Lucky Hunter

Business analytics in HR: the goal, methods, benefits

Don't know what HR analytics is and what does a human resource analyst do? Answering the questions in the article and proving you why each company needs to conduct HR analytics by Lucky Hunter cases
Analytics in the field of HR is a fairly broad concept, which includes the collection and processing of data on the basis of business tasks set before the analyst.
The goal of the analytics is to provide an organization with the data that identify the key problems in the work of the company, as well as contribute to the construction of an optimal business strategy.

Reasons to set up HR analytics

The ownership of the necessary data on the work of various structures of the company, as well as the collection of information about competitors and the market, is a powerful weapon for a company. By dint of data collected it is possible to increase the work efficiency of entire departments.
So, with the help of analytics you can:
Analyze employees' skill and salary levels compared with the market level
Case:
For a company, which was in need of IT department HR research, the Lucky Hunter team:
interviewed all IT specialists; identified key employee's skills and their value on the market;
provided data on specific companies that needed specialists with a similar skill level. As a result, the executives gave IT specialists a raise, which led to an increase in the efficiency of the IT department work.
Identify how the various functions of the departments in the rival companies are implemented
Case:
For an IT company, Lucky Hunter experts conducted a large-scale study of the work of four departments of a rival company: administrative, production scheduling and financial, HR, and accounting department. Our experts identified:
how many people were working in company departments; how responsibilities were divided between employees;
what work plans the specialists had and what bonuses they got; salary level of department heads. The collected data allowed to implement the elements that the IT company lacked and to boost the productivity of departments.
Solve key business issues
Case:
The Lucky Hunter team helped the customer decide in which country and in which city the opening of the new branch office would be the best decision. There were three options to choose from: France, Germany, Spain. In order to solve the issue, we took a fundamental approach.
Specialists of our agency:
investigated the tax system in France, Germany and Spain; checked for the presence of the necessary for the company candidates;
find out the cost of office rental in the countries; checked the availability of the necessary IT directions in the faculties of universities; revealed the level of salary of required IT specialists;calculated when the employees could get started in accordance with national legislation. With the data provided by our team, the company opened an additional office in Spain and secured all guarantees.
Investigate the IT job market in different countries
Case:
For a client who needed to hire 50 developers, so that he could successfully open an office in Cyprus, our team:
identified the number of IT companies with the necessary technological stack and analyzed how quickly they were expanding; investigated how Cypriot IT companies built teams, where they got specialists from and how realistic it was to poach them;
analyzed whether it was possible to assemble an IT team without relocation or not; revealed the salary level of IT professionals from Cyprus. The provided data showed that it would be very difficult to assemble an IT team in Cyprus without relocation. The client renounced the idea because he was informed in advance about the futility of the project.
These tasks are not the only ones in business analytics (in the HR structure). HR analytics identifies weaknesses in the field of human resources management, increases the efficiency of recruiting within the company, finds insights, provides real personnel statistics.

By applying complex statistical analyses, you can find answers practically to any business issues and optimize the company's work.

HR analytics methods

The methods that the analyst uses in his work depend on the tasks. In terms of analytics in the context of recruiting these are employee surveys, interviews, testing.

To solve wider issues, specialists not only use the maximum number of channels to collect information but also a number of their own methods.

Benefits of HR Analytics

HR analytics should not be considered solely in the context of the work of HR departments. Analytics provides essential information about the company, its competitors, the market.

Without processing and collecting data, the company has a high risk of choosing the wrong strategy or exacerbating existing problems. This leads to a decrease in the work efficiency of the entire company.
HR analytics makes indispensable contribution to the work of the company upon condition of its accurate application. So do not hesitate to contact the professionals to achieve the best results.
If you feel that the salary or skill level of your IT specialists doesn't match the market, you want to check the performance of your HR department or need help in solving business issues within HR, contact the Lucky Hunter team. We will be glad to help you.