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White Paper in HCM analytics

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Converting employee's skills, knowledge, ability, talent, aptitude, creativity and their excellence into business and measuring it with some form of metrics to evaluate is nothing but HCM analytics. The purpose of this white paper is to convey the importance of analytics in HCM. In today's difficult economic environment analytics plays an increasingly important role in addressing strategic human capital challenges.
 
"The smaller you project, it wider your vision" the set of collective data effectively used to predict workforce trends, reduce risk and increase returns. Key Performance Indicators (KPI) aimed to project the exactitude and efficiency in HCM. It helps the organizations to analyze and make more focused decisions. An analytical approach would give a strategic winning progress. More specifically there are some notable questions in HCM analytics like, what are the benefits? Why organizations should invest on analytical technology? How do you collect the data? And how the data is analyzed?
 
In Indian organizations there is an identified lack of investment in analytics which stay back in the competitive business world. Any type of companies should measure the time and cost involved to identify the trends.
 
Capturing set of data in HCM process is being a complex thing for many Hr professionals. Collecting informative data while filling up the vacancies, cost of training & development per employee, measuring employees performance and appraisal based on individuals performance. Set of good data can be collected from any of these processes by implementing data entry procedure. Collecting accurate data can be difficult but in order to be effective in your HCM process acknowledge proper and sufficient data is essential to deal with technological projection. Adding to the above, fixing technology to provide HR professionals with the core set of data they need to make better decision and prove they are always in the upper hand. The quality of data is based on how accurate and up-to-date?
 
Definition of HCM Analytics:
 
The administrative management of an organization is known as HCM, Analytics is the solutions that allow people to find meaningful pattern in data. HCM analytics is an important source in terms of suggesting and implementing policies regarding human resources.
 
Benefits of analytics in HCM:
 
ROI
Tangible out come
Timely guidance
Accountability
Accurate decision by Hr leaders
 
ROI
It's always better to Invest in analytics to predict the business trends and identify the appropriate solutions than investing in wrong technology and wrong candidate.

Tangible out come
Analytics converts to revenue factor, customers and employees in decision making.

Timely Guidance
It drive an organizations workforce, provides accurate and timely guidance.

Accountability:
Personnel department can be held accountable for impacting bottom-line for investing the amount of money in human resources.

Accurate decision by Leaders
Hr Leaders can now quantify their numerous impacts on business outcomes.

 
Gaps in HCM analytics due to:
 
No proper automation to capture data in HCM process.
Spreadsheet process & manual process lack in integrating data to analysis.
Huge volume of inconstant data.
There are many internal barriers that stops organization to stick with analytics.
 
How does BDI helps in HCM Analytics :
 
BDI's analytics in HCM offers a great insight & opportunity for hr functions. We help business grow faster by providing analytics through Dashboard, score cards, Trends, Drilldown analysis, patterns, Gauges and sales funnel, etc.
We lead the data into performance indicators & POCs. Such measurement tools which maps the impact of people management in their organization.
BDI plays a major role in set up a frame work of personnel related measures that will form an intrinsic part of your organization's performance measurement system.
We eliminate our customer's doubt like, "How do they quantify the value- financially & non-financially, that is added to each stakeholders through the people they have?
ROI: Taking significant steps for customer's return on investment in HCM analytics. BDI analytics works in all types of functional areas in HCM from Workforce management, recruitment, Training & Development, Employee retention & attrition, internal mobility, compensation & up to appraisal measuring metrics.
BDI provide a detailed analysis and help its customers to make their business decisions more efficient and also giving complete, real-time & enterprise-wide insight for all users.
By offering a custom Dash boarding frame work called "NIVIDH" which helping BDI?s customers not only in the field of HCM. NIVIDH is an On-Demand BI Dashboard solutions, It can provide next generation business analytics, premium data visualization & industry specific KPIs in affordable price.
We update our self with latest technologies in the technological world. As said, we do have our own HTML5 Dashboards which is the most latest technology in the market.
BDI has strong analytical skills, overall strength in measuring data and providing high level satisfaction to its customers.
 
