The Analytics Advantage in Human Resources — People Matters
Over the years, the relationship between HR and the business has evolved into a results-driven partnership. HR leaders are now seen as having a seat at the table, making strategic decisions that directly impact the progress of the organization.
Much of this change is due to the evolution of HR as a function. From administrative support to an influencer and now, part of the CXO suite. This is partly due to the data and information model introduced by technology platforms such as HONO designed to simplify decision-making dilemmas for leaders.
The other element could be that HR leaders have adopted the best practices of the new era while preserving the essence of HR, i.e. the human element. In fact, never before has HR married high-tech and high-tech so effectively. Now is the time to ride this wave and pursue this blended approach to achieving HR-led business transformations.
HR technologies that empower HR
“Technology has evolved rapidly. Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Big Data and Analytics, Robotic Automation, Virtual Reality and Augmented Reality, and Gamification are reinventing nature of work and giving way to new business models. In fact, the future of work is heavily shaped by these technologies that infiltrate our lives in every aspect, from work to life and everything in between.,” said Mukul Jain, CEO, HONO.
“The hordes of data available in the era of today’s “knowledge workers” and the tools to decode that data have enabled deep insights into organizational relevance to be analyzed and understood. From operational business metrics to talent stories, we can ‘listen’ and ‘know it all’. HR technology in particular has transformed the way talent is seen, found, assessed and engaged. For example, sentiment analysis, an ancient marketing tool, eventually helped organizations understand the pulse of the organization and respond to the unique needs of employees, especially when employee behavior today has suffered massive changes.,” he added.
Analytics gave birth to the now ubiquitous HR dashboard, which has established itself as a single view for all talent metrics. The HR Dashboard has been instrumental in understanding employees at every touchpoint of the employee lifecycle and will continue to do so.
The Evolution of the New Era, AI-Based HR Dashboard
Organizations previously used data and analytics to display and represent talent metrics related to attrition, learning completion, performance metrics, operational efficiency, and more. The systems in place today are flexible, real-time, personal and agile. They aim for a unique model that makes it an attractive offer for employees.
Today’s HR dashboard is a more real-time, dynamic tool that helps make unbiased, data-driven decisions. This is especially relevant in the wake of today’s talent landscape with a looming war for talent and a big resignation underway.
“It is important to make people analytics more user-friendly. At HONO, we strive to ensure analytics are simple, easy to understand, and actionable. Our product teams along with senior HR leaders have spent hours creating the most logical framework that articulates the connections between talent and strategic success, as well as the principles and conditions that predict individual and organizational behaviors.
For example, in addition to providing numbers describing attrition trends in a job’s demographic makeup, @HONO’s enhanced logic describes who is likely to leave and how that might affect the talent movement pipeline within the company. ‘organization“, said Mukul.
A marriage of HR to business results is a must and analytics holds the key!
HONO’s key technologies enabling a data-driven HR function
- Descriptive workforce analysis tools: Building the right data-driven solutions can help organizations tap into the minds of their people in real time and gain actionable insights. On the HR operations front, this can help streamline efficiency and effectiveness, in areas such as salary spend, compensation trends and benchmarking, compliance, staff forecasting, metrics hiring, and more. HRBPs can understand the needs, wants, and aspirations of their employees through end-to-end mapping of the employee lifecycle into “moments of truth,” as HONO proposes. Such insights will help HR practitioners highlight key pain points and redefine hiring strategies to maintain the best business results.
- Prescriptive tools: Advanced analytics now ensures that today’s HR technology tools are also capable of delivering personalized recommendations, in a unique way. Prescriptive tools can help identify skill gaps in the current workforce and suggest cross-functional skills and mobility moves to increase employee job happiness and thereby aid retention. A good example is HONO’s “collect-analyze-act” approach to unstructured data, which helps HR drive conversational insights through its AI-powered library of prescriptive actions. Most interesting is how these tools are now closer to the employee than ever before with voice-enabled conversational chatbots acting more like personal assistants. I must say that the HONO Bot with normative boosts greatly improves engagement and frees up significant HR bandwidth.
- Predictive tools: The USP of talent analysis is its power to solve challenges early on. For example, an early warning system (EWS) predicts employees at risk of fleeing and suggests necessary reforms. Succession planning systems can help L&D and DO professionals perform nanoscale analysis of performance, organizational citizenship, and leadership traits to identify those who are likely to succeed and enable them to use the right learning and coaching tools. HR managers can use absenteeism data from leave management analytics and link it to skills and competencies, to redeploy the workforce for better productivity. Hiring can be optimized by using artificial intelligence tools for skill matching and analyzing data about candidates who are likely to join, reducing backtracking.
To effectively use HR technology to meet the needs of the workplace, knowledge and analysis are essential. HR must not only learn how to design, deploy and communicate the results of analytics, but must be able to apply and use these advanced analytics in a practical way to predict future talent demands and to measure and anticipate performance issues. and retention.
A perspective on solving current challenges, while keeping an eye on future possibilities, is essential for HR to be a transformational leader. Above all, for the HR dashboard to provide real and lasting value, it must be designed around the employee experience. Indeed, the heart of HR technology has shifted from HCM and ERP systems to employee experience and talent intelligence systems. This decision has brought benefits to all parties – for employees there is ease of experience, flexibility, adaptability and support. For managers and business leaders – increased functionality, simplified reporting, agile and integrated systems, multi-mode and multi-device access.
With talent conundrums brought on by the pandemic like the Great Resignation, talent decisions are now front and center in boardroom discussions.
Speaking about the importance of analytics in HR in a recent interview, Mukul noted that “HR data management is critical to the success of any organization. Yet progress in human resource analysis has been glaringly slow. At HONO, we are committed to changing that and we do so by using appropriate tools and techniques to transform data into rigorous and relevant information. Ensuring the data is of high quality and using the right communication channels also motivates decision makers to act on that information. When managers trust the data and understand how it connects to the big picture, it creates a sense of “attraction” — they are more motivated to act. We were able to support impressive business transformation.”
Talent analysis must therefore become a business prerogative and not just an HR construction. This will be possible if HR leaders are able to create and showcase the strong business advantage that HR dashboards and similar talent management technology tools add. This will help gain continued membership in the CXO suite and ensure a sustained commitment to becoming a cutting-edge talent organization.
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