Deloitte report says it's all about generating useful insights
Many HR organizations have been slow to facilitate strong reporting and analytics capabilities for people management purposes. Now that workforces are increasingly being prioritised, the focus of reporting and analytical techniques is no longer reserved for the finance, marketing, and operations. Today, HR analytics have become just as important. However, many organisations have simply not been able to collect HR data in a way that translates to actionable efficiency improvements. According to Deloitte's HR Transformation Report, many organizations are sitting on a tremendous amount of HR data. In some instances, this data is scattered and incoherent whilst, in others, the sheer volume of the data hinders organisations from analysing it in a useful manner. Here are five tips for getting it right.
Start with the business issue(s) at hand. Whether dealing with workforce planning, retention, or another challenge, identify the business issue and the related workforce issues. This can provide a key stepping stone in determining the information you need and measure.
Understand the data and information required to measure. It is critical to define a holistic data management solution and establish the system of record before even discussing analytics. Document requirements from an HR and functional perspective, and then use technology to satisfy them. Analytics capabilities can draw insights from both internal and external data sources. Identify those sources and reinforce the processes that determine whether the data is correct, timely, and secure.
Look for insights from the data and reports and turn into meaningful actions. The value of workforce analytics is the ability to use the information to think analytically about business issues, and then to use those insights to respond to increasingly sophisticated questions from the business units and leadership and play a strategic role in defining the right questions to investigate as well. For example, if the time it takes to fill a position has gone up from 20 days to 40 days, consider what that means and actions need to be taken.
Leverage your investments in technology. You do not have to buy new technology. Leveraging your investments can be a good starting point. Consider a vendor-hosted analytics solution. Vendors can now host a reporting and analytics infrastructure and provide analytics support based on leading practices and industry knowledge. This reduces the in-house cost to host, license, implement, or support an analytics platform.
Consider a vendor-hosted analytics solution. Vendors can now host a reporting and analytics infrastructure and provide analytics support based on leading practices and industry knowledge. This reduces the in-house cost to host, license, implement, or support an analytics platform.
