In the last part of this blog we will discuss the features of HR Analytics tools and the prominent players in HR Analytics space.
Key features in HR analytical
tools:
- Visual Utility: Workforce analytics tool typically will have an eye catching and user friendly dashboards to display the metrics which is most important for users.
- Self-service Feature: Analytical tools usually have pre-built metrics and dashboard which can help HR users quickly extract the required information. Business users should be able to analyze data themselves and create, consume and share data through visual charts and graphs.
- Easy Scheduling and sharing: Tools enable users to easily share the analysis and reports and the users can schedule to generate the reports at regular intervals.
- Relevant and valid data usage: Data analysis will be based on relevant and valid data. It should be targeting the issue directly and not presenting the bunch of data for users to analyze.
- Convincing guide: The analysis should be such that it connects the issue with facts and then the conclusion is easy to deliver. Talent data should help the user make faster decision.
- Inbuilt correlation techniques & various data models: Analytical tools should provide the flexibility to compare various data facts, correlating various departments & inbuilt data models for quick analysis.
Key Players in the HR Analytics space
SAP: Success Factors
workforce analytics & workforce planning
It
helps in predicting retention reasons and creating models for workforce
planning
IBM: Kenexa Talent
Analytics
Visual
dashboard and userfriendly solution. Managers can generate the analysis by
simply putting a text on what they want to see from HR data and results are
shown in easy to interpret visual form
SABA: Talent management
solution-Cloud based
Predictive
capbility of the tool is helpful for managers to optimise the approach of
hiring, developing and engaging the workforce
HiQLabs: Predictive HR analytics
It
generates the analysis by combining the internal company data and external data
Workday: HCM solution
On-demand
solution, it combines HR and talent management data for better operational
visibility and less cost
Market trend
and facts:
According to a market research report, "Workforce Analytics Market By Solution,
Service (Consulting Services, System Integration Services, Managed Services),
Deployment Type, End User,
Vertical & by Region - Forecast to
2020", published by MarketsandMarkets, The Market size is
estimated to grow from USD 422.5 Million in 2015 to
USD 860.4 Million by 2020, at a CAGR of 15.3% from
2015 to 2020.
It is expected that North America would capture the largest market
share in Workforce Analytics Market from 2015 to 2020;it is due to the presence
of a large number of analytics vendors.
The current work culture is evolving at a high rate due to the new
technologies and globalization while there is only a limited pool of
knowledgeable workforce. It is predicted that the availability of skilled
workforces will shrink eventually in the developed countries, making employees
an expensive assets.
With the current volatility in the retail industry variables and
its work culture, data-driven decisions becoming key to survival. Increasing
number of HR Management softwares are planning to have in-built analytics to
help managers seek solutions to their HR and in turn business related
challenges. However, HR Teams will also have to adopt the new number crunching
techniques so as to ask the right questions from their data.
These dynamics have increased the demand for talent analytics as it is
helping organizations deal with customer needs and employee demands with better
cost optimization.