Although a support department not considered part of operations, human resources (HR) plays an important role in keeping the operations running smoothly. It is involved in hiring candidates, matching their skills to the correct job profile, tracking their progress, implementing initiative improvement programs, organizing social events and keeping employees engaged, and even during the promotion and appraisal process. Therefore, the data that they need to work with can be rather voluminous. Further, the decisions the department makes impact the entire organization, which is why they must be as correct and effective as possible.
Such software aids HR departments with many aspects of their job, including retention, workforce planning, recruitment, compensation and incentive programs, employee engagement, and employee development. Among these, workforce planning solutions witness the highest demand because putting the right people in the right role is one of the first steps to a company that works like a well-oiled machine.
The integration of machine learning (ML) and other artificial intelligence (AI) technologies in these solutions is making them even more popular. These technologies allow HR analytics solutions to learn from the past performance data of employees and advice the department on whether to retain or release them and how much to appraise them, if at all. Moreover, while hiring the next employee, they consider the experience of companies with employees of similar characteristics, so that HRs can make better decisions regarding hiring.
However, as HR analytics is still a relatively new type of computer program, the dominating region in the HR analytics industry is North America. This is because due to the higher technological awareness, any new technology or IT solution is generally first adopted in this continent. Further, many multinational corporations across the manufacturing, retail, banking, financial services, and insurance (BFSI), corporate, healthcare, energy and utilities, and education sectors are headquartered here. Additionally, even government agencies in the U.S. and Canada are using these solutions for efficient operations.
Hence, as the awareness on this technology increases, it will find a wider usage, especially in developing regions, such as Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LATAM),
According to new market research report "HR Analytics Market by Component, Application Area (Workforce Management, Recruitment, and Employee Development), Organization Size, Deployment Type, Vertical (BFSI, Manufacturing, and IT and Telecom), and Region - Global Forecast to 2024", is expected to grow from USD 1.9 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.The increasing demand to automate HR processes, scaling HR personnel effort with the help of advanced technologies, and growing need to enhance workforce engagement are some of the major factors driving the growth of the HR analytics market.Browse and in-depth TOC on “HR Analytics Market” 70 - Tables 34 - Figures 135 - Pages Request PDF Boucher @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=94472004 The workforce management segment to hold the largest market size during the forecast periodThe workforce management application area is widely adopted across verticals, owing to the need to place right people at right job for meeting business objectives.
Labor is one of the biggest expenses to be bared by organizations.
The use of HR analytics enables organizations to predict and forecast an accurate number of employees required to complete a particular job.
The adoption of the HR analytics solution enables organizations to increase employees’ productivity, performance, and satisfaction.The Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest market size during the forecast periodThe BFSI vertical is undergoing massive disruption, due to regulatory changes and competitive pressures.
The challenges encourage the BFSI vertical to adopt HR analytics for aligning workforce to streamline operations and minimizing workforce costs.
Enterprises are emphasizing on adopting the HR analytics solution to boost the performance of their sales employees and marketing representatives.
