Three unexpected benefits of real-time HRMS data analytics
Are you using real-time HRMS data analytics for core HRMS users and managers? There are many benefits to real-time analytics and the increased access to data. It’s an accepted fact that more access to current data leads to better informed decisions. How else can real-time analytics benefit your organization? Here are three unexpected benefits that real-time HRMS data analytics brings to the workplace.
1. Real-time HRMS analytics fuel data visualization services to improve decision making
HRMS data analytics have come a long way since their simple beginnings as reports and dashboards. The current movement is to bring HR data into visual formats like graphs and pie charts allowing users to visually interpret the data. Reviewing a series of numbers provides insight but we’ve seen that taking these real-time numbers a step forward into a visual presentation allows for better decision making. As real-time data is being used managers are able to drill down into different variations comparing daily numbers to weekly and monthly trends, all in a visual capacity.
2. Forecasts have reached new levels of accuracy
HRMS analytics in general have always been useful for predicting trends. Real-time analytics allow you to take that prediction one step faster for better intelligence. How often do you review salaries to market, do you have annual reviews? Many companies are reactive and pay reviews only happen as a result of a key employee’s resignation due to low compensation.
Real-time analytics allow for current comparisons. What if you could do an up-to-date comparison of your employee salaries to market rates at any given moment and provide that insight to managers? When your employees interview with your competition, they will potentially receive an offer that is on par with market rates. Real time analytics allow you to be competitive and proactively take away any advantage of an outside offer.
3. Managers like access to more HR data
There is a delicate line between providing insight and information overload. In research we’ve found that many senior level executives like to have information presented in a certain way in a few key areas. The surprising benefit was the number of HR managers who embraced functionality in the HRMS to manipulate and extract data for their own analysis and trend identification with their own data. Today’s generation of HRMS are intuitive and easy to use and real-time data is a major selling point. You don’t need to staff an HRMS helpdesk to help them to log in and find a report. You will instead be challenged by managers who want more access to increased data.
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