Today’s HR practitioners are well aware that data and analytics are transforming the workforce in unprecedented ways. What do these changes mean for talent management today? How do people analytics impact talent management strategy and implementation?
As one of the most data-heavy functions in an organization, HR has been using analytics to uncover insights about their workforce for decades. However, only recently has there been such a focus on leveraging this data for more efficient hiring, retention, engagement, succession planning, and compensation, among other areas.
If you are wondering how you can use people analytics to boost your talent management function, keep reading. Use these key insights to transform your talent management forever.
Creating More Efficient Processes
How much time do you waste when your onboarding and orientation processes do not provide new employees with the preparation they need to succeed? Previously, many organizations’ HR functions limited the scope of data to budgets and compensation. However, data and analytics are now being used to create new and innovative approaches to the entire employee experience, from a new employee’s first day on the job and throughout that employee’s career.
An effective onboarding strategy uses data in powerful ways to reveal truths about the employee experience, helping practitioners make better-informed choices about what kind of programs to roll out, where to allocate resources, and how to optimize practices for speed and efficiency. From a talent management and engagement perspective, data analytics can also be used to identify high-potential employees and develop reliable models for predicting future performance.
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Unlocking the Human Side of HR
Another aspect of talent management that is currently gaining more traction is the element of coaching for continued performance and development. According to TechTarget, many organizations get lost in a mire of continually administering surveys without extracting useable insights. With this in mind, companies like Cisco are beginning to use streamlined platforms that allow employees to provide feedback in real-time, going beyond merely collecting data and enabling organizations to have ongoing authentic conversations with their employees. This will enable organizations to look beyond the data and start to reveal the complex stories behind what motivates their employees and how to best engage with them.
The Bottom