Become a data wizard within less than 1 hour!
Justifying workforce expenses has never been a simple task. With the increasing collection and use of data analytics, however, it is today easier for HR practitioners to see where the money goes and why. And there’s more to it than plain money. Understanding HR analytics is an essential step in moving your business forward. Indeed, recruiting, training, and retaining has a major impact on an organisation’s performance, so doing it right is key. It is also a golden opportunity to understand employees better and see how the human resources can drive the business instead of just aligning with it – all this thanks to better data-driven decisions about the workforce.
However, and like with any business departments, challenges arise with workforce analytics; not only when implementing them but also in managing them. How do I develop my HR analytics team? Where should I focus to collect the data? How can I increase the influence of Talent analytics within the company, and make them more credible? Finding answers to these questions will help your department go a step further in the development and implementation of workforce intelligence, and ultimately help your company’s decision-makers in their strategy.
As we said, the objective of a good human resources management is to provide the company with insights on the workforce. These insights should add value to what you already know (employee demographics, educational history, training records…), to drive your business forward. By expecting a quantified output for every mission-critical job, the human resources department can use this data to identify the elements that directly impact or influence the productivity (development approaches, rewards, motivators, etc). With HR analytics tools, you have the possibility to quantify the dollar impact of any increase in productivity as a result of better trainings for instance.
At datapine, we think that using Business Intelligence in HR is a clever way to tackle retention issues in a company. They can enlighten you on the reasons employees stay or leave, on the recruitment, turnover, or equality. Today, the retention challenge is bigger than ever because of an increasing job mobility in a global knowledge economy, coupled with the “baby-boom” generation starting to retire and replaced by a smaller pool of workers. With our business intelligence software for HR professionals you have the right tool in your hands to make sense of your data and increase your retention rate, while lowering your employee turnover.
To begin with, when implementing a business intelligence software for HR, it is important to introduce it to all the member of the team, and to provide access to all the people who need it. Depending on the size of your company, one or two people alone cannot produce the workforce reports that each and every manager needs. Opting for a self-service BI tool is a good option, as it enables anyone without an IT background to work on analytics easily. Empowering your co-workers with the appropriate tool to make better-informed, data-driven decisions is the highway to extracting value from your data.
Then, you can start diving into your analytics more specifically. Find a purpose and articulate a vision behind the reason why your organisation is adopting HR analytics as a business approach. Select a project, or two, that will answer business challenges your organisation is facing and extract the HR data that helps in resolving them. Finally, do not forget to measure the outcomes of your efforts to be able to promote them afterwards: it creates business-cases for future investments in HR analytics software. Another best practice is, of course, to onboard your C-level suite on the analytics train. To do so, talk about the business strategy and point out how people make a change in that strategy. From there, you can choose the right metrics to analyse, and monitor risks and progress together. It is better and easier than just showing them a bunch of numbers that would not engage them as efficiently.
Become a data wizard in less than 1 hour!