How HR Tech and Data Analytics Improves Quality of Your Business?

Creating an identity in a new market almost always relies on the quality of the talents. So, how do you ensure you're retaining your top talent in a society whose culture is totally alien to you??

Should you restructure your teams based on your original work style? Or do you adapt to the local working custom??

These are complex questions with no right answers. But you can arrive at your own answer with the help of Data Analytics supported HR technology.?

At Asanify AI , a G2-recognized HR Tech leader active in 150+ countries, we make workforce management simpler and smarter. Our innovative HRMS helps businesses streamline processes, make data-driven decisions, and manage their people more effectively.?

So from the driver’s seat, let us give you a quick insight into how HR Tech makes business decisions easier for you:

Here's how HR Tech and Data Analytics are revolutionising businesses:

1. Making Data Work For You:

Talent Acquisition

• Predictive Analytics: Identify the best-fit candidates by analyzing data on past hires, identifying key performance indicators (KPIs), and predicting future success.
• Automated Screening tools that quickly assess candidates based on skills, experience, and cultural fit - making sure only those who meet the criteria move onto the final rounds.
• Customised Onboarding Experience: Data helps personalize the candidate experience, from initial application to job offer, leading to increased applicant satisfaction and sharp employer branding.

Case Study: Google's Project Oxygen

Around 2009, Google famously analyzed data from thousands of performance reviews to identify the key characteristics of their top-performing managers. This is one of the earliest instances where a data-driven approach in HR management led to the development of leadership training programs, significantly improving the quality of management across the organization.

2. Driving Business Growth:

• Data-driven insights empower HR leaders to make informed decisions about workforce planning, talent acquisition, employee development, and compensation.
• By optimizing workflows, improving employee engagement, and fostering a high-performance culture, HR Tech and Data Analytics can significantly boost employee productivity and overall business performance.
• By leveraging data to understand employee needs and preferences, organizations can gain a competitive edge, restructure their culture to be more flexible and workforce friendly and thus retain talented employees.?

Case Study: Tesla’s Improved Employee Retention

Tesla once struggled with employee turnover but addressed it by analyzing satisfaction, compensation, and career development data. This data-led strategy stabilized retention and earned Tesla a "B" retention score currently, rated by over 1,500 employees.

ConocoPhilips, a global exploration & production (E&P) company, is recorded as the employer with the highest retention rate with an average employee association of 10.6 years!?

They adopt a great strategy of emphasizing learning on the job, offers university scholarships and creates job opportunities suited for military veterans; this strategy ensures they attract and retain mass of potential high association candidates without a lot of work ex or education to show for.

3. Building a Data-Driven Culture:

• Data literacy is encouraged for all within the organization by providing training and resources to help employees understand and interpret data at a functional level and learn new skills on the job as well.
• Foster a culture where data-driven decision making is valued and encouraged at all levels of the organization. When employees partner with a technology for the major part of their working hours, they inevitably adapt to more technologies, enriching their lives by making them more tech savvy than before.
• Continuously analyze data and refine HR strategies based on the insights gained.

Case Study: Spotify's Emphasis on Data-Driven Decision Making

Spotify, the global music streaming platform, is known for being a data driven company and relies on data to make decisions in every segment of business. Needless to say it’s a big evangelist of HRMS tools, using them to strategize employee retention and organisational culture that’s pro employees. This encourages talents at all levels to make informed decisions based on data, leading to a more agile and responsive organisation.

The Future of Work is Data-Driven

HR Tech and Data Analytics are no longer just "nice-to-haves" – they are essential for businesses to thrive in the modern world. Today, progressive organisations are leveraging the power of data to make informed decisions about their most valuable asset: their people.

How are you leveraging HR Tech and Data Analytics in your organisation??

Share your experiences and insights in the comments.