With a data-driven approach and implementation of analytics, HR personnel can make more strategic decisions and achieve a competitive advantage.
FREMONT, CA: Organizations are relying on HR departments for acquiring high performing talent. To drive productivity and streamline talent management, the departments are relying on data. The cut-throat competition in the market has made it imperative for organizations to leverage data, starting from talent acquisition to talent retention.
A Deloitte 2018 human capital trends report states that 85 percent of the companies consider analytics as a high priority. A productive HR department is no longer sufficient for talent acquisition and employee management. Implementing a data-driven approach is needed to augment the HR processes, eliminating human bias and subjectivity. Also, the implementation of analytics can assist HR personnel in making more strategic decisions and achieving a competitive advantage.
Analytics can help the organizations in forming accurate predictions, leading to a growth in the return of investment (ROI). Social media platforms such as LinkedIn have provided organizations with useful data when it comes to talent acquisition. Even with the valuable information, many organizations struggle to forecast the required human resources needed to feed the growth of the company. The incorporation of analytics solutions can aid the organizations in approximating the hires according to the demands of the company.
Organizations can analyze the strength of links between employee engagement, customer satisfaction, and profitability. It can also help the HR departments in identifying the processes that can impact employee engagement and customer satisfaction, including motivation, quality of service, and responsiveness. Analytics can track the employee information and identify the ones most likely to leave, aiding the organizations in taking the necessary steps for employee retention.
It has facilitated lateral movement within the organizations, enabling employees to take on more challenging roles within the company based on their desire. As a result, the organizations have witnessed a rise in employee satisfaction as well as talent retention. Also, analytics can track employee activity on the network, thus mitigating the risk of phishing or virus attacks.
However, the people analytics approach cannot replace critical thinking and effective strategies. It is designed to augment the capabilities of HR personnel. It can help the HR departments to effectively leverage data and facilitate the growth of the company, starting from talent acquisition to cybersecurity.