How analytics is becoming a driving force behind strategic HR management
Big Data and Analytics are fast becoming the buzzwords for the corporate world today. Whether you are in the business of selling coffee or running a multi-national company, everyone seems to think that using analytics will help in better management.
One of the most popular examples of success through data and analytics is that of Major League Baseball’s Oakland A’s team. Their success in 2002 lead to the term ‘Moneyball’ which has since then been used for any campaign that earned success against the odds. In 2006, Billy Beane’s ‘Moneyball Approach to Talent Management’ talk took the HR world by storm!
More than a decade later, we take a look at how analytics has helped HR managers drive a unified strategic approach to workforce and talent management.
A major concern for HR manager still remains to find the ‘right people’ for the job. Whilst technology has made it easier to screen applicants, it is data analytics that is hoping to make a big impact. What is often called as Workforce Science, the data-based approach helps to obtain a ‘predictive’ selection of the right candidate using volumes of algorithm-based data!
Day-to-day workforce management is where HR managers spend most of their productive time on. Fortunately for them, various HR software solutions such as the Time & Attendance Tracking Software, employee self-service solutions have come handy in making data-driven decision making. HR executive can analyze the data and suggest the senior management about overall betterment of workforce management through such tech-driven helping-hands! In the quest to become strategic, showing how the ‘efficiency metrics’ work for different employees can go a long way in deciding how to hire and whom to keep in the company.
Cons of using analytics in HR management
As with anything related to data these day, the quality of the data is often under the scanner. If the employee is responsible for entering the data for things such as time worked on a project there is always a sense of mistrust from the HR or senior management.
Likewise, the HR-Employee relationship is more quality oriented and cannot often be looked at objectively when it comes to decision such as talent retention. The approach towards company’s work culture often leads to leadership not being ready for true transparency.
Conclusion: As an upcoming technology which needs to be more accessible, analytics offers a viable helping hand to the HR managers. Analytics and Big Data are here to stay, whether the HR world adopts it and embraces it for better decision making or not is yet to see but the future looks bright!