Using information to draw conclusions about organizational development will be the key to success for Human Capital Management. Sooner than we think. Our expert Carina Andersson gives her view on taking the first steps.
Moving People Analytics into the center of HR has been the trend during the last five years. In 2017 Bersin by Deloitte found that 69 % of large organisations have a people analytics team. To benefit from these types of initiatives the smallest business usually holds at least 1 000 employees, to the largest consisting of up to about 350 00 employees or more, globally. The amount of data from pulse surveys, workforce planning solutions, productivity tools and monitoring devices is continuously growing at high speed, regardless of industry. How we use information is business critical for managing human capital in this digital age, as well as supporting innovation and growth.
Shift in mindset
The level of interest in finding ways of measuring the contribution of employees other than as business costs is one of the main topics frequently discussed by HR communities world wide. This is one of the reason why people data needs to be analysed by HR professionals with understanding of the employee - and - employer relationship together with data scientists and several other areas of expertise. To drive change, moving away from relating cost to attrition rate or employee absence (sick-leave always on top of mind), is one important step. Working towards analyzing Employee Engagement and Employee Performance related to planned or executed actions to show ROI (Return on Investment) anticipates a shift in mindset.
Start using Big Data
We all know that the use of numbers in correlations and causality is more than reporting statistics to executive boards or operational managers. Data as such is just numbers. Many HR professionals are still struggling to get the reporting flowing and the statistics right. At the same time appointing a road map to become a Data-driven organisation, or HR-function, might be one of your strategical objectives coming years. The development and use of Big Data is a great possibility and at the same time loaded with obstacles on the way for many organisations. Remember you are surrounded by others with the same interest in people analytics inside and outside your own group. There are great opportunities to address enablers and let data potential showing us the way to get there. Start by exploring skills and examples in your own network!
- Are we on the right track with people analytics? How do we know?
- How can we take a bigger leap in once instead of improving bit by bit?
- Is there anything or any data we shouldn't focus on?
In my search for the whole picture of Big Data evolvement I found this interesting article, written by Bernard Marr, for the World Economic Forum. Do you remember what year we first got struck with the concept of Big Data? I can't help wondering what the time line will say about machine learning, artificial intelligence and humans consuming data in one hundred years. Looking forward from 1999 to 2099 I see mind thrilling data experiences for all of us, humans and robots alike, shaping the future together.
What do you see?