Data science is everywhere. The ability to collect, analyze, and interpret data is simply mesmerizing. It is something that every organization wants to utilize for enhanced business decisions. However, no one ever thinks that HR also needs data science.
Using data science in HR means you can decrease bias, make HR your business partner to recruit perfect hires, and improve retention rate. If you know what encourages your employees, you can make additional efforts in the right direction to retain them.
Here are some of the reasons why HR needs data science:
1. Make HR Your Business Partner
HR is not just a department to recruit people when there is a shortage, it is now more important than ever. HR managers are required and expected to become strategically involved in the business through innovative strategies that attract new talents and retain existing employees. HR also needs to accomplish globalization, maintain diversity, and handle shortages. All these things are better handled when you have data science to give you accurate insights. HRs can use this data to evaluate if a certain strategy will yield results or not.
2. Decrease Workplace Bias
Taking recruitment decisions solely based on the gut feeling is what increase workplace bias. For instance, asking a new hire for their previous salary. Everywhere, you get a hiked payscale considering the previous pay. But, what we are missing here is that this culture also increases the gender payscale gap. This bias can be decreased through data science and actionable insights. The HR policies and procedures can be improved to reduce bias as much as possible.
3. Enhance the Recruiting Process
Whether you want to know where you can find perfect employees or identify right fit, data science can help you with everything. You can develop a consistent approach by leveraging the power of data. This is achieved by analyzing global data related to what candidates are looking for in an organization and what are the new interviewing tools and techniques.
4. Improve Retention Rates
There is nothing more essential to a company than retention. It is known that it takes more efforts to retain employees than hire new ones. This only seems legit looking at the fact that when an employee leaves, the workflow disrupts and cost of new hiring is considerably high. The loss of productivity adds to the misery of HR.
Utilizing data science, you can predict trends long before they actually begin to happen. For instance, you can know what group is leaving the company, what encourages and motivates these people, and how these employees can be stopped.
5. Analyze What Matters to Employees
Let’s be honest about it – every company has to offer employees some benefits to keep them motivated, encouraged, and happy. But, giving your employees benefits they don’t need won’t make a difference. For instance, if you are giving a particular group a great insurance deal but they need no-working Saturdays, your efforts will be for nothing. Hence, utilize data to make better decisions and offer benefits your employees need.
Data science help in Knowing what your employees want and how they are performing. Data science can surely enhance the way you execute your HR activities, utilize actionable insights to improve retention and hiring process.