By leveraging on the functionalities of HR Analytics tools, you can reform various HR practices, including recruitment, turnover, training, talent management, and performance management. These tools are instrumental in creating a data-driven HR model for your organization.
One aspect of managing Human Resources is the routine task of engaging with data collected across the organization. But, lack of proper methods and techniques to analyze those workforce data sets often limit down the organization’s potential to derive actionable insights, which hampers the productivity of the organization in the long run.
HR Analytics tools are valuable in facilitating easy data aggregation and analysis of employee-related factors to improve the overall business outcome.
The following graph from Google Trends highlights the worldwide growing interest in HR Analytics and People Analytics from 2004 to present. It clearly shows that HR Analytics is increasingly becoming a desired addition to several HR practices.
By using HR Analytics software, HR professionals can gain data-backed insight into actions that are working in favor, or opposing overall organizational growth. Thus, they can plan significant improvements for the future. Accuracy and improved efficiency of the HR department are the other two key benefits of using an HR Analytical tool.
Here is a list of 11 HR Analytics tools that allow an HR to apply statistics, modeling, and other analysis techniques to get a measured insight of organizational key metrics such as time to hire, recruitment cost, turnover, engagement rate, and absenteeism.
Most of you must be already using Excel to some degree. To run advanced analytics in Excel, load the ‘Analysis ToolPak.’ Getting acquainted with Excel functions will enable you to carry out essential data manipulation conveniently. Excel has a broad scope for data visualization as well. Summary statistics will help you with information summarizing.
Python is an easy to learn tool used by Data Scientists for data analysis. It is relevant as an HR Analytics software for carrying out the statistical analysis of Human Resource data. PyCharm and Spyder are some open-source Integrated Development Environments (IDEs) that will provide you with all the tools needed to use Python for data analysis purposes.
Something similar to Python, R is a better tool for analyzing and visualizing vast amounts of data. It is one of the most preferred HR Analytics software when it comes to working with much larger datasets. Using R, you can easily clean massive data sets, even the ones with millions of rows. RStudio is the most often used IDE for R.
Tableau is one of the most preferred business intelligence tools used for data aggregation from various sources, which can be converted into insights and presented over a dashboard through data visualization. It visually represents the data through easy-to-understand charts and graphs, making data reading an extremely easy and quick process for any individual. It comes with cloud support and real-time data analytics capabilities.
As a workforce analytics software, Microsoft’s Power BI will allow you to connect with multiple data source systems, like Excel sheets or SQL databases or Machine Learning APIs, or a live Twitter feed. Data aggregated from all these various sources can be integrated into Power BI. The consolidated data can be transformed into an HR dashboard for the reporting and visualization of data using the Power BI’s dashboarding capacity. It has three licensing methods: Power BI Free, Power BI Pro, and Power BI Premium.
Visier is a comprehensive workforce analytics software that focuses on providing actionable insights on workforce data. It can connect with multiple HR systems and integrate them into one Business Intelligence (BI) tool. Visier uses algorithms to predict exits, internal movement, promotions, etc. Likewise, it can show you different trends in your workforce data to help understand methods that drive productivity and performance.
Qlik, as a People Analytics software, has an extensive dashboard capacity. It facilitates data aggregation from multiple sources and transforms it into a dashboard for straightforward data interpretation. It also has functionalities to support conversational analytics and user-driven business intelligence. In the Gartner Magic Quadrant, a series of marketing reports by Gartner, Qlik has been a leader for many years.
CPLEX Optimizer is a tool for perspective analytics that enables you to decide which course of action will best cater to a given situation. CPLEX Optimizer uses decision optimization technology and finds wide usage in operations research. Hence this HR Analytics software can be utilized for data modeling to optimize business decisions, in order to find the best solution among various other possible alternative decisions.
SPSS is one of the popular HR Analytics tools or People Analytics tools because of its highly user-friendly interface, which can be used for data analysis even by those who are not a pro at statistics. It finds wide usage in the social sciences domain, and hence quite preferred by HR professionals. It is somewhat similar to Excel.
Oracle HR Analytics is explicitly designed to support HR practices. Oracle analytics can gather data from different sources and analyze it accurately and efficiently to uncover relevant insights. This HR Analytics software has in-built technologies such as accelerated model building and Machine Learning. It is functional in analyzing data to provide an objective view related recruitment, stories behind attrition, a measured-insight of payroll metrics, etc.
It is a self-service data analysis tool for businesses. It lets you build a data decision system by enabling you to design various styles of reports with simple drag and drop operation. Format wise, it is quite similar to the Excel interface and includes features like data entry, report creation, and report management, etc. It can be connected with most of the databases. Here, you also get access to a variety of dashboard templates and visual plug-in libraries.
After having an overview of 11 HR Analytics tools, you might have achieved some clarity on which tool will best serve you to your organizational interests. Before finalizing one, you can request for a demo or trial.
Data is your asset, and HR Analytics software enables you to better utilize that data in order to make more informed and strategic decisions for your business. However, apart from getting handy with the tools, you also need to grow your competency and understanding of the intricacies and techniques related to People Analytics. To acquire more knowledge about Digital HR, check out our People Analytics & Digital HR program, an online 3-month-long program (in collaboration with IIM Indore) which focuses on preparing HR professionals and aspirants for the data-driven workforce of the future.