What is business analytics?
Business analytics is the exercise of constant repetition, methodical investigation of organizational data with significance on statistical analysis. It is mainly used by companies devoting to data-driven decision-making. Business analytic is useful in obtaining an understanding of business decisions and make effective business processes. Business analytic is important in an organization in detecting current business styles and features in-market to foresee and shape events to improve business outcomes.
It involves growth and the control of costs to know some of the risks that lower the plans and be able to take prompt measures. (Goodsir et al, 2000)
Metrics are the dimensions for deciding the performance of the company. Different levels of metrics involved in business analytics include data mining which involves examining results to get new styles and related statistical analysis as well as qualitative analysis which illustrates why established results occur, and multivariate testing which encompasses testing previous decisions, and predictive analytics which includes predicting future results. After business goal identification, an analysis procedure prediction takes place, and data is collected to help the analysis.
Importance of business analytics
Data mining, which is through classifying and determining patterns and establishing relationships allows the organization to improve performance and productivity as well as minimizing costs. From the handout, a survey done by Ernst &Young shows that 18% of the time at work goes to waste, ineffective and not valuable, and $109 billion is lost in annual wages. Strategies that improve efficiency and productivity are employed in the workforce to cut lost time, as well as wage bills, cost in annual wages.
Why is recruitment and selection measurement so critical —to tIle realization of an organization’s strategic objectives?
Recruitment is the involvement series building that the organization needs to give work to someone from the time of application of the post has reached the organization whereas the selection is the process at which the applicants appear from possible candidates to suit the post. Recruitment and selection help determine the goals of the organization as it helps in stating the present and future requirements of the organization together with job analysis. Geoff Pearman states that employers adapt to their work because of their required skills and experience needed in the organization but not because of the age difference in staying at work or the “boomer” style. (Geoff, P, 2012 p.27)
Recruitment and selection increase the chances of allocation of the job at the least cost. An example by Nigel Ward states that people browse a website looking for a job for about two minutes only, which is at least cost. The organization’s goal is to keep up a potential workforce, recruitment, and selection process to which it minimizes the chances those job seekers once selected move out of the organization after a short while. An example is research in the UK by the Corporate Leadership Council it suggests that an average of 20% of employees work well highly as 87% risk leaving the job. (Nigel, W, 2012 p.32)
Steps towards effective human resource acquisition
There are some of the things put into consideration including; gathering information about the job. It includes the contents about the job, the purpose of the job, output required as well as skills and personal attributes needed. The profile of the applicant should show the attitude, knowledge, and experience one has attained.
Another step is managing the application process that is through CV application from the selected applicant is important in the introduction for those shortlisted.
What is workforce planning, and what factors have to be taken into account?
Workforce planning deals with having the right people in the right place with the right capabilities and at the right time. It mainly helps in making human resource decisions. This mainly helps in reducing costs involved in staffing and ensuring that the staffing profile supports the future directions of the business by addressing workforce issues such as managing staff turnover, improving career progression, company strategies.
Factors involved in workforce planning involves the need to consider the target audience of the organization by knowing if the program used demands changes in either internal or external domestic way. Learning the products or services is important to introduce them to the customers. The dominant activities should allow the changes in the organization, thus removed. The staff should respond to the teaching qualifications given to deliver and manage the services well. Three key steps (Campion, M & Thayer P 1987 p.70) for human resource include:
Segment key roles
According to Dan Cook, key roles and skills are valuable in the organization. Formulating the strategies in the organization is considered the key role. Workforce division involves risk-taking evaluation and ways of reduction through training important roles. This enables the human resource team to give priorities based on market outcomes.
Estimate the internal and external workforce
Supply and demand for critical skills are the most important skills required for future growth in workforce planning. It should always find the outcomes of the future workforce planning should decide some of the requirements in the market. In human resource management, a workforce decision determines the performance rating, age, pay, and show on how the organization performs.
Build talent programs that elaborate, spread out strategically, and connect people
Human resource management puts into consideration the programs, initiatives, and projects involved. Workforce planning should focus on the programs that develop deploy and connect people’s talents. According to Deloitte’s research, management talents should develop people to widen their abilities to spread out to meaningful projects and activities and put them together to meet their goals. (Kaplan, R.S & Norton D 1996)
What is strategic human resource management, and why is it important?
Strategic human resource management involves the organization’s economic performance as well as its productivity. It involves an increase in customer satisfaction. It helps the companies to meet the needs of their employees as well as improve their own goals. It mainly involves some of the aspects that affect the employees, such as hiring and firing, pay, training, and administration. It is mainly training the employees on some of the disciplines and techniques to improve their productivity.
It is important to consider what the employees, as well as what the company needs to supply. According to Melinda Finch and Elizabeth Hunter, management involves being accountable for any costs and focusing on what the customer needs and wants (Kaplan, R.S & Norton D 1996). It also involves training employees to learn some of the policies and rules of the productivity organization. In every organization, management involves being accountable for everything done. This appears in NAB when they lost more than $360 million in the foreign currency scandal of January 2004 for ignoring the above issues.
The Australian Prudential Regulation’s Authority March 2004 review of NAB found that when a company puts in place corporate principles and expected behavior that every organization must follow it brings great performance as well as improves the behaviors of the employees (Dessler, et al, 2004). This is all applicable at the end of the years’ performance where every employee is measured according to their behavior to decide their performance management framework.
Employee engagement is always important as seen in Macquire Research Equities’ review of NAB in September 2005 where bank earnings went down and stock reduced due to failure in employee engagement. Cultural change in an organization is always important to the top managers as they are the ones who are the role models to the rest of the employees. Training the employees to follow the cultural rules in an organization is always important to meet customer satisfaction and thus improve the organization’s performance.
Reference List
Campion, M & Thayer P 1987, Job design: Approaches, outcomes, and trade-offs, Organizational Dynamics, vol. 15, pp. 66-79.
Dessler, et al, 2004, Human Resource Management, Pearson Education, Australia.
Geoff, P, 2012, An age-old issue: Tackling talent shortages and generational change involves challenging a few sacred, Australian Human Resources Institute, pp. 24-30.
Goodsir et al, 2000, Corporate Community Involvement: Establishing a business case, Centre for Corporate Public Affairs, Canberra.
Kaplan, R.S & Norton D 1996, The Balanced Scorecard Translating Strategy into Action, Harvard Business School Press. Boston, MA.
Nigel, W, 2012, The rules of attraction: Attracting the right staff and making sure they stick around means keeping your company ‘brand’ simple, Australian Human Resources Institute, pp.32-33.