Companies are nothing without the right people. People with the right skills and talent make all the difference and will give companies the competitive edge they need to succeed today and in the future. It is therefore absolutely vital that companies find, recruit and retain the right people.
With this in mind, I find it always shocking that so many people management practices are still firmly in the dark ages. People management (or Human Resources) teams often spend the majority of their time on administrative tasks
or legal issues. Others waste their time on the annual staff satisfaction survey, the completion of staff appraisals using clunky processes and reporting of KPIs such as absenteeism, staff turnover rates and training hours per full time employee. What a lost opportunity!
While all of this is going on, leading companies are completely transforming
their people management teams into truly value-adding business functions. Here,
people management is done very differently and the keys to this transformation
are data and analytics. Wait, before you stop reading here because you find the
words ‘data’ and ‘analytics’ downright boring, just hang in there.
Companies can gain mouth-watering benefits when they use data well and apply
analytics tools to turn the data into business critical insights. Let me share
are some very real examples that show how collecting and analyzing data can
deliver impressive (and sometimes unexpected) insights:
More data than ever before
HR teams already have lots of data. They have recruitment data, career
progression data, training data, absenteeism figures, productivity data,
personal development reviews, competency profiles and staff satisfaction data.
In addition to these traditional data sets, companies can now collect so much
more data, data that wasn’t available before, like: capturing employees on CCTV,
taking screenshots when staff are using company computers, scanning social media
data, analysing the content of emails, and even monitor where they are using the
data from geo-positioning sensors in corporate smart phones. The challenge is to
establish what data is really going to make an impact on your company
performance. What is really useful? Despite all this data, recent research has
shown that only 23% of companies have HR systems that can always provide
sufficient data to measure the execution of their business strategy.
New analytics capabilities
We have seen mind-boggling improvements in our ability to store and analyse
data. What's more, we now have big data analytics tools that allow us to compute
huge amounts (peta bytes) of data. This enables us to combine the analysis of
traditional data with the analysis of unstructured data, such as written text,
images or voice recordings.
Different people management
This data and analytics revolution has some serious implication for how
people management is done in companies. In order to stay on track companies must
make sure that they have the right skills, capabilities and technology in place
to leverage people data and analytics. There already is a global shortage of
people with business analytics and data science skills, and this shortage is
especially noticeable among HR teams.
Originally Posted On: LinkedIN By: Bernard Marr
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