A company’s value has always been closely tied to its talent, but the qualities that make up this “talent” are often considered intangible assets. With today’s powerful data analytics platforms, HR executives can use data to uncover meaningful insights and build strategies around measurable criteria instead of relying solely on “soft” or qualitative data. Read on to learn how HR professionals can leverage the power of data to run a more efficient business.
Modern organizations are now using more quantitative methods to enhance employee recruitment, hiring, development, and talent management. With today’s enterprise analytics tools, companies can capture real-time human capital snapshots that provide a more holistic view of organizational health.
What Types of Data Can HR Use Today?
- Recruitment Data
What is the perception of your organization in the marketplace? How is that impacting people who apply or don’t apply for positions? With enterprise analytics, leaders can centralize and dig into data from multiple sources. That means HR teams can ask about the characteristics shared between candidates and those who already thrive in the organization. For recruiting, analytics represents an opportunity to find efficiencies, improve quality, and positively impact the business by hiring the right candidate.
- Checkpoint Data
The first 90 days on the job can reveal a lot about a new employee’s potential at a company. By creating checkpoints along the 90-day path, savvy HR leaders are developing data that reveals if an employee is having a successful start and what areas need work. On a more strategic level, these leaders are also learning about how they can improve the first 90 days to ensure long-term success.
- Engagement and Satisfaction Data
Gallup finds that engaged business units are 20 percent more productive. This is not news, and neither is the idea of engagement survey data. What is new is the ability to take this data and use it to look at the enterprise holistically to determine where there are opportunities to improve performance, try someone in a new position, or identify precisely how productive a given unit needs to be to meet business goals. Today, analytics platforms are priced at a point that makes them more accessible, empowering small and mid-sized organizations to better organize their engagement data and evaluate its impact on key organizational outcomes like productivity and turnover.
- Human Capital Loss Data
Thirty-five percent of employees have changed jobs in the past three years. Gone are the days when an employee would stay at one company for 20 years. This cultural shift has made keeping talent more complicated, and makes understanding the driving forces behind attrition more important than ever before. By analyzing this data, HR teams can understand what motivates someone to leave an organization, and take proactive steps to prevent others within the organization from leaving.
To learn more about how leading organizations are using data analytics in HR, read our whitepaper, Digital Transformation of Human Resources with MicroStrategy 10.