According to IDC, a market
research firm, “Worldwide revenue for human capital management systems is
expected to reach $11 billion by 2016, growing by about 8 percent per year.”
More and more firms are likely to invest into an HR software in coming times.
But, how to evaluate the software as per your need and suitability?
While customized dashboards and
robust data handling form base of every workforce analytics tool, experts
suggest taking a deliberate approach focused on business needs/values while
choosing an HR Software.
Here are 4 strategies that can help you evaluate an HR analytics
software effectively:
1. The Business-Angle
Bygone are the days when staffing
was performed by personnel directors. Today, human resource professionals are
business partners who add value to the core business, which means the tools
that they use should deliver a business value.
Today, HR sit along with core
management and CFOs to find out company’s current & long-term business
goals. They figure out the challenges and analyze the future growth of the
company with regards to the workforce turnover.
Having a true understanding of
how HR analytics can add value to the business growth and help them take better
business decisions is the key.
2. Accessing Your Own Abilities
Assigning analytical
responsibilities to right people is extremely important. Analyzing in-house
expertise and skillset of HR team is a primary need for successful
implementation of an HR software. Figure out who can handle data management and HR software effectively or provide a training for the same before investing
into any complex HR solution.
3. Check with Your IT Team
With numerous vendors in place,
it’s getting harder for HR professionals to navigate and find an apt solution
for their organization. However, this challenge can be reduced if HR sits along
with their IT department to discuss company’s IT infrastructure.
Every HR software come with
different integration, hardware needs and software complexities; having a clear
idea of your company’s IT infra helps an HR decide what suits them best and
could be installed at minimal additional
cost. Consulting with in-house resources will also help you analyze your
capabilities and decide ‘whether you should install your analytics software or
turn to a third-party’.
4. Run a Pilot Project
If you are all set to deploy your
own HR analytics system, before diving into complete implementation, go for a
trail run. Trails help you analyze implementation challenges, skill deficiency
and allows you to handle them promptly without costing millions.
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