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People Analytics Software For Better HR Decisions

hr people analytics software

Your HR department sits atop an abundance of data ranging from salary calculations and recruitment stats, recruitment performance indicators and performance measurements. However, gathering, correlating and analyzing this information requires more than spreadsheets and manual work.

Next-generation analytics software makes aggregating and analyzing business intelligence data as straightforward as possible, helping HR teams better understand workforce trends that affect performance, turnover, and diversity. These tools also assist HR teams with understanding trends related to employee performance management.

Performance Management

People analytics tools make it easier than ever to keep an eye on all the information necessary for improving your business, whether that means performance management or talent tracking. Selecting a tool tailored specifically to your needs will allow you to optimize both current and future workforces.

Companies use data to make key strategic decisions all of the time, such as forecasted demand, sales revenue, supply costs and customer retention rates to inform their decision-making processes. HR analytics tools can also be helpful, providing insight into your people data so you can make more informed hiring and firing decisions.

Make sure the software you select can manage large volumes of sensitive employee information securely. Preferably, it should also meet SOC 2 Type 2 compliance, meaning a third party has reviewed and confirmed that your solution meets rigorous standards for protecting personal data. This feature is particularly essential if your SaaS solution will serve as your organization’s data hub.

Consider solutions that can import data from other systems, like your HRIS or applicant tracking system, for simplified data aggregation. This will save time and hassle of manually creating and managing spreadsheets for data aggregation – and the accompanying version control issues! It is also beneficial to inquire whether vendors prioritize open technology stacks; this will give an indication of their support, integrations and openness towards working with you and other technology partners.

Employee Engagement

Business leaders use numbers to make critical strategic decisions every day, so it makes sense that they would use HR analytics to track employee performance, uncover gaps and weaknesses, and discover ways to enhance engagement, retention and talent management initiatives.

Dependent upon your vendor, certain systems can integrate seamlessly with all of your HR information systems (HRIS, ATS, payroll and performance management tools) and databases to collect and analyze employee-related data for compensation planning, workforce planning and employee insights. Look for tools with customizable dashboards and reports that can meet specific organizational metrics.

Check if the software provides predictive modeling to predict flight risks, high-performer departures and other metrics of interest. Also make sure that it can compare your data against industry standards to help provide context to your results.

Many systems feature survey capabilities to gather and assess feedback on employee morale, work-life balance and other key areas. Others provide career development features that recommend courses and activities for employees to help develop their skills, while salary benchmarking allows for fair pay among all your people. Another popular feature is an org chart visualiser such as ChartHop which integrates all HR/ATS data to produce an interactive organizational chart which can be utilized by multiple groups within your company.

Talent Acquisition

Are You Searching for Software That Tracks and Measures Hiring Process Metrics? BambooHR offers people analytics solutions designed to assist organizations in tracking recruiting efficiencies, employee diversity, company training and learning programs, talent retention rates or any other metrics related to hiring? BambooHR centralizes all employee information into one location for easy access – this data can then be used by HR teams or hiring decision-makers as a basis for decision making or improving existing processes.

People analytics tools with strong data visualization features offer users the ability to easily visualize key HR metrics in an easily digestible format. Many tools also use these visuals to highlight trends or anomalies within the data. For instance, users could create charts to see how long recruiters take to respond to referrals; then by sharing it with recruiters they could work together towards shortening that response time.

Some people analytics tools offer predictive analytics capabilities, enabling businesses to anticipate future HR-related outcomes. This feature can help managers predict which employees may be promoted so that conversations about career advancement can occur more smoothly.

When researching people analytics software, it’s essential that it integrates smoothly into your current HR technology stack. Avoid platforms which cannot communicate with other systems or corrupt data during integration processes; additionally, find out what additional features the platform offers beyond its core functionalities.

Compensation

Companies use data to make major business decisions every day, such as forecasting sales revenue, supply costs and customer retention rates. People analytics software should facilitate the collection of relevant employee information that HR leaders can then leverage to make better hiring decisions, increase retention rates and meet other important HR capital goals.

Choose a tool that consolidates all the people data from your HRIS, ATS, payroll and performance management system into one centralized platform – this should include data visualization tools that make the information easy for less numbers-savvy teams to digest – such as ChartHop for HR teams as it creates interactive organizational charts containing employee details accessible to everyone in your workforce.

Predictive analytics capabilities should also be part of any tool you consider, which would include being able to recognize trends that indicate whether an employee may leave in the near future. Knoetic can analyze data sets to pinpoint major reasons for attrition and provide recommendations to address them; additionally it can create customized career progression roadmaps for individual employees that improve engagement and retention. Other predictive analysis features worth looking for could be talent tracking or data-driven insights.

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