HR ANALYTICS – EMPOWERING ORGANIZATIONS
Keywords:HR Analytics, Work Force Analytics, Management, HR, Empower, Data, Decision, Business, IT, HR Metrics, Scorecard, Predictive Modelling and Employee Engagement
The world of business is fast evolving and as the famous Heraclitus saying goes “Change is the only constant in life” which applies to all Organizations, adapting to the new and consistently re-inventing becomes the life line for survival.
The era we live is one marked by highly competitive corporates who influence the day of every living being in one way or other through the products/services they offer. These Organizations, most of them have a global scale of operations are on a constant vigil regarding their internal mechanisms and is on the lookout for grabbing the best opportunities. The HR Department traditionally considered as a support function has itself in the last decades evolved into a Business Partner role aligning with the Objectives of the Organization. This paradigm shift brings a lot of stress on the Human Resource Management system, who is the vital facilitator in driving the organizations transitions smoothly. The major factors which accentuate the same are diminishing boundaries of trades between nations, increased competition, growing interdependence of the world’s economies, etc. To accommodate for more accuracy in decision making, being a strategic Partner ,HR function has to rely on evidence .Human Resource Analytics (HR Analytics) being a data driven approach is a vital tool in this regard for the Organizations.
The objective of this paper is to study the importance of Human Resource Analytics in managing the human resource of the organizations and whether it provides a competitive edge. In addition, the exploratory research made gave insights into the competitive edge derived by the organizations and its impact on Business Goals, increasing interest shown by many organizations in HR Analytics and the various methods used by them as evidence based approach for making strategic decisions which in turn has helped them in achieving the set Business Goals.
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