Five benefits of your HRMS talent analytics module
The cost of acquiring, managing and retaining talent can impact the budget when mistakes occur. HRMS talent analytics is a powerful tool that can provide a strong advantage to your company and can help you to steer clear of expensive mistakes. Here are five benefits that your HRMS talent analytics module can bring to your organization.
1. Ability to leverage succession planning
Talent analytics are a key component of succession planning activities. As you develop your succession plans, talent analytics can confirm your plans or challenge your thought process. For example, if you are anticipating that 10% of senior nurses will be of retirement age in five years, how often have junior staff stepped up into the role? Do other staff transfer across to this role? Analytics provides the full insight of how the scenario has played out in the past to be able to plan for future hiring needs.
2. Identification of the best candidate sources
Candidates can come from a variety of internal and external sources. Using your HRMS talent analytics module you can combine the data about sources and costs with the candidate details such as career path and turnover. Which sources offer you the best bang for your buck? How well do social media and internal referrals compare to hires from executive recruiters? Talent analytics can help you to define future recruitment strategies through measuring past performance.
3. Providing a numerical base for executive decisions
HR often brings proven results to the talent area through deep knowledge and insight about people and processes. HRMS talent analytics enables HR to provide additional credibility to their recommendations by establishing the numbers and statistics behind the suggestions. Number based details will appeal to analytical decision makers particularly in areas such as finance.
4. Maximizing return on investment in employees
Companies spend a large amount of their budget on recruiting and hiring the best employees, talent analytics ensures that the best employees are retained. Complex algorithms in analytics can help to identify the areas and policies that employees appreciate the most and then build models around how to best keep employees engaged.
5. Highlighting statistical outliers
Companies need to be aware of those performing at either end of the bell curve, the high performers who need challenges and rewards and the low performers who may be in a wrong job or mismanaged. A low performer can impact average employees but the situation can also be an opportunity to course correct if the performance is tied to a poor manager or assignment. Talent analytics enable you to find and address these scenarios when they are still in a fixable state.
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