A Model for Evaluating HR Analytics Critical Success Factors in Industry 5.0

Introduction

In a corporate world that is evolving at unprecedented rates, many businesses are reacting by implementing methods that emphasise critical review, real-time data analysis, and the cultivation of agile decision-making. VUCA (volatility, uncertainty, complexity, and ambiguity) is a military acronym that refers to severe circumstances; in business, it refers to the notion that technology advancements and a global economy have generated new problems, necessitating the abolition of status quo thinking. VUCA forces organisations to rethink how they use technology for the benefit of all stakeholders; it necessitates adaptability in job design and organisational structure, systems thinking combined with agility, and a focus on what customers truly want in order to remain loyal to the organisation despite competition. Within this shifting corporate landscape, businesses are discovering that the methods they previously used to manage their operations are insufficient in today's VUCA climate. Technological HR has been viewed as a'must have' capacity for the success of human resource functions, a method for extracting value from people, and a means of expanding the HR function's strategic impact (CIPD, 2013). With the transformation of economies to circular economy aiming to base itself on sustainability and reuse of existing resources it has generated a path towards IIOT, technology and also for human- machine interaction for effective working (Chang & Wang, 2010).

Though a god amount of research has been done in the vicinity of HR Analytics, yet there is a substantial gap in examining the challenges in implementation of HR analytics, especially in context to India and also reflecting on their cause and outcome relation for successful future implementation. There has been a lot of groundwork undertaken by Indian economy in form of various plans supporting the implementation of HR Analytics which reflects the future of business, yet there is a substantial gap when we examine the implantation and result of HR Analytics techniques in Indian industries, as rightly lessons have established that prior changes, planning is crucial to ensure any changes, aiming to decrease the failure rate (Wortmann and Fluchter, 2015). The research promises a lot of significance as countries like India has tremendous capacity for the expansion of its analytics industry. According to the India Brand Equity Foundation, technology in India's hyperconnected country has the potential to achieve an estimated 2 billion connections, unleashing $11.1 billion in income by 2022.

Drawing conclusion from the above the present study addresses certain key issues. Firstly, it aims to examine the challenges in implementing HR analytics techniques in Indian industry. Secondly it explores the cause-and-effect relationship to analyses the challenges and their impact in detail. After understanding the available literature and formulating the research problem based on the gaps observed, the paper emphasizes the need for studying and analysing the HR analytics obstacles in Indian industries. The chapter is divided in various parts; the introduction part, followed by literature disclosing the challenges of adopting HR analytics techniques in Indian industry. Further, it brings forward the methodology of the research. A decision-making test and evaluation laboratory (DEMATEL) methodology is taken to determine relations between the key challenges, followed with the results and discussions. The implementation on HR analytics is hence all pervasive in organisation as depicted in figure below-

Figure 1.

HR Analytics in organisations

(Source- Author’s own)