Has the metal radical 钅, typical for tools made of metal. Often interchangeable in everyday use with 铁锹 or 铲子, though 锨 specifically refers to a flat-bladed shovel for moving loose material.
Left-side metal radical, the side form of 金. Indexes 锨 in the metalwork family alongside 钢 steel, 铁 iron, 锅 pot. A shovel is a wide iron blade on a handle; the radical names the working part: the metal that bites the earth.
Right side 欣 supplies the sound: xīn shifted to xiān, a small vowel-finals change. The 欣 graph shows a person yawning open-mouthed in pleasure, but that imagery doesn't carry over here; it's borrowed purely for the sound. Same phonetic core 斤 (axe) appears in 近 near and 听 to listen.