Human resource analytics is a field of analytics that deals with people analysis and applying analytical process to the human capital within an organization in order to improve employee performance and employee retention. HR analytics aids in providing insights into each of the human resource processes, gathering related data and then this information/data is used to make informed decisions on how to improve the processes within organizations. HR analytics comprises visualization, data cleansing, data management, data collection and forecasting. It integrates and correlates data to provide relevant, actionable, and timely insights in order to advance performance and return-on-investment. Hr analytics can help in checking employee turnover rate, understanding the number of employees that will leave the organization within a year, attendance, workforce management opportunities, engagement, performance, retention & also offers extensive modeling capabilities for workforce planning and various other activities can be monitored through Hr analytics system in an organization. Various Hr analytics that are to be understood and known by various managers and Hr employees are: employee churn, capability, organizational culture, capacity and leadership. Hr analytics solutions offer: integrated functionality, streamlining HR functions, business intelligence functions and hence improving the operational efficiency of a company.
HR Analytics Market: Key Players
The research study includes profiles of leading companies operating in the global hr analytics market. Key players profiled in the report include: IBM Corporation, Cognizant Technology Solutions Corp., Accenture plc, Infosys Limited, ADP LLC, Ascentis Software Corporation, Genpact Ltd., Cornerstone OnDemand, Inc., Oracle Corporation, Beeline, Kronos, Inc., GainInsights Solutions Pvt. Ltd., Paylocity, Nakisa, Inc., PeopleFluent Companies, SAP SE, PeopleStreme Pty. Ltd., Tableau Software Inc., Visier, Inc., TALENTSOFT, WorkForce Software LLC, PeopleAdmin, SumTotal Systems Inc., Kenexa Corporation, Taleo Corporation, Halogen Software Inc, and Workday, Inc.
Drivers for the Global HR Analytics Market:
Rising demand towards implementation of HR analytics software amid enterprises to enhance the overall efficiency by performing functions like: hiring & maintain payroll, advanced functions (workforce planning, analytics, increase in the number of companies & organizations), measuring & reducing the employee turnover rate and hr analytics are carried out by cloud-based solutions that are cost effective and enable easy and convenient storage and download of data over cloud. Hence these factors are owing increase the disposable income and growth of the industry globally.
Opportunities for the Global HR Analytics Market:
Moreover, increasing workforce globally is going to enhance the adoption of HR analytics solutions by various enterprises and increased demand for HR analytics as large volume of HR data is generated every single year due to job portals like: Glassdoor, LinkedIn, Indeed and monster which create an plentiful opportunity for Hr analytics software usage. Hence these factors aid in providing future opportunities for the industry.
Restrains for the Global HR Analytics Market:
However, Protecting the privacy of an employee and ensuring the information can sometimes be misused by any third person/party and HR analytics deals only with the data managed by the HR department and not by all the other departments in an organization. Hence these factors can hinder the growth of the market.
Region Wise, Global HR Analytics Market Analysis:
Asia-Pacific held major share in the market due to increasing number of organizations & companies adopting to Hr analytics technology, investment in new technology, general economic conditions and increase in the number of employees and economy. Besides North America and Europe held a large share in the market.
Global HR Analytics Market: Product analysis
Global HR Analytics Market: Application analysis
- IT & Telecommunication
- Aerospace & Defense
Global HR Analytics Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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