“The control of information is something the elite always do…Information, knowledge, is (potential) power. If you can control information, you can control people.” American Novelist – Tom Clancy
Each and every day 2.5 quintillion bytes of data are created, what’s staggering is 90% of the data existing in today’s world has been created in the last two years alone. With so much data being created it is great that new technologies for managing and analysing this data has opened up a whole new world of analytic opportunities for many areas within a business and in particular within HR.
In a recent article on HRN Blog, author and well respected commentator on the growing issue of people analytics, David Green, said: “My prediction for HR in 2016 is that people analytics – emulating British astronaut Tim Peake – is set to go into orbit in the coming 12 months.
“I detect a visible momentum shift behind people analytics both within and outside HR. All this points to 2016 being the year of the great leap forward to make fact-based decisions the norm within the HR function.”
David also suggests that HR as a function is changing. Yearly performance reviews are on the decline, the annual employee engagement survey is transforming into an ongoing process and recruitment is now being driven by marketing and not process. David added: “Analytics is the thread that binds all of these together. Uncovering insights that link recruitment, talent management, engagement and employee performance to business outcomes and performance has the potential to shake HR out of its traditional cost obsessed mentality.”
When used respectfully HR analytics can be incredibly helpful with guiding talent management, hiring decisions and retaining high performing employees. According to a 2015 report by Deloitte: “35 percent of companies surveyed said they were actively developing data-analysis capabilities for HR.”
How can data analytics play a role in delivering effective HR?
- Make smarter decisions in talent management, assess future hiring needs and retain high performing individuals.
- Allows HR to look at the bigger picture and not get lost in the small detail.
- With social media on the rise and increase mobility a global talent pool has arisen and is available to tap into.
- Allows a connected workforce, with many businesses operating on a global basis, people analytics allows your organisation to view your global workforce in real time.
- Use economic data to help make strategic decisions, such as what services to provide in a new market or whether to manufacture there.
- The value of the workforce of a target organisation is one of the top reasons for acquisition and with people analytics HR leaders can find companies with people who offer hard-to-find skill sets.
The business case for analytics is clear. In a recent article published in the Wall Street Journal based on Deloitte study into the benefits enjoyed by 14% of companies who have already developed mature people analytics capabilities: “As well as generating better talent outcomes in terms of leadership pipelines, efficiency gains and talent mobility, the most telling finding was that the share prices of this pioneering 14% outpaced S&P 500 by an average 30% from 2011 -14.”
Granger Smith Consulting has developed a solution to provide HR management and key stakeholders with a rapid, cost effective, centralised view of data on a common, self- service platform. In some organisations efforts to provide HR reporting is taking weeks and months due to disparate datasets associated to employee numbers, attrition, salaries, absenteeism information and performance management existed in different areas of the business and data standardisation levels are limited.
To find out how we can help rapidly reduce this timeframe by bringing together data from multiple sources, consolidating the data, cleansing it and provide a self-service analytics platform which has no reliance on IT, contact us today. Email firstname.lastname@example.org or call Reece on 07972822342