There are lot of challenges faced by HR, from slowed hiring to restructuring, after the layoff  from IT industry. HR has considerably lagged behind in the use of big data and analytics in India. And according to a study, only 5% of big-data investments were in made in human resources. HR analytics is critical not just from talent acquisition and management perspective, but also cost optimisation. According to Arjun Pratap Singh, “AI and analytics are the driving force behind HR technology and this will drive the new employment economy. From talent acquisition and workforce optimisation to workforce transformation, AI be the strategic enabler to HR”. Data-backed decisions lend transparency to processes such as annual reviews. In case of retrenchment, data-driven decisions lend validity to the process. It is the absence of the data that HR analytics is lagging behind. Read more at: http://analyticsindiamag.com/can-hr-analytics-solve-major-talent-challenges-times-mass-layoffs/

HR analytics is a key element in any company’s progress. The slow growth of HR analytics has been a great concern for companies. HR leaders can present analysis in a more impactful manner by using the LAMP framework. 

• Logic- with trends, the logic for the occurrence should also be explained.

• Analytics- provide important insights from data using tools and techniques.

• Measures- verified and accurate numbers should be used in analytics.

• Process- motivate decision makers to act on data insights using right communication channels.

LAMP elements can play a strategic role in the organization and should be utilized to its full potential.

Read more at https://hbr.org/2017/06/hr-must-make-people-analytics-more-user-friendly

Time and money are the two determining parameters for small businesses. Entrepreneurs often have to fulfil many roles and handle over some responsibilities in exchange for welcoming in others. HR tech lightens this burden. In small businesses, huge workloads are handled by a few individuals. Hence embracing technology is rewarding, using HR tech lessens time spent on administrative tasks and costs too. Small businesses look for technology which is cost effective, and can be applied by effective small teams. Data and records help in deciding the process confirmation, as successful projects must be repeated.HR technologies are the bridge of efficiency and cost reduction. To know more: http://www.business2community.com/small-business/why-are-more-small-businesses-turning-to-hr-tech-01272723

However developed and industrialized the country has become, still racism prevails in each and every corner of American society. And this is seen maximum in the workplace where someone named like an African American is less likely to get a call back from the company they applied for job. Also, women face a battle to succeed in the workplace which implied the gender pay gap. But HR analytics may help solve this where a data-driven department can better understand the statistics of recruitment decisions, retaining employee by evaluating employee turnover. But only if at first the attitude of individuals are changed towards others, then can analytics help ensuring that the same problem won’t return back. Read more at:  https://channels.theinnovationenterprise.com/articles/how-can-analytics-help-solve-diversity-issues

Investing in talent management software can assist HR professionals in gathering and analyzing the data of employees. Applying big data analytics to measure employee performance can help organization to find strength and weakness of their employees e.g. many companies use wearable tech to improve communication within its stores, to track employees when they're at work. Employee satisfaction surveys, team assessments, social media, exit and stay interviews etc. can help HR to predict employee's attrition. Conducting performance appraisals and 360-degree performance reviews can help HR in better understanding the effectiveness of their professional development efforts. Big data analytics can be an advantage while hiring employees. Read more at: http://www.entrepreneur.com/article/244247

The latest development in the use of data and analytics is: Advanced HR Analytics. It is the application of new techniques and new thinking to talent management. It involves human resources and has a huge impact on an organization. Various organizations are already using it for following purposes:

·         Increasing the engagement and productivity of their employees

·         Reducing compensation expenditures

·         Reducing retention bonuses by $20 million

·         Reducing employee attrition by half

·         Detecting previously unobserved behavioral patterns

The insights that these companies have gained from data analytics are highly useful. Risk is always involved where there is a human element. But, developing data analytics to drive better people decisions can help companies compete in a better way.

To know more, read the following article in March 2015 edition of McKinsey Quarterly by Bruce Fecheyr-Lippens, Bill Schaninger, and Karen Tanner:

http://www.mckinsey.com/insights/organization/power_to_the_new_people_analytics