Make Better Business Decisions with HR Data Insights
Workforce management is an extremely tough job when managers lack helpful software to assist them with day to day decisions. Robust HR analytics software, like Cornerstone’s Analytics tool, allows executives to make better personnel decisions by providing HR data insights in a single dashboard. This HR and performance data platform helps grow small businesses by identifying top contributing employees and skill gaps across entire employee pools. Our tool simply saves executives time so they can spend less effort researching company performance and more time staying ahead of their competition.
How Xerox Uses Predictive Analytics to Stay Ahead
A recent case study Cornerstone published highlighted a challenge Xerox was facing with their large workforce. They needed to reduce the cost of training their workforce down from $5,000 per employee and diminish the premature attrition of their employee pool of 50,000 people. By implementing predictive recruiting Xerox was able to identify better applicants. This improved group of new hires were more likely to stay longer with the company and were more technically inclined, which reduce training costs. Business leaders are finding that embedded, predictive HR analytics can reveal keys to information that is unavailable any other way. A tool that helps identify and prioritise the correct business initiatives creates the greatest impact on the efficiency of a company.
A study by Bain and Company Consultancy found dramatic results among companies that integrate big data predictive analytics into corporate decisions. Reliable research provides a two-fold increase in the likelihood of delivering high-impact recruiting solutions. Smoothing the way to transitions in management, analytics ensures that leadership pipelines have a healthier performance than those that lack such insights.
Understanding the Benefits of HCM Analytics
Obtaining information about underlying conditions of the human body often starts by using a stethoscope. Our HR analytics software develops similar facts about the health of an organisation. With facts instead of intuition, leaders can use research to accomplish essential management tasks.
• Find the best people to hire.
• Employ the most effective management techniques.
• Discover management methods that result in the lowest rate of attrition.
• Provide rewards for top performing employees.
The Cornerstone unified talent management suite assists company leaders in achieving measurably better business results. Knowing about impending conditions before they create problems generates a tremendous advantage. Predictive analytics for HR examines and reveals what lies ahead, based on historical trends. With access to precise information, managers can make more informed decisions on risks, opportunities and employee-related recommendations.
Capitalising on Intelligence with an HCM System
Access to data and the proper interpretation of it are as essential to an organisation’s success as labour and capital. The results provide irrefutable proof that knowledge of data can change a company’s posture in the business world. Firms that have the best analytical capabilities outperform the competition by significant margins. Companies who utilise big data analytics have been shown to improve in the following ways:
• Chances of ranking in the top quartile of financial performance in their industry increases by a factor of two.
• Reaching a decision is likely to occur at a rate that is five times faster.
• Executing a strategic plan as intended is three times more likely to happen.
• Data-driven decision-making at the C-level is twice as likely to occur.
How HR Analytics Software Can Predict the Future
This quote from a recent Cornerstone study illustrates how beneficial HR analytics can be: “Companies have only been able to ‘react’ by looking in the rear-view mirror to review, assess, and troubleshoot workforce performance and attrition. Workforce optimisation applications allow business leaders to model future scenarios, perform simulations, and contemplate the best possible decision using reliable data.” The power of integrating facts into an action plan can produce remarkably effective improvements in company operations.
This same Cornerstone study showed similar positive results when all facets of a unified talent management system work seamlessly together. “Using actionable predictive data, organisations can potentially save millions of dollars by improving employee selection, development, performance, and talent mobility, ultimately changing the way companies create and manage their workforce.” This quote highlights the effectiveness of coupling predictive hiring, performance management and succession. Yet another example of Cornerstone’s approach to helping companies manage employees from hire to retire.
Taking Action to Improve Business Efficiency
Getting started with Cornerstone’s unified talent management software is probably easier than one may imagine. We provide a free demo that lets HR leaders explore our performance management software capabilities. We encourage our clients to sign up for our HR Software Blog and let us know what they think. Checking out our products provides access to tangible evidence of how our software can help company leaders make better business decisions with HR data insights.