Data holds the power to transform any business. Data or analytics departments are not confined within their own echo chambers, but glean substantial information to help an entire business make more informed decisions. In ‘Business Analytics Solutions and Services’ we discussed how this is offers significant metrics for better decisions, operations, and management. It can even manifest in other areas. In light of digital transformation, the marriage between data analytics and human resources makes perfect sense.
Telling a Story about Data Analytics and Human Resources
The numbers provided by data can be used to tell a story about your people – which make it necessary to overlap with human resources! Employees are the heart of every business, which is why it is paramount that you have the right resources to manage and retain them. The fierce competition across industries has also necessitated qualified HR professionals who have the right credentials and have also been trained with the latest tools and developments in the field. In fact, we can already see this being done with blockchain technology. A crash course on blockchain by HP highlights how this digital ledger has surpassed its initial purpose for digital currency to include practical applications in business as well. While fairly new to the scene, incorporating blockchain in HR is beneficial for practical purposes such as verifying applicants’ previous education and employment histories without coursing queries through other third parties. And this is just the tip of the iceberg of its potential uses.
A Clearer Snapshot of Data Analytics and HR
Moreover, data’s application in HR gives a clearer snapshot of how to operate efficiently and effectively. CEO of software company Unicsoft, Aleksey Zavgorodniy writes how HR has moved beyond traditional metrics of surveys and reviews passed on to employees. With Big Data, the opportunities for growth and change are objective and tangible. This can begin as early as the hiring and recruitment process, as this is the undertaking of HR as well. It starts with the collection, processing, and interpreting of every candidate’s background, skills, and expertise. Companies can then get a projection of what it means to invest in human capital, seeing how these individuals can become the right fit in the organization, and how this relationship can be mutually beneficial.
Onboarding and Beyond
HR analytics continues throughout the onboarding process, and remains vital later on through performance analysis. Writer and futurist Jacob Morgan emphasizes how people are their companies’ biggest competitive edge, and as such, people analytics ensures that organizations can monitor them accordingly. This means spotting issues regarding internal mobility, creating policy changes, and insight regarding when employees may be expected to leave the company. Companies can then manage risks with this data, and execute informed plans. These can revolve around both giving employees incentives to stay, while understanding what gaps need to be filled and which areas need to be improved on.
Marwan Zeineddine, Head of Key Accounts & Emerging Markets at MENA LinkedIn Talent Solutions says that organizations planning on streamlining and improving their human resources operations with the help of data analytics can first reflect on their business priorities. Looking at these with an analytical eye can then result in stronger, more impactful outcomes. HR analytics helps any company stay several steps ahead. While the numbers offer mere guides, they provide a better understanding of the people behind it all.
Written by: Jane Bracken