Business Analytics and Inferential Statistics for HR

The fast-growing field of Business Analytics uses mathematical modelling and statistical analysis to better understand an organisation’s position and to properly inform decisions.  Analysis can be applied to metrics in the organisation as diverse as customer attributes and buying patterns, staff turnover and absenteeism, and changes in revenue.  Business Analytics can also be used to understand the correlations between all of these seemingly disparate trends.

Return on Investment Calculations

Sometimes the most difficult thing for an HR department or manager to do is to demonstrate to senior executives the financial value in initiatives that are undertaken.  A clear cost benefit resulting from invested resources is an essential part of influencing the stakeholders and sponsors who will make or break HR programs of work.  Return on investment calculations are also a necessity for justifying the existence of units or roles within an organisation.

Creation of personality questionnaires and ability tests

We conduct initial research of psychological constructs through to item generation and then completion of the test and manual.  We also provide consulting advice on how to create a realistic development schedule and validation framework. Further, our psychometricians provide guidance on some of the more practical aspects of creating a test, such as the most cost-effective way to create an IT delivery platform, and the best ways to motivate people to complete your test so that you quickly get initial results for psychometric analysis.

Creation of rigorous surveys for internal staff or external customers

We have created Employee Opinion Surveys, Customer Feedback Surveys, Exit Interview templates, 360 Degree Feedback Surveys and Reference Check templates – all rigorously designed to properly measure attitudes and opinions.

Psychometric analysis of test results

With expertise in Item Response Theory, as well as Traditional Test Theory, Wood Consulting can analyse psychological tests that are already in development and have existing data from respondents. This psychometric analysis will test the internal consistency of scales, highlight weaker or misfitting items, and provide other information about the strength of the test.