Workforce analytics provide solid data that enables your organization to make better hiring decisions and retain talent. Analytics are becoming vital to making more effective workforce planning and recruitment strategies, compensation and development programs, training, and deploying critical talent. Why have workforce analytics become a hot trend of 2011?
- Foresight – Leading HR operations are moving from filing reports to using analytics to better hire, train, and assign and anticipate human capital needs.
- Affordability – Software, technology and cloud computing costs are falling, providing solutions for companies of almost any size.
- Data-savvy Leaders – A new generation of leadership brings data-driven techniques with them and is quickly changing how human capital is analyzed and utilized.
- Time – Over the last decade large amounts of data have produced more human capital information than ever before.
- Diversity – Cultural and generational complexity is both forcing and enabling organizations to explore new human capital solutions.
So how does your organization build a successful workforce analytics program? First, consider the human capital required to support analytics capability. Then consider the process required to maximize the impact of your data. Technology and systems will need to be thoughtfully chosen and employed to allow data-driven decisions. Consider what data is most valuable and how to govern those decisions made as a result? Who will be accountable to implement these decisions?
If you haven’t attempted workforce analytics before – it’s time to begin! Start with an assessment of your current challenges – with real business problems that promote buy-in of this new strategy. Then begin with the end in mind – you are moving from a reactive culture to a pro-active culture. Build those capabilities from the outset and define your analytic goals precisely. These goals should be both sustainable and scalable. Then your organization will move from ad hoc, reactionary decision-making to building capabilities and solving business problems.