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.