HR Analytics Market to Register 15.6% CAGR in Near Future

Human resource management (HR) is used as an umbrella term for describing the management of employees in an organization. The term ‘human resources’ was coined in the 1960s for the very first time. Human resource management aims at increasing the effectiveness of a business or an organization. The entire spectrum of work, such as creating, cultivating, and managing the employer–employee relationship comes under human resources. Businesses can be small, medium, or large, and depending on the size, appropriate work force is required to carry out activities smoothly. For that, the need for workforce optimization is being felt as it helps in making operations more efficient.

HR analytics is helping industries, such as retail, banking, financial services, and insurance (BFSI), government, manufacturing, energy & utilities, entertainment, oil & gas, hospitality, automotive, logistics, information technology & telecom, education, and healthcare organize their workflow. The BFSI sector faces a crisis in recruiting new talent and finding a replacement for people nearing the age of retirement or people who leave. Further, as the job profile in this sector is pretty rigid, the BFSI sector doesn’t come across as the ideal choice of workplace for many young professionals.

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HR analytics has simplified the hiring process for HR managers. Previously, HR managers would take decisions for recruitment based on their ‘gut feeling’. This software is proving to be of great help for the HRs as it can analyze the skillset and expertise of a prospective hire and provide valuable insights. It also helps in removing biases and helps companies take an impartial decision. This, in turn, is benefitting companies and businesses in recruiting the right people for the job, which would directly give them an edge over their competitors and impact their performance. The demand for efficient hiring is rising worldwide, as it helps businesses be more agile and proactive.

Nowadays, work is being done in the direction of making the HR analytics software even smarter by integrating it with machine learning and AI. Technical advancements are leading to the high demand for AI-enabled devices and products. AI can help HRs forecast employee flight risk, unearth engagement issues, identify high-potential employees, recommend learning courses, study the impact of recruitment decision, and more, which would further help organizations improve their workforce efficiency in the coming time.

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