Source | Forbes : By Bernard Marr
It goes without saying that people are vital to the success of any company. There’s no doubt that any business which can attract the right competencies, manage talent effectively, utilize capacity efficiently, and retain employees is setting itself up for long-term success.
HR departments are generating more data than ever before but at the same time they often struggle to turn their data into valuable insights. Based on the work I do with companies all over the globe I have identified some of the most important analytics managers can use to better understated the people-related side of their business. This post builds on my article on the key business analytics tools, which might make good additional background reading. Here is my list of HR analytics every manager should know about:
The success of your business depends on the level of expertise and skill of your workforce. Capability analytics is a talent management process that allows you to identify the capabilities or core competencies you want and need in your business. Once you know what those capabilities are you can compare them to the capabilities you have in place at the moment to see if you have any gaps.
Tip: Capabilities are not just about qualifications and skills; they can also include capabilities that may not be formally recognized, such as the ability to develop and maintain relationships.
Competency acquisition analytics
Talent matters, and the acquisition and management of talent is often a critical factor in business growth. Competency acquisition analytics is the process of assessing how well or otherwise your business acquires the desired competencies. You need to start by identifying the core competencies your business requires now and in the future. Then assess the current levels of these competencies within your business and identify any gaps. You can then monitor how effective you are at developing these competencies in-house or spotting and recruiting candidates with those competencies.