HR Technology

People Analytics to move towards Thought Leadership, HR News, ETHRWorld

<p>Prof Syed Hasan Jafar, Associate Professor, Woxsen School of Business, Woxsen University, Hyderabad</p>
Prof Syed Hasan Jafar, Associate Professor, Woxsen School of Business, Woxsen University, Hyderabad

By Prof Syed Hasan Jafar

Employees are the core of every organisation. To build a strong company, one needs to attract the best talent and build an outstanding workforce. Today, extensive analytics tools make this possible. 84% of business influential believes that HR analytics or the use of data to analyse, predict and improve performance is indispensable. Elevated employee significance leads more companies to empower in analytics know-how, enabling them to better cooperate and endow with support to employees.

People Analytics

People Analytics can be defined as an in-depth data-driven and goal-oriented approach that examines the processes, roles, problems, and skills of all in-service employees to improve the systems and achieve business success. Using People Analytics, organisations may move towards thought leadership in the near future.

Thought Leadership

Thought leadership is the key to opening a whole new horizon of professional achievement and accomplishment, as well as professional and personal satisfaction. Thought leaders are rainmakers. They attract product customers, service customers, company partners, blog subscribers, book readers, and sponsors of the projects they run. Thought leadership skills lead to internal and external disclosure of ideas, especially among journalists, analysts, event planners, and meeting leaders. In this way, you can reach people who can help achieve certain things, such as leaders of the organisation or community; innovators in the profession or industry; or researchers in the government or regulatory circles.

Dynamics of People Analytics

Various uses of People Analytics include, but are not limited to, increasing the number of job-offer acceptances, reducing the number of HR tickets, and optimizing compensation. People Analytics is generally called as talent analytics or HR analytics. In essence, collecting and evaluating talent analytics can use statistics and other data interpretation methods to make better decisions, so that smarter, more strategic, and more data-driven talent decisions can always be made. This applies to the entire life cycle of employees, from making better hiring decisions to better performance management and retention.

People Analytics: Steps and Mechanism

1. Digging the relevant data: After identifying the relevant KPIs (Key Performance Indicators), we may need to dig only the core data required that leads to tangible business success. The right focus of the data leads to the right statistics and strategic workforce management tools among others.

2. Exploring and enriching the right tools: Through systematic experimentation, explore the right tools that would help the organisation the most by merging the required important techniques into a user-friendly interface.

3. Implementing an action plan: By applying the selected tools on the data, the action plan needs to be fine-tuned with the necessary changes to gather the additional stakeholder support and interest.

4. Legal Compliance: During the process, validate the data sourcing techniques and the output with the legal team to avoid any legal complications.

5. Creating a simple system: Create a simple system for easy readability, updation, and application to easily streamline the entire process with the selected team to stream and apply the customizable systems wherever required.

6. Building a feasible HR business strategy using the facts: A feasible business strategy avoids the headwinds and smoothens the performance of the employees seamlessly if supported by effective data and transparent KPIs.

7. Inclusion of technology: To set the organisation ahead of the competition, being agile and having real-time intelligence is a must. To process the data with little error, one needs to employ modern HR tools to access the real-time data.

The above process discussed is to transform the following trends in the organisation:

a) What HR does to keep up with the business needs and to improve the HR efficiency in the key areas

b) HR business exchanges to present actionable recommendations to facilitate strategic planning and execution processes

c) Current insight quality

d) HR-Employee relationships

Employee focused approach

Today, data can be collected at each step of the employee journey so that the information can be used to make smarter talent decisions. Organisations that want to reduce employee turnover can use the data to spot patterns and identify possible alerts that employees may leave. With tools that can identify these patterns and identify potential churn, the human resources department can step in to create more opportunities for employee promotion, ensure frequent meetings with managers and other measures, and ultimately reduce the risk of employee attrition risks.

Taking time to think about the future of employees is an important step in preparing the company for the future. People analytics can provide the information needed to prepare for this and build lasting relationships with the talent of tomorrow.

Prof Syed Hasan Jafar is Associate Professor at Woxsen School of Business, Woxsen University, Hyderabad.

DISCLAIMER: The views expressed are solely of the author and ETHRWorld does not necessarily subscribe to it. ETHRWorld will not be responsible for any damage caused to any person or organisation directly or indirectly.

  • Published On Jun 13, 2021 at 08:31 AM IST

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