The buzzword in domain of HR technology canvassing multinationals is ‘Critical Talent’. Elaborating further conceptual foundation for the buzzword encompasses skilled and competent people needed to enhance performance of businesses, for which either the supply is less or competition is high. ‘Talents’, in HR usually describes people with skills above average that makes them different from others. Talent includes high performer’s potential candidates to give edge to business performances.
Corporate have worked to fix critical roles, the role that are important to be performed well for better performance of company. Company need right people to perform duties associated with critical role, failing which organisation growth is hindered. It could be aptly concluded people are crucial for varied critical role to be played by the resources in the organisation.
People Analytics involves data driven, goal focused study of people processes, challenges and opportunities at work to improve business processes and sustainable success. India has shown rising demand for implementation of analytics in corporate. The Top 10 companies using HR Analytics in 2018 are as under:
- Belong
- Darwin box
- Edge Network
- Neeyamo
- Oneview HR
- Panache Globe Solutions
- PeopleWiz Consulting
- Pmap HR Consultants
- Search Bourne consulting
- Tommorrow
Looking over to people analytics pattern in 2023, businesss largely depends on big data for intelligent decisions and efficient processes. This results in evolution of analytics companies to provide Business Analytics (BA) and Business Intelligence (BI) solutions, leading to high surge for analytics and data science professionals.
People analytics contribute to better decision making supported by statistics and data interpretation techniques.
The Process of People Analytics
Process of people analytics includes collection and analysis of HR data to improve organisations workforce performance. Seven pillars of people analytics include workforce planning, talent sourcing, talent retention, talent acquisition, on boarding culture fit and engagement, employee wellness and wellbeing. People analytics is considered an intuitive and predictive in nature.
Step 1: Dig data that matters
This step includes finding the data that is relevant for business goals. Keeping in mind the business goals, key performance indicators are set accordingly. Focus could then be made on areas that need direct monitoring leading to the success of business. The data of no strategic importance should not be work upon, as digging that data could be waste of time. Focus helps in applying right statistics, strategic workforce management tools, data mining, machine learning and survey management.
Step 2: Experiment, explore, enrich
In case of fragmented market, it is crucial to explore the market, and to analyse which option can enrich the organization in best possible manner. Different offerings include data mining, data transformation, and data visualization techniques.
Step 3: Have an action plan ready
Action plan could be created once an end point is defined .Organisational capabilities and leaderships helps in enhancing the plan. The key areas as identified should have action plan for business success.
Step 4: Avoid legal loopholes
It is important to maintain all legal compliance while collecting all data. Legal team should validate data sourcing techniques and processes.
Step 5: Create leaner systems
The process of data analysis and interpretation should facilitate application, readability and updation. Right team can streamline whole complex process.
Step 6.Build a fact-based, measurable HR business strategy
The framed HR business strategy should be realistic. Clear key performance indicators and
ROI expectations from people analytics ensure that impact is measured with transparency.
Step 7: Take tech support
Technology plays important role in people analytics where huge amount of bulk analytical data is to be treated with no error.
HR Analytics Transforming World of HR
Companies have now realized the importance of data that helps in hiring and retention of talented log in the organizations. Companies have increased their investments in HR Analytics tools and professionals excelling in data mining and its applications. Deloitte report quoted that only 24% companies were ready for analytics in 2015 and percentage increased to 32% in 2016. HR analytics helped in managing numerous challenges like:
- Selection of high performance job applicants
- To identify characteristics features of high performing sales and service team.
- To identify organization culture and engagements
- To identify candidates with high leadership skills
HR analytics helps business in making efficient decisions as discussed below:
- Turnover: HR teams uses data to predict risk of turnover by using tactics of location function and position. Professionals can identify where is the highest risk of turnover
- Retention: Professional may use resource allocation and training in the case where they find highest risk of turnover.
- Risk: Analyzing data help in finding profiles with high chance of leaving organization prematurely with decreased performance.
- Talent: Analytics helps in identification of high performers in the organization.
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