Utilization of HR analytics for strategic cost optimization and decision making
1 Independent Researcher, Bonny Island, Nigeria.
2 Independent Researcher, Houston, TX, USA.
3 Independent Researcher, Nigeria.
Review
International Journal of Scientific Research Updates, 2023, 06(02), 062–069.
Article DOI: 10.53430/ijsru.2023.6.2.0056
Publication history:
Received on 24 June 2023; revised on 25 November 2023; accepted on 29 November 2023
Abstract:
The utilization of HR analytics for strategic cost optimization and decision-making represents a significant advancement in human resource management. This paper explores the conceptual framework of HR analytics, emphasizing its definition, key metrics, and role in organizational strategy. It delves into methods for leveraging HR analytics to reduce costs, offering examples of effective cost-saving strategies and their impact on organizational performance. Additionally, the paper highlights how data-driven decision-making processes, supported by advanced tools and technologies, enhance HR practices. The benefits of improved decision-making outcomes using HR analytics are demonstrated through case examples from leading organizations. The paper concludes with a summary of key findings, implications for HR professionals, and recommendations for future research and practice. The findings underscore the transformative potential of HR analytics in optimizing costs and enhancing decision-making processes, positioning it as an essential component of modern HR practices.
Keywords:
HR analytics; Cost optimization; Data-driven decision-making; Human resource management; Predictive analytics; Organizational strategy
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Copyright information:
Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0