INTRODUCTION HR analytics is characterized as “an HR practice enabled by information technology that uses descriptive, visual, and statistical analyses of data related to HR processes, human capital, organizational performance, and external economic benchmarks to establish business impact and to enable data-driven decision-making” (Marler and Boudreau, 2017, p. 15). Human resources have undergone a significant shift in recent decades. Traditional human management has given way to a methodical, strategic approach. It revolutionizes workforce management by using data-driven decision-making to uncover insights and make well-informed choices. Why are businesses utilizing HR analytics?
- To make well-informed decisions: It assists individuals in moving beyond physical labor and intuition. Human resources personnel can better comprehend data by using it, which empowers them to make decisions that are in line with organizational goals.
- Predictive insights: The primary objective for effective human resource analytics is to consider current and future trends and challenges as well. HR Analytics employs predictive modeling to identify high-potential talent and anticipate staff turnover, enabling organizations to take appropriate action. 3)Optimizing Recruitment: The competition for top talent is fierce. By determining the best sourcing channels, evaluating candidate fit, and enhancing time-to-hire metrics, HR Analytics expedites the hiring process. (Ameer M., et al. 2020) Problem Statement A leading pharmaceutical company, with its dynamic regulatory environment and competitive nature, is confronted with the problem of high attrition. There could be a lot of underlying issues as to why people are leaving and to solve this concern an in-depth analysis of the underlying reasons, business ramifications, and strategic measures to decrease attrition are required. Our goal in completing this project is to create a solid HRM dashboard that not only solves the current issue of high attrition but also demonstrates the revolutionary potential of analytics in improving workforce management. As we dive into the challenges caused by high attrition, the analysis that follows will not only clarify the difficulties encountered but also establish the framework for focused solutions. Through the application of HR analytics, our goal is to deliver practical approaches that meet the particular requirements of the pharmaceutical sector and build a strong, motivated workforce for sustained organizational growth. -Impact on Development and Research: Employee Attrition in R&D departments can interfere with current projects, impede creativity, and delay the production of new pharmaceuticals. -Marketing and Sales Disruption: In sales and marketing teams, attrition can damage existing client relationships, affect market share, and make it more difficult to carry out marketing plans. 2 -Stakeholder and Customer Relationships: Attrition can strain relationships and negatively affect a company's reputation in industries where interactions with stakeholders and customers are essential. It is critical and vital that top HR managers and prospective business owners be the primary recipients of the HR analytics project and dashboard for several reasons. Senior HR managers are the key decision-makers when it comes to employee engagement and workforce management. To understand the organization's talent needs and design strategies to attract, retain, and grow a talented staff, senior HR managers and business owners play a critical role in strategic workforce planning. In addition to meeting their demands, the dashboard should offer them actionable data that enable them to make wise decisions, improve HR procedures, and support the organization's long-term viability. (Kesavan, L., et al. 2022)