In the post-pandemic era, HR professionals' job has become much more than just simply recruiting and training employees. They must be able to measure the ROI of hiring new team members, reduce employee turnover, and anticipate employee performance. All in all, HR departments have turned into strategic partners who help businesses thrive. This is where HR analytics (also known as People analytics) comes into play.
Perhaps you would like to develop and improve your HR policies and company strategies using data-powered insights, but you are unable to comprehend your HR-related data in-depth. You may want to consider taking the Executive Programme in HR Analytics (EPHRA) from IIM Lucknow to gain actionable insights about personnel data and make informed decisions.
By the end of this 6-month programme, you will be equipped with the knowledge and skills necessary to look at HR-related data differently and use the data information to spot efficiencies, identify areas for improvement, minimize employee turnover and boost employee satisfaction. In a nutshell, it can help you make better data-driven decisions and take action to improve the employee experience.
Before we get further into how the Executive Programme can turn you into a competent HR professional, let's begin with why you need HR analytics.
Why should HR professionals care about data analytics?
Those who believe that data analytics and HR management are worlds apart or that HR professionals have nothing to do with data are in for a surprise. In a survey conducted by Deloitte, 70 per cent of executives surveyed expect HR Analytics to become more critical to businesses in the next three years. Why do they feel so? Well, HR professionals should care about data analytics as it can be used to identify problems, predict trends, and optimize processes. It can also be used to assess performance and identify talent gaps.
This makes understanding the different types of data sources and how they work crucial for HR professionals. For example, if you use data to evaluate employee engagement, you will be able to identify any areas in your organisation that is contributing to high levels of disengagement. You can also use data to identify areas that need to be improved. For instance, if you have data that shows that new hires are leaving your organisation at a high rate, you will be better equipped to identify any issues with your hiring process.
How to overcome data pain points?
Many companies are surprised to learn that a large volume of their HR-related data is not being used in any meaningful way. The State of HR Analytics 2021 report points out how only 29 per cent of respondents have been making positive changes due to HR analytics. This can be a result of struggling with the data pain points.
HR analytics is often perceived as being too complicated for most professionals. This can be especially true if the data is siloed and HR managers aren’t able to easily navigate it. In addition, the data may be difficult to find or understand because it’s presented in different formats. Another related pain point is that many HR metrics are confusing and difficult to understand, which can lead to inaction. This can be especially true when it comes to metrics that measure employee engagement or retention.
Even if you get the right data sources, it alone will not take you very far. You must possess the skills to interpret the data and make sense of it. Many businesses find themselves stuck here. They start with the right intentions, but they struggle to find the right analytics or they simply don’t know how to use them effectively. On the other hand, when HR professionals are adept at using HR analytics, the organisation can see a sustained, significant difference in their change management strategy and business performance.
Drive your people strategy forward with IIM-L EPHRA
Having learned quite a lot about HR analytics, you must be wondering how to proceed. We believe that enrolling in an HR analytics program is an essential first step. There are several benefits attached to IIM Lucknow's HR Analytics Executive Programme:
Covers diverse data types: The importance of knowing HR analytics data sources is critical, as data is at the heart of all HR analytics activities. The programme covers not just descriptive, prescriptive, and predictive analysis, but also provides an understanding of the various forms of employee data available and their contribution to informed decision-making.
Comprehensive content: The programme will impart knowledge on different types of HR analytics viz-a-viz Performance Management, Engagement, Social Media, Career and Leadership, Staffing, Training & Development and how they function.
Turn data into strategy: It’s not enough that you understand what analytics is and why it’s important for your organisation; it’s also essential that you know how to put analytics into practice. Through the programme you will learn how to analyze data and make better decisions about hiring, training, compensation, benefits, and more.
Whether you want to use HR Analytics to become a more agile HR professional or take a more hands-on approach, you can find this programme the right fit for you. The HR Analytics Executive Programme from IIM Lucknow in collaboration with VC Now is a great way to improve your data interpretation skills, solve complex problems in your HR role and create strategies to help your organisation succeed.