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Human capital refers to the workforce in companies. The process of human capital analytics is a procedure of measuring and analyzing the investment in the labor force within an enterprise. Its purpose is to provide a continual means of improving the working conditions and productivity of staff.
Usually, in the event of hiring a new employee or promotion of an existing one, his past is intensely looked into by the appointing panel. Past successes and failures are scrutinized and they play a major role in deciding whether the person deserves the job. This is an old system which neglects important factors such as the current and futuristic trends a person exhibits, highlighted by this new process.
The process comprises of three main stages. The pre-analytical stage involves gathering of information and an accurate assessment of strengths and weaknesses. The first stage involves identifying the cause of the problems in the business. Once the cause has been identified, a solution pattern is formulated. The pattern is coupled with a time frame which states the expected time the solution will take to be effective. The last stage is the prediction stage which deals with recurrence probability as well as preventive measures.
It involves the use of different tools that are able to capture modern trends in human capital sector of business. The most important tool facilitates employee feedback which enhances vertical communication in a business organizational chart. There is also an allowance for the determination of the likelihood of employee turnover, comparisons of salaries with competing companies and so on. The system is also able to outline means of enhancing horizontal communication through cross departmental partnership.
The system has effectively reduced staff turnover in the businesses using it. It has enabled the administration of enterprises to better understand the exact things behind staff motivation. Improved workforce planning has created programs that have enabled better performance. However, the turnover has mostly been reduced since the executives are able to know the precise incentives to give workers in order to retain them and encourage new arrivals. For instance, insurance and free parking are effective non monetary incentives.
Some of the advantages include reduction of human resource department costs. Costs like law suits for wrongful termination and sexual harassment are generally avoided. Another merit is that the level of staff productivity is raised. Once the employees are happy at work, then they are able to perform their jobs effectively.
The analytical procedure is in the form of a software programs that are able to illustrate the results and projections. Various companies offer this service for those businesses willing to outsource. However, those wishing to train the resource managers in this framework can also do so. Several institutions offer training and seminars and these listings can be found online.
With many institutions recognizing talent and human input as the main drivers of high performance, human capital analytics has continued to become a necessity. Though costly in the short run, its long term benefits exceed initial fund crunches. It is vital for productivity progression in business today.
Usually, in the event of hiring a new employee or promotion of an existing one, his past is intensely looked into by the appointing panel. Past successes and failures are scrutinized and they play a major role in deciding whether the person deserves the job. This is an old system which neglects important factors such as the current and futuristic trends a person exhibits, highlighted by this new process.
The process comprises of three main stages. The pre-analytical stage involves gathering of information and an accurate assessment of strengths and weaknesses. The first stage involves identifying the cause of the problems in the business. Once the cause has been identified, a solution pattern is formulated. The pattern is coupled with a time frame which states the expected time the solution will take to be effective. The last stage is the prediction stage which deals with recurrence probability as well as preventive measures.
It involves the use of different tools that are able to capture modern trends in human capital sector of business. The most important tool facilitates employee feedback which enhances vertical communication in a business organizational chart. There is also an allowance for the determination of the likelihood of employee turnover, comparisons of salaries with competing companies and so on. The system is also able to outline means of enhancing horizontal communication through cross departmental partnership.
The system has effectively reduced staff turnover in the businesses using it. It has enabled the administration of enterprises to better understand the exact things behind staff motivation. Improved workforce planning has created programs that have enabled better performance. However, the turnover has mostly been reduced since the executives are able to know the precise incentives to give workers in order to retain them and encourage new arrivals. For instance, insurance and free parking are effective non monetary incentives.
Some of the advantages include reduction of human resource department costs. Costs like law suits for wrongful termination and sexual harassment are generally avoided. Another merit is that the level of staff productivity is raised. Once the employees are happy at work, then they are able to perform their jobs effectively.
The analytical procedure is in the form of a software programs that are able to illustrate the results and projections. Various companies offer this service for those businesses willing to outsource. However, those wishing to train the resource managers in this framework can also do so. Several institutions offer training and seminars and these listings can be found online.
With many institutions recognizing talent and human input as the main drivers of high performance, human capital analytics has continued to become a necessity. Though costly in the short run, its long term benefits exceed initial fund crunches. It is vital for productivity progression in business today.
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