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 HR analytics market is predicted to advance at a 15.6% CAGR in the coming years, as reported in a P&S Intelligence study.
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. Workforce optimization
does that by aligning skills and resources to a specific job, empower the HR
manager to monitor an employee’s contribution and performance, record
performance data in a structured form that helps in decision making, and track
work progress and identify missed goals.
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This helps in developing an
understanding of an employee’s strengths and weaknesses. Therefore, by
articulating a commendable workforce planning strategy, HR analytics software
is helping organizations remain strong and flourish. 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.
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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. The entire spectrum of work, such as creating, cultivating, and managing the employer–employee relationship comes under human resources.
Therefore, the HR
analytics software is helping these organizations in creating a personalized
employee experience in the same way as marketing departments work for providing
personalized customer experience. Further, the software employs artificial
intelligence (AI) and cloud computing to establish trends from the HR data and
data from other sources, such as the social media.
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