How does BDI helps in HCM Analytics :
 
Scorecard is nothing but a performance management tool that gives managers a accurate and comprehensive business view. Creating a benchmark and validate the current performance to meet the fixed expectation is the main characteristic of scorecard. Measuring & reporting the KPIs on the lines of scorecard will help stake holders get real time insight on the workforce performance.
It briefs about some major measurable functional and its analytical metrics in human capital management.
Attrition dashboard :
Attrition analytics:
 
Attrition is the reduction in workforce or the number of employees through resignation or retirement.
Attrition is classified into two types. They are
I. Voluntary Attrition
II. Involuntary Attrition
 
Voluntary Attrition :
Voluntary attrition is the employee's departure on their own. Voluntary attrition is the major issue for any organization's growth. It happens when employees resign for his/her personal or professional reason.
Involuntary Attrition :
Involuntary attrition is nothing but termination of employee by their employer.
Why attrition happens :
 
There are two major factors which influence in employee attrition.
I. External Factors.
II. Internal Factors.
 
External Factors:
Employee skills
Employee's behavior
Job satisfaction
 
Internal Factors:
Training & Development
Compensation
Working Environment
Communication
Recognition
 
Both external and internal factors combined to employee turnover.
Hr can identify the employee's attrition by using two simple methods. With these methods we can collect data about employee's attrition.
I. Exit Form Filling
II. Telephonic Interview
 
By adopting these methods organizations can identify the reason for its employee's attrition. There are some identified reasons in employee turnover.
Higher compensation
Extended benefits from other organizations
Better carrier opportunity
Conflict with other employees
Unsupportive environment
Insufficient talent
Employee's inability to adopt in organizational culture.
 
Observation :
To make strategic business decision investing in HCM analytics would be a remarkable idea. It gives real-time insight view about above process.
Recruitment dashboard :
Recruitment Analytics :
Recruitment strategy should require real-time metrics and measurements. Recruitment performance metrics should allow you to be proactive, interactive and decision making.
In the recruitment sourcing the most qualified candidate is the ultimate aim for any recruiters. BDI provide you with core metrics to help you being improving your recruiters ROI with the help of NIVIDH. Recruitment analysis provides information that can prove hugely powerful in terms of planning future and reducing recruitment costs. The metrics and analytics which BDI provide gives an real time insight and make more effective business decision in every aspect of recruitment, from sourcing the candidate, scheduling the interview and up to bringing the candidate to onboard.
Benefits of BDI analytics in recruitment process:
Greater understanding of your team?s performance.
More efficient feature project decision.
Identification of most & least productive recruitment channel.
Turn Around Time for the process.
Cost per Hire.
ROI
 
Effective analysis also deals with candidates view about the organization which impact on decision making in regard to your business and also for feature recruitment strategy. The result of the entire analytics process will provide information that can allow you to increase efficiency and productivity, increase brand perception and provide a significant savings.
Compensation Analysis:
Compensation is a systematic approach to providing monetary value to employees in exchange of work performed. Compensation entails more than pay. It is a range of economic benefits provided to employees in exchange for their employment, commitment and performance contributions to an organization. It includes both direct and indirect compensation, immediate and deferred compensation and extend to economic incentives and benefits.
It is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according the business needs, goals, and available resources.
This dash board reflects the various aspect of compensation analysis in one.
Compensation analysis by job functions, region, age and workforce etc.
Financial metrics reflects revenue per employee or profit per employee on country basis.
KPI for Actual Vs Budget in compensation.
Payroll expenditure by month with different types of compensation.
Average compensation by jobs.
Department wise compensation expenditure, Etc.
 
Conclusion :
The importance of analytics in HCM is widely understood by many organizations which makes them as unique in their field. HCM analytics represent the talent within the organization and their work force in the form of measurements. Collecting HCM data is not more complicated, by using technology like HRMIS, HRMS or ERP etc it can be done easily. Using automation system would help the organization to integrate data with analytics. It would also help HR professionals more accurate in capturing data. Investing in HCM analytics enables & provides a significant success, reduce risk and increase return.
- By Dilip Sanga
 
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