Accounting Blog for Business
Posted by Gillian Vitug
Jun 7, 2016 5:46:00 PM
Oftentimes, the Human Resources department is the last one to be considered when adopting Business Intelligence in a company. That shouldn’t be the case, however, as hiring the right people is the very first step to make an organization flourish.
What business owners haven’t realized is that Business Intelligence can be a valuable tool in streamlining and automating HR processes, helping the department land the best candidates and maintain healthy relationships with employees. Here are the ways on how to improve HR practices with the help of Business Intelligence.
Evaluating Your Recruiting Process
If you have been retaining your employees quite well, then there’s no question that you’re doing your recruiting techniques right. However, if you’re not that successful in retaining employees due to several factors that weren’t visible at first (such as skill mismatch, uncommunicated job descriptions, cultural clash, and many others), then you should already be thinking on how to revamp your hiring strategy.
Based on your historical data, business intelligence tools can easily present you with the reasons why employees apply to your company, why they take the job offer, why they stay, and why they leave, guiding you on how to attract and choose people who are most appropriate for your job posting, and who will stick around. BI helps determine the facts and helps you focus on the right candidates, saving your HR department a lot of time and energy.
Knowing the Most Successful Talent Source
Business Intelligence can help you easily assess which sourcing pool yields the best candidates. Once you have evaluated the performance of your current employees, you can trace back to where your top employees are coming from. Data can both be from internal and external sources, to give your company a better overview of the job market out there. Sourcing analytics brought by BI solutions can help your HR team spot trends and modify their recruiting process to acquire the best people.
Managing Compensation Budget
Employee data is usually placed in separate HR systems or spreadsheets, such as compensation, benefits, leaves, trainings, and the like. BI can help your HR team have an immediate overview of the whole “pie,” for them to see where the budget is going, and get insights on how it can be adjusted for the optimal use of the company.
Evaluating Reasons for Absences and Leaves
BI can present you with clear insights as to why and when your employees take leaves or be absent from work. Some of these reasons may be inevitable, but knowing the facts can help you plot out a back-up plan in advance (such as hiring freelancers or requesting some staff to render extra time to help out), just so there won’t be any downtime in the workplace.
Tracking Employee Performance
BI can streamline the tracking and evaluation of employee performance by integrating all employee data in terms of achievements, tardiness or absences, their goals and if they are met, as well as areas for improvement. BI can visualize and present the relationships of these factors as the employee progresses through the years. HR teams no longer have to go back and forth on several documents just to make an in-depth evaluation, instead, they can have an immediate overview with the help of Business Intelligence.
HR accumulates a swarm of data every day, and with the help of Business Intelligence tools, these can be made fully actionable for candidate screening, budget allocation, and improving employee productivity. Implementing BI for your HR Department takes you a step forward in hiring and retaining only the best workforce.
Want to hire and retain only the best people? D&V’s Business Intelligence solutions can optimize your HR practices, as well as every aspect of your business. Get in touch with us now to learn more!
Topics: Business Financial Forecasting