HR analytics track, measure, and analyze employee performance and engagement with the business. Here, we’ll discuss the 7 Top HR Analytics Companies and the benefits of investing in data analytics for human resources and workforce management.
The human resource teams have multiple responsibilities in an organization. Recruitment and training are just two aspects of the entire process. From managing employee performance to handling complaints and promoting ethical organizational behavior, HR teams work with people at various levels. However, HR is not limited to people. Data and analytics are necessary for the teams to effectively handle their responsibilities.
Statistics show that close to 60% of businesses use specific HR software for employee performance management, and 44% of CEOs believe that artificial intelligence tools can be useful in acquiring and retaining employees. 80% of HR professionals believe that using HR technologies will increase employee engagement and improve their attitude towards the company.
But how do business organizations implement HR technologies and analytical tools? A majority of them work with offshore HR analytics service providers to create a strategy and implement the right AI tools to assist the human resource departments. The consulting companies identify the roadblocks and find ways to overcome the challenges faced by HR teams. From setting up data pipelines to integrating different software applications and customizing the analytical tools, the service provider offers end-to-end solutions.
In this blog, we’ll understand the role and importance of HR analytics before discussing the top companies offering HR analytics services.
HR analytics is the process of collecting human resources, financial, and operational data from multiple sources to apply business intelligence tools and derive actionable insights. These insights help the HR teams understand employee performance, engagement, satisfaction, etc., and identify the talent gap in the enterprise.
Though many companies use HR analytics, people analytics, and workforce analytics as synonyms, there is a marked difference between the three. However, there is an overlap in data and insights derived.
HR analytics makes the HR teams and top management more aware of the issues that affect employee performance and productivity. The insights help in making effective decisions to increase the overall business value by taking care of employees and helping them streamline their performance. Hire data consultancy services to set up HR analytics for a business using fewer resources and increase ROI.
DataToBiz is a data engineering and business intelligence company that provides end-to-end services to SMBs, MSMEs, and large enterprises from around the globe. The company delivers HR management and analytics to organizations from Asia, Australia, North America, Europe, Africa, and the Middle East.
DataToBiz has developed various AI tools like HirelakeAI and PrepAI to assist the HR teams in automating recruitment and employee assessments. It offers a plethora of services, such as:
The company has Power BI experts to set up and integrate HR analytics and data visualization dashboards in the business. The dashboards are customized to provide the HR teams with real-time insights based on the KPIs. DataToBiz helps businesses explore their untapped potential by leveraging BI tools to get the best data experience and increase ROI. The company has won the top artificial intelligence company and top BI and big data company awards from Clutch in 2023.
Claro is a Wilson HCG Company offering labor market intelligence to businesses across the world. It provides real-time insights about jobs, diverse talent, and salaries to help HR teams make strategic decisions to create an inclusive and diverse talent pool. Claro Analytics is a 360° workforce analytics platform with a Job Seeking Sonar® algorithm to increase employee retention rates. Businesses can use the API to access labor market data for actionable insights.
The platform exclusively focuses on workforce analytics consulting and boosts the organizational capabilities of a business through the following services:
Claro offers advanced analytics to speed up recruitment, increase employee engagement, and reduce attrition. The platform analyzes global labor force data to understand job seekers’ behavior. These insights help businesses correct job descriptions, adjust salary scales, and streamline internal policies to make sure talented employees stay with the organization.
Greenwich.HR aims to make labor market intelligence more transparent and empower organizations to make effective HR decisions. The company provides a comprehensive dataset to power labor analytics in different businesses. The datasets are always up to date with the latest details to save time, money, effort, and resources for businesses. The company wants organizations to spend their valuable time creating solutions instead of collecting data.
Greenwich.HR caters specifically to human resource teams and assists HR analytics consultants with the following aspects:
The company offers products like WageScape, an interactive compensation dashboard with next-gen analytics, to assist HR teams in tracking the pay scales for any job from any location and industry. Greenwich.HR is used by businesses from 210 countries and helped several organizations to make data-driven decisions. The company’s services are used by multinational companies, recruitment agencies, and so on. The data platform can be integrated with different third-party HR systems to assist the teams in streamlining recruitment and employee engagement.
Perceptyx provides HR analytics consulting services to help businesses focus on their people. The platform assists the human resource department in creating and executing a perfect employee experience strategy based on the organization’s values, employee expectations, and so on. It turns raw data into actionable insights for managers and leaders to make the right decisions.
The platform helps HR teams understand the bigger picture while also pinpointing the issues and focusing on each of them to prevent voluntary employee attrition. It provides services for the following:
Perceptyx offers HR analytics in three stages- Ask (gather data through employee surveys), Sense (conduct lifecycle surveys and continuously listen to employees), and Dialogue (crowdsource insights to increase employee and people engagement). The platform provides 360° feedback and intelligent coaching to make managers more effective in their roles. Perceptyx is a SaaS (Software as a Service) product that can be customized to suit the varying requirements of HR teams from different businesses and industries.
TrustShpere is a world leader in organizational network analytics and relationship analytics that help businesses leverage their valuable assets- workforce and collective relationship network. The company uses log data from the communication and collaboration systems in the business and performs analytics using advanced data science and machine learning technologies. It measures the relationship capital of an organization at the employee level, team level, and business level.
TrustSphere offers extensive people analytics services through the following services:
The company has developed products like TrustView (visualization and reporting tool) and LinksWithin (identify employees with connections and relationships to external parties) to harness the power of the organization’s social network in boosting business value. TrustSphere Mobile is a smartphone application that delivers real-time data and insights about people and relationships to managers. The company’s products can be integrated with third-party systems like Salesforce, etc., to drive comprehensive insights that help in effective HR decision-making.
DecisionWise is a management consultancy company that helps business organizations succeed in three major areas- employee experience, employee engagement, and leadership. It uses technology to assist organizations in empowering their leaders with people’s data. The HR analytics company helps businesses find solutions through employee engagement surveys, 360-degree feedback assessments, employee lifecycle surveys, and more.
DecisionWise offers an array of services, such as:
The company has a purpose-built platform called Spectiv that offers program management services to HR teams. Human resource managers can get an overview of the employees and their performance with a single click. It also sends alerts and delivers analytical reports. DecisionWise assists HR teams in streamlining employee growth within the enterprise and increases the retention rate. It helps HR teams engage with employees to make them become self-aware and use customized reports to enhance their performance at work.
MicroStrategy is a data analytics firm delivering a fully modern, open, and cloud-powered platform to perform HR analytics. MicroStrategy ONE can be used for business reporting, self-servicing, and delivering embedded analytics. It unleashes the power of data to help businesses gain a competitive advantage by using real-time actionable insights about their people. The company works with businesses from various industries like healthcare, finance, retail, government, etc., to provide cutting-edge solutions.
The MicroStrategy platform offers the following services:
The company provides an integrated platform similar to Power BI to help HR teams get recruitment data, analyze employee performance, manage compensation and payroll, develop training modules, and get a unified view of the organization’s workforce from a single interface. The mobile intelligence reports can be accessed through smartphones, irrespective of where the HR teams are located. MicroStrategy helps enterprises fine-tune their HR strategies to increase employee performance, engagement, and retention rates.
There are various reasons to invest in HR analytics and make data-driven decisions when recruiting, training, and analyzing employee performance.
Every business has to plan for the long term. Strategic planning helps businesses be prepared for unexpected changes in the market. A part of HR analytics delivers predictive analytics where the organization can predict the likelihood of an event or change based on historical and real-time data. Offshore service providers assist enterprises in evaluating HR risks and decisions by aligning them with business goals.
Hiring employees is expensive for many businesses. Furthermore, the human resource teams will have to spend several resources choosing the right candidates and training them to work with the organization. However, despite all the efforts, the employees may leave the organization for better opportunities or deliver below-par performance. By using the reports shared by HR analytics, the teams will know which candidates are perfect for the job and are likely to stay with the business. Furthermore, the reports also provide ways to increase employee retention by providing employees with what they want.
The human resources department has to be ready to handle any disruption. For example, the Covid-19 pandemic resulted in remote working and online collaborations. The responsibility falls on the HR teams to manage the crisis and ensure both parties (employees and clients) are happy with the alternatives. HR analytics helps the teams stay one step ahead and make proactive decisions instead of reacting to the situations. The HR department will be better equipped to handle disruptions and minimize challenges. They can also ensure that employees are not overstressed by the disruptions.
Implementing HR analytics in an enterprise requires planning and expertise. Many businesses rely on people analytics consultants and data analytics companies to create the framework and establish the necessary IT infrastructure for data-driven decision-making. Power BI is one of the most used HR analytical tools in the market.
Working with service providers gives businesses an edge over competitors. Consulting companies have experts who can handle complex scenarios and provide customized solutions quickly. They also offer cost-effective Power BI services to derive real-time HR analytics and improve brand value.
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