What are the Common HR Analytics Tools?
Analytics plays a major role in identifying key issues and solving them accordingly
Introduction
Most business leaders understand the importance of using data to make informed decision-making. Companies make use of numbers to make major strategic decisions at all times. They pay attention to forecasted demand, sales revenue, supply costs, customer retention rates, and other key metrics to analyze the business’ performance and therefore make relevant decisions. So, the concept of using numbers applies to HR decisions as well. Businesses have access to a huge amount of meaningful employee data that they can make use of to analyze performance, make enhanced decisions, and measure gaps or weaknesses. However, most organizations don’t analyze this data to extract actionable insights. While some make adequate use of it. That’s where HR analytics tools can help you in reading data. An elaborative HR Analytics Online Training can be of great help in understanding the different uses of HR analytics tools.
Different HR Analytics Tools that help you in analyzing Data
Microsoft Excel
Excel is certainly the industry leader when it comes to structuring analytics insights and communicating them across the company. However, the best advantages of Excel are that business users are already familiar with the Excel user experience. The spreadsheet standard is generally the best option for
translating complex data into a form that is easy to understand for finance and planning teams. It also presents data in a form that enables experts across the company to slice and dice data in multiple ways. Microsoft regularly brings updates to Excel with programming tools for capturing information from different systems, developing reports automatically, and sharing them across teams. Moreover, Excel is one such tool that most companies are already using it. Additionally, integrating existing HR analytics workflows into Excel can streamline communication across HR, business, finance, and marketing teams.
Microsoft Power BI
Microsoft Power BI is definitely a market leader in business intelligence tools. Owing to its extensive and well-documented integrations into every significant HR application and platform. It also provides multiple ways of analyzing, presenting, and visualizing data. It works easily with Excel, thus, can improve communication across the business. Power BI additionally supports various third-party HR dashboards, analytics tools, and consultancies. Moreover, it is a good choice for companies that look to customize their own HR analytics or even work with a consultancy that uses the platform.
Python
Python has become the most commonly in use programming language for artificial intelligence and machine learning applications. As a result, multiple AI development and analytics tools have grown up to further support the platform. Although it may be only known to a few individuals in the HR department, building applications in Python usually requires collaboration between HR and the respective development teams. Additionally, it is one of the most flexible tools for automating complex data engineering workflows for deploying HR analytics applications at scale.
Tableau
Tableau is another well-known business intelligence software tool with solutions that address multiple business uses. Tableau’s human resources analytics solution allows powerful, intuitive analytics to enable business leaders with fruitful insights on compensation, diversity and inclusion, employee retention, recruiting, and more
Many large companies and universities make use of Tableau to track and publish different data with the help of the DE&I HR dashboard. With a critical examination of this data, organizations can identify gaps in their candidate pools and workforce. If businesses lack diversity, they may not be reaching candidates in specific demographics which may impact the new hiring diversity
ChartHop
ChartHop is an HR analytics platform that is however new but has emerged as a well-known platform for people analytics. It also provides user-friendly dashboards and reporting tools that showcase HR analytics in an enhanced visual format. It is great for understanding metrics over time on easy-to-understand charts and graphs.
ChartHop is not necessarily only for the HR department. All people managers within the organization can easily benefit from the real-time reporting features and performance management functions of ChartHop.
Managers can complete a 1:1 feedback form to send feedback directly to team members to allow clearer and more frequent communication around performance.
Conclusion
However, you may know a lot of tools but still, need to choose the right one for your analytics project. You can go through HR Analytics Course in Gurgaon to learn to use the correct tool for your business requirements. It is very important to select the most appropriate HR analytics software tool, to get your desired result.