My first Magazine HRegatta_Edition 8 | Page 10

The HR & OB Society HR Analytics is rising at such a massive pace that it is becoming an essential aid to businesses. Even Deloitte’s 2017 Human Capital Trends report states – “71% of companies see people analytics as a high priority” which in itself speaks the value of such technology. It surely gives companies a fast and comprehensive view for making efficient decisions HR analytics majorly happens at two fronts - Descriptive Analytics and Predictive Analytics. Even predictive analytics is later enhanced by Prescriptive Analytics. Presently a lot of companies are stuck in the Descriptive Analytics and are just doing the reporting of various data from different HR processes - they are like mere showcase dashboards which tell the health of the organization and nothing more. Companies are still struggling with the challenge of transitioning into the Predictive Analytics field. With this a concept of “HR Intelligence is Hitting the Wall” comes into picture which describes on how organizations have limited HR intelligence to break the wall and become fully matured analytics organizations. All this is happening because of the root cause of no standardization in data collection of employees and data of various factors related to employees. The data systems are still not in place and even if they are, the concerned HR analytics team isn’t trained well enough to interpret those data either due to lack of skill of errors in data. But to be HR analytics ready, various hygiene factors need to followed, like – 1. Proper data capturing free from errors 2. Add more data variables to various dashboards 3. Train employees for data management The need of making HR - A data driven function has certainly become imminent. This has truly been recognized by various companies of different sectors all around the world and one would be amazed by the extent to which these companies have gone into HR analytics. Few of such companies are – 1. Virgin Atlantic – Reduced absenteeism: Analytics helped in uncovering factors of 9% absenteeism and saved about £750,000, or $1,150,252.50 2. Wells Fargo – Predictive hiring: Model based on using analytics to identify qualities of high performers Faculty of Management Studies, Delhi 10