Is HR Analytics Solutions Worth the Investment?

Feb 09, 2022

Gone are the days when HR management was only based on interpersonal skills and problem-solving abilities. Today, human resources management has undergone dramatic changes over time and is constantly evolving at a rapid rate. While HR professionals are still focused mainly on the “human” aspects of running an organization, they have also become increasingly reliant on technology and are data-driven.

The emergence of this data and the influence it holds over HR processes has given rise to a new term known as human resources analytics.

If you think that the purpose of HR analytics is only to find out how your employees are performing at work, then you are wrong. Rather, it is to provide better insight into the human resource processes and then use this data to make important decisions about how to improve them.

You can obtain answers to the following questions about the HR system of an organization using HR analytics:

  1. What is your company's employee turnover rate?
  2. What percentage of employees leave your company within a year?
  3. What amount of employee turnover is regretted loss?

Are you wondering about where and how HR analytics can be applied in your organization? It is generally used to understand and address specific challenges that an organization’s human resources department is facing. At the same time, it helps to improve HR performance, automating tasks, improving employee performance and experience, sharing insights across the board, visualizing data, and enhancing hiring practices.

What is the role of HR analytics in driving business value?

HR analytics can assist in predicting changes that may occur in the future. One can predict the skills and positions that an organization will need to improve performance using HR analytics.

Many organizations measure the success of human resources activities and processes by overall performance and efficiency. Monitoring metrics can provide insight into the effectiveness of these activities.

HR has access to valuable organizational data. Therefore, HR analytics could be used to measure investments in re-skilling, which will deliver the right competencies to support a new revenue model, using data-driven insights to modify the training offering as sales results emerge.

If you are keen on implementing HR analytics for data-based decision-making, here are a few tips for you:

  • Firstly, it is important that you understand the organization's goals
  • Obtain clearance from the legal department
  • Identify the metrics to be analyzed in order to achieve the goals
  • Collect and analyze the relevant organizational data
  • Communicate how this data affects or impacts the organization

Are HR Analytics Solutions Worth the Investment?

The benefits of HR analytics are undeniable. By streamlining HR processes, HR teams can reduce costs, reduce attrition, and consequently improve the bottom line. Wallet HR’s analytics module facilitates HR to provide powerful and timely insights to the management on various workforce parameters.

Testimonials

  • Lucas

    "We have implemented all the modules of Wallet-HR in our organization. We are very happy to mention that the product works great and the Crystal team implemented the solution at cheetah pace with good understanding. Very commendable job considering the size of our organization. We have integrated attendance devices across our 45 locations to centralised attendance software and integrated to payroll along with other modules. As a result of complete HR automation we were able to save atleast 7% on our turnover year on year. We are extremely delighted to have chosen Crystal HR as our solution provider."

    HR

  • Isha Foundation

    "We have 9 companies with almost 4000 employees Over all; managing employee’s records was very difficult. We have chosen wallet-HR after evaluating many products. Now we are using few modules of Wallet-HR, further we are planning to use all modules from this financial year. We are very satisfied with the Wallet-HR software, because of its updated technology, and the time it saves. Wallet-HR gives us accurate results and reports as per our requirements. Good Luck to Crystal team!"

    HR

  • Solara Active Pharma Science Ltd

    "Wallet HR has been implemented and integrated across all our 9 locations. We have strict FDI guidelines to follow in respect of access control and attendance, which we have tirelessly implemented with the help of Wallet HR suite."

    IT Head

  • Surin Automotive Pvt. Ltd.

    "We have nine factories across different locations in India. Wallet-HR is implemented for managing our entire employee lifecycle. We had huge challenges in managing workforce using attendance devices. Crystal with their proprietary technology was able to provide us a seamless solution. We have been using Wallet HR for 6 years now with excellent backup support from Crystal whenever required."

    HR Head

  • Pothys

    "We are amazed by the domain understanding of Crystal and the configuration capabilities of the product. They have been able to provide solution to all our issues without making any customization in the product. It is a great tool that helps to balance the entire process of our organization in an easy manner."

    HR Manager

  • Le Royal Meridian

    "Intuitive UI, dynamic functionality and robust technology is what made us choose Wallet HR amongst all other products in the market. Earlier we used to manually amend the attendance data before processing payroll, now everything is automatic, which in multiple ways has reduced the time and effort spent in validating the attendance. That is indeed great."

    IT head

  • CAMS

    "We are very impressed by the lightning speed of Wallet-HR’s payroll engine. We have been able to process payroll of around 4000 employees in less than two minutes."

    Functional Manager - HRD

  • Hyundai Hysco

    "Selection of vendor is a tough process in Hyundai. Wallet-HR has been selected by Hyundai software division to implement the solution across all Hyundai subsidiaries. As a first step we have implemented the solution at one of our subsidiaries in Sriperumbudur and we are happy that they have gone live without any fuss. Good job done by Team Crystal."

    HR Manager

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