What is HR analytics and why do you need it?

HR analytics is a multidisciplinary approach to collecting, transforming, and normalizing HR data for insights that inform business decisions. It encompasses various data collection and analysis practices such as time to hire, employee turnover reasons, and engagement with upskilling programs. To produce the best results, HR analytics depends on diverse data sources from cloud-based human capital management systems or human resources information systems like Workday, ADP, BambooHR, Gusto, SAP SuccessFactors, Qualtrics EmployeeXM, and Lattice. Key applications of HR analytics include time to hire analysis, comparative compensation ratio analysis, PTO, overtime, and absenteeism analysis, feedback management, performance management, DEI metrics, and compliance monitoring. Integrating data from various systems into a central data warehouse can provide a holistic view of how HR impacts the business and improve overall organizational performance.