HR analytics is a popular technique that is being utilized for workforce optimization, by analyzing organizational data. These solutions provide HR professionals with an extensive understanding of the strengths and weaknesses of employees, the best way forward, and future shifts. These benefits help the HR in planning for an effective workforce, which is needed in any organization to stay ahead of the competition.
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The rising demand for efficient hiring is also adding significantly to the growth of the industry. HR analytics software offers insights into potential hires by analyzing their expertise and skills. In addition to this, the software assists organizations in making an unbiased decision based on this data, to reduce the discrepancies in hiring. Through this software, organizations yearn to have productive hiring that will help in the growth of their business.
Additionally, the adoption of new technologies in these solutions is one of the prime factors offering growth opportunities to the industry. HR analytics market players are incorporating machine learning and artificial intelligence (AI) in their products to widen their applications. AI could help HR leaders in identifying high-potential employees, endorsing learning courses, predicting results of talent decisions, forecasting employee flight risk, and unearthing engagement issues.
The offering segment of the market is bifurcated into solutions and services, wherein the solutions category accounted for the larger market share in 2018 due to the increasing application of HR analytics software in several organizations. The solutions category is further divided into employee engagement, workforce planning, employee development, retention, compensation and incentive program, recruitment, and others, which includes time & attendance and employee performance.