3 Ways Big Data is Evolving HR
Today’s companies rely heavily on business intelligence to help drive the direction of commerce. Big data has emerged as an integral part of predictive analytics, and used to make critical decisions that shape industries.
The data revolution is changing the face of Human Resources. Experts are turning to reporting tools and information insights as both a benchmark and projection point for key determinations that correlate back to a company’s ROI.
Recruiting top talent in a competitive marketplace requires in-depth research and a keen sense of character. However, despite a shallow pool of qualified or preferred candidates, companies are often inundated with resumes. Big data and intuitive programming are helping companies sift through the influx of wannabes and deliver a shortlist of eligible recruits to streamline the hiring process and minimize the time it takes to build a successful team. Additionally, HR analytics tools are being used to sculpt more appropriate compensation packages in accordance with competitive and historical data, and annual salary increases.
Comprehensive reporting tools are being used to analyze performance, productivity, and employee engagement. Today’s efficient HR tools will offer a collaborative resource within a system that can help to track and evaluate an employee’s performance – including commendations and/or reprimands. This can result in promotion, pay increase, or dismissal depending on the circumstance. Evaluating an employee’s engagement level through their productivity can also help to predict the likelihood of turnover in a position, or their desire to ascend within the ranks of a company.
Financial compensation isn’t the only benefit being guided by big data. Larger companies are monitoring health insurance enrollment to determine gaps in benefits coverage, select better, more affordable plans for employees, and to save money by eliminating programs with minimal participation. Over the last few years, automated reporting tools and analytics have been invaluable for ACA and compliance. However, as more insights become available, companies can utilize this data to create appealing compensation packages that will retain their talent.
Netchex award-winning technology includes comprehensive reporting and analytics tools that help HR professionals make better business decisions. From streamlined hiring to forecasting trends, and ebbs and flows in productivity, we offer complete transparency and the benefit of big data insights.
Learn why more companies are switching to Netchex, and how our complete HR solution can give your business a competitive edge.