Using HR data analytics to make financial decisions
HR functions can no longer spend their days focused on routine administrative tasks.
By using systems that unify HR data with business financials, companies can leverage insights from employee data to guide not only business leaders but their own workforce as well. Karen Minicozzi is vice president of HCM product management and strategy at Workday recently wrote a blog post in which she explains what HR must do to meet growing business challenges.
In it, she states that HR functions can no longer spend their days focused on routine administrative tasks now that we have the technology to manage and automate these processes. However, when one door closes another opens, and there are plenty of opportunities for HR to be more strategic.
As CEOs consider expanding their businesses, their teams must determine the labour, office space, travel, and infrastructure costs required, and then do a cost comparison against other options. With the right systems in place, they can compare all sorts of variables - based on specific data such as open job requisitions, budgeting for office space, travelling distances or location-specific employee benefits - to make a strategic business decision.
Writes Minicozzi: “From a granular workforce perspective, the transactional data that is captured each time a change is made such as a new hire, job move, or compensation adjustment rolls up into a holistic picture of the business and the individual employee. That information can drive a unique and personal experience for each employee, much like how Netflix makes recommendations based on what you’ve previously watched. We know that engaged workers drive business results, so we need to better engage them by providing a delightful employee experience where technology is an enabler, not a hindrance.”