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Human Resources is a standard department in every organization, and no matter where they are located, they run through tons of data on a daily basis. Consider the information they ask for when a new employee gets hired, the tracking of benefits, payroll, and more are all sort of piled into one area. Operational performance is the main concern, so that nothing is held up in the processing of this information for employees. Not to mention, that you can’t afford to have any issues with your performance while doing what you do best.
Over the past two years, more than 60% of companies have now made the investment in BigData and analytics. This was all done in an effort to make their HR departments more data-driven so that they could be more efficient. So, what has been done to determine whether or not this is needed, and what determines who should use it?
An article recently published in Forbes.com, addresses this very topic, and how some research that was done steers the wheel for Human Resources and how this issue can be resolved.
Do Human Resources and Analytics Need Each Other?
The big issue isn’t the data necessarily, but it’s the ability to perform what is known as predictive analysis about employees. This could be helpful in using data to determine if people will work out or if they won’t. With the research that was being done, only 4% of companies were able to use his type of analysis.
This isn’t so much about who will stick around either, but perhaps it’s an issue of:
- What drives performance
- What drives retention
- Who should be hired
- Does pay really correlate to performance
These are all important. They help companies understand what they can do better in order to operate better. Isn’t efficiency what you run on daily? While statistical analysis is important to determine the overall findings, only a small percentage of those companies had access to that. This means that everyone else is spending so much time on reporting, they have time for much of anything else.
Standard reports have been believed to be a thing of the past, but not so much for those that don’t have the ability to use analytics and BigData. Are daily operations with standard reports wasting your valuable time and energy?
Is Your Human Resources Department Using a Talent Analytics Maturity Model?
If you are wondering WHY you should make the switch, then take look at the fact that companies using BigData and analytics are enjoying higher stock price returns, and that they have a higher impact on their daily production and less turnover.
This Talent Analytics Maturity Model breaks down into four levels:
- Reactive-Operational Reporting (this means ad-hoc reports, which take a lot of time)
- Proactive-Advanced Reporting (operational reporting a step up. Includes analytics, dashboards, and aids in decision making)
- Strategic Analysis-(this means people models, segmentation, and the ability to understand actionable solutions)
- Predictive Analysis-(this is scenario planning, risk analysis, integration with strategic planning)
When using a reliable model, the Human Resources department is more likely to be highly regarded by the rest of the company, and perceived as a real investment. Data helps decision making easier, and a more reliable department worth investing in!
Do you need to improve your capability for your business? What if we told you that there are ways to make your HR department more efficient, so that you can get a bigger return on those you hire, as well as overall production within your workforce? If you would like to talk with the experts on increasing your network efficiency for BigData and analytics, and how we can help you prepare for a better “Human Resources” department, CONTACT US today to learn more!
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