How the power of HR data can enhance your business
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How the power of HR data can enhance your business

How the power of HR data can enhance your business

Businesses can leverage data to its advantage across three core areas of its operations including HR, insurance and payroll

In today’s digital world, data offers organisations from all industries the ability to gain invaluable insights to improve their overall decision-making. This ability is critical for any successful business. Taking a data-driven approach that uses real-time analytics and reporting tools will not only allow leaders to make informed decisions, it will also have a material impact on business efficiency and growth.

However, when it comes to the value data insights can provide, there are still certain business functions that are often overlooked. Leveraging data across three core areas – HR, insurance and payroll – can help propel a business forward into tomorrow.

HR

The use of data in HR has risen dramatically in recent years, allowing HR leaders and their teams to operate more efficiently and effectively. According to a ‘Data Science in HR’ report, HR departments are the second highest users of data, second only to finance, when it comes to informing critical business decisions.

Data has become a key strategic tool for complex HR issues, allowing businesses to intelligently solve problems such as increasing staff retention, improving engagement, and analyzing employee trends.

According to our platform, January (10 per cent) and December (12 per cent) are the most likely months for holiday requests in the UAE. On the other hand September (5 per cent) had the lowest number of requests. Furthermore, 53 per cent of leave requests were for a period of three days or less, with employees in the UAE receiving an average of 25 annual vacation days (working days).

Platforms that can provide these informed insights enable HR teams to optimise key activities, more effectively plan for disruption and add value to employees and the business.

Insurance

Medical insurance, while essential for any business that operates in the UAE, often doesn’t get the consideration it needs. Poor practice could mean businesses are overpaying for policies, or fail to meet the needs of employees.

However, data can provide the insights and visibility businesses need to optimise their insurance strategy. Knowing how much policies are used and certain employee habits will allow organisations to keep premiums to a minimum on renewal.

Visibility into common claim requests and the types of claims that are reimbursed most often allows companies to choose the right policy for them and their employees backed by data. For example, our platform shows that general medicine (36 per cent), obstetrics and gynaecology (23 per cent) and dermatology (18 per cent) are the top three consultations booked by employees in the UAE. Organisations can use these insights to select the best insurance policy for its people.

Finance

As well as ensuring the transparency and accuracy of data, finance managers are under more pressure than before to make financial data accessible so that it can support strategic decisions that drive business growth. Simple, easily segmented and digestible data will allow decision makers to gain deeper insights into business costs, payment trends, and financial workflows.

It will also help financial operations run more efficiently and save the business valuable time and money. For example, the ability to analyse incentives and compensation against the industry averages and even competitors will guarantee that employees are on appropriate packages.

Through our platform, we know that the average monthly payroll for a company with 51-100 employees is Dhs541,000. We also know that the average amount reimbursed per employee per year is Dhs4,400 in the energy sector, compared to just Dhs500 in the education sector. This is all valuable information that can help finance teams plan ahead and keep costs under control.

Today’s landscape is getting increasingly more competitive and organisations are continually seeking to enhance the way they work. Improving business operations with the power of real-time HR, payroll and insurance data in everything from workflow efficiency to employee satisfaction will ensure your business isn’t left behind.

Brian Habibi is the co-founder and CMO at Bayzat

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