5 analytics trends making a big impact in the HCM world
If you take a look inside the offices of many businesses today, you’re likely to find some leaders who are fairly set in their ways. And when you’ve been doing things the same way for years, it’s tough to change. In 2016 though, it pays to be flexible. Technology is rapidly changing the ways in which we work, and it’s throwing a wrench into the old HCM paradigm as well. The rise of mobile, cloud and other new innovations are all conspiring to give us more of one precious resource – data – that’s having a profound impact on how we can manage talent.
According to Talent Culture, 2016 has been a big year on this front. Talent management and HR tech strategist Meghan Biro stated that “analytics” was already a buzzword in corporate boardrooms prior to this year, but now is the time for taking real, tangible action to do more with data.
“Big data has the potential to improve every aspect of business – if companies are willing to take the time and effort to figure out how,” Biro argued. “The right data-focused talent and tools can transform an organization. The opportunity is there for big data to drive HR – you just need to take advantage of it.”
We now have the capability not just to casually browse HR data, but to analyze it systematically and turn it into real, positive changes to how we manage the workforce. Biro looks at five viable strategies for making that happen.
Focus on actionable metrics
People used to use analytics simply for “vanity metrics,” compiling stats that looked nice but weren’t really meaningful. Now, in HR, we have the potential to look at truly relevant factors like engagement, productivity and retention and do more with them.
Examine the past, predict the future
Analytics aren’t just for examining past trends anymore – they’re also for predicting and preparing for the future. Predictive analytics can help companies make smarter decisions about how their companies might change and how they need to adjust moving forward.
Respond to HR tech market shifts
As data analysis becomes more of a mainstream strategy, there are sure to be shifts in the market for it. For example, analytics tools may decrease in price as they begin to flood the market. Pay attention to these developments and be ready to invest when the price is right.
Enable employee self service
Employees can now get involved in compiling data on themselves. Solutions for tracking time, attendance and productivity can take the pulse of the workforce directly, and new “Internet of Things”-powered devices can measure more sophisticated things like worker safety.
Hire new data-savvy talent
As data analysis becomes the hottest trend in HR, it might make sense to adjust your hiring plans accordingly. There are plenty of data scientists entering the workforce today and looking for jobs – have you considered adding people to your staff who can take your analytics efforts to the next level?