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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