How is Rising Need to Recruit Right People Aiding in HR Analytics Market Growth?

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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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.

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. 

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