“Data is the new oil.” A famous quote which came into light back in 2017 by Mukesh Ambani. Interestingly, it was actually coined by Clive Humby, UK Mathematician and Architect of Tesco’s Clubcard, way back in 2006! The fact that the power of data was being leveraged 15 years ago, proves the very point that the relevance and importance of it is ever growing.
Data becomes the ultimate source of truth and analytics based on well structured data, becomes an unstoppable sports car! Leveraging the power of data and analytics has been at the forefront for many organisations.
Organisations of all sizes are trying to find out the best way to combine various data points in order to bring in the best outcomes which would eventually help foster the business.
People Leaders across different industries are trying to find different ways to democratise HR Analytics in order to drive an agile decision making process. The key to all this is finding the right tool to do so. Having said that, Darwinbox, a new age cloud HCM, pioneered in AI powered innovations and advanced talent analytics, has been helping organisations transact a new age of digital efficiency, and intelligence with just a few clicks! With its advanced people analytics module, organisations can now streamline the entire process for data structuring and analysis under one platform.
Here is how Darwinbox’s Analytics module proves to be a game changer in the current market -
AI Based Analytics :
Be it headcount, mood analysis, or attrition, Darwinbox can source data internally from all other business processes to cut through the noise and direct you towards insights that truly matter. Here are a few interesting features which Darwinbox caters to -
Compensation Analytics :
Compensation analytics has emerged as a game changer that focuses on optimising the cost of a workforce to drive bottomline growth. This branch of analytics has been helping organisations craft an employer brand that effectively communicates a winning employee value proposition. Here are a few features which Darwinbox has to offer -
The exhaustive custom analytics module gives you comprehensive view data of CTC and Payout Metrics based on varied parameters such as Hierarchy, Age Group, Grade, Contribution Level and much more. Interactive charts for the drill down analysis for any segment/filter makes it easier to comprehend the data better. With this dynamic filtering option, you can now make your search and analysis as specific as it could be!
The flexibility that the module offers proves to be an added advantage when it comes to slicing and dicing data structures in order to come to a more comprehensive and better business decision. It also provides the complete flexibility to view grouped data with the help of different chart types to pick from.
Check out the below screens on how you can use the module to categorise data effectively -
Categorise data based on employee core parameters :
Emphasise on data specific various CTC parameters :
Time And Attendance Analytics :
Time and attendance analytics is a relatively new and highly useful way of dissecting data, something which is a part of very few HRMS out there, has enabled organisations to understand the predominant behaviour of employees towards staggered shifts, leaves and attendance transactions and much more. Darwinbox is one such HRMS which provides you the opportunity to get trends and results for time and attendance management with ease.
Attrition And People Analytics :
Darwinbox provides a wholesome process of analytics which helps in understanding the how and why part of attrition, addition and steps which could be feasible in order to keep them in control. The comprehensive dashboard helps you categorise data which is directly linked to the CORE. You can even have pre-defined or saved dashboards based on the persona who is viewing the data. The flexibility to categorise data based on the line items which slice through the core makes it a very powerful tool to base your analysis on a single property and arise to a particular understanding about the effect of that property on attrition. Now when it comes to people analytics, you’d want the data to be accessible to a select number of stakeholders, Darwinbox gives you the flexibility to define the scope of data visibility in your organisation, making it as restricted as you’d want.
Let's see an example of how the data looks like when we consider the designation:
The data shows that the attrition rate for the company specifically for the employees with designations as HR Executive is 2.97% while the total attrition is 5.94% which means almost half of the attrition is in the designation HR Executive. The more data you have the more accurate the results will be. Having data on the axis of employee engagement, psychometric analysis will make things more interesting and accurate in the current times.
Darwinbox analytics module assists in not just taking preventive measures but also into making better hiring decisions. The proactive use of analytics will allow you to accurately anticipate, rather than react. Deriving trends of attrition out of past data is important in order to predict the future, as well as to board new employees. Employee data can be used to predict attrition, understand the reason behind it and thus take appropriate measures to prevent it.
Here’s an interesting report on People Analytics and it’s growing importance in 2021.
To understand and analyze more features on Darwinbox - Schedule a demo with us and we will take you through our product.