Based on feedback from Réncái’s HR Leadership community, we are currently in the process of creating some Thought Leadership around HR Analytics. Réncái are working with a number of senior HR experts within this area, to create some useful content that will hopefully answer the pressing question on people’s mind “How Do We Make Better Use of our People Data And Why Should We?”
Whether you’re working in the retail sector or if you’re working in Manufacturing, having the ability to confidently make a decision, based on evidence, is a lot better than using a “Finger in the Wind” theory.
Is HR Changing?
Thankfully HR Leadership teams are now beginning to see the value of implementing successful HR Analytical strategies, that offer both insight and intelligence around your business. In my opinion for a company to have implemented “successful” HR Analytics function, they must have the People, Process and Technology working coherently.
A Bersin report by Deloitte said that “Gartner expects the market for Big Data and analytics to generate $3.7 trillion in products and services and generate 4.4 million new jobs” that was back in 2015, so do more companies not have an established HR Analytics function?
A lot of companies have “dipped in” to Analytics, however, how many can confidently say that they’ve implemented a successful analytics function that they’re happy with?
Successful organisations invest in workforce analytics to enable business and HR leaders to make more informed workforce decisions (Gartner – “Defining Workforce Analytics”)
- Similar to a lot of HR Projects a real lack of internal intelligence around the subject matter is a big challenge for most organisations, this leads to us either ignoring it or not prioritising this type of project
- Senior Leadership teams understanding the true value of Analytics and the benefits that it can bring
- HR is very focused around people, therefore, we love to make “realistic” decisions made on individual situations rather than following a certain process that may not take into consideration factors that could affect result
- A Gartner Webinar on “How Analytics will Change Every Part of Your Business” said that there are 4 key challenges 1) Lack of Analytics Skills 2) Uncertain Governance 3) Reluctant Culture 4) Privacy/Security fears
Why Should We Make Better Use of Our People Data?!? (Basic analytics, not predictive..)
A Bersin report by Deloitte showed that 60% of companies are now investing in BigData and analytics tools to help make their HR departments more data driven”
If you’re not within that 60% then why?
If you are, then are you happy with the way your reporting on People Data?
- One of the “quick wins” that you get from Analytics is the fact that you can start making evidence based decisions
- “Understand our Employees Better” – Employee Engagement is another area that Réncái’s HR leadership community are focused at the moment. HR Analytics can provide the answers that may be affecting other areas of HR and the wider business.
- A stronger possibility of having budgets signed off… As HR goes on the journey of moving away from being an administrative function, through to a strategic one, we all know that budget is tight. However, with People Analytics you can prove the need for particular projects by showing the gaps at the moment
- From a Performance Management point of view, rather than just your standard Appraisal why would you not want to monitor the performance of your staff on an ongoing basis? The best bit is you don’t even have to micro manage … Through Analytics you can set KPI’s and gather data that allows you to support your staff using automated reports and dashboards
- It identifies strengths and weaknesses that you wouldn’t even dream of thinking about without a People Analytics strategy in place
Moving in to 2017 People Analytics is on a lot of HR Leaders agendas, keen to understand your thoughts and feelings regarding the subject matter? Also, very happy to learn about companies who have been on the journey, what challenges they faced and what benefits this extra insight has brought…
As always please do feel free to call us at the office regarding anything discussed above.
Client Relationship and Delivery Consultant
020 3051 9077