivals. Contact us today to discover the ideal solutions for digitising and automating your payroll procedures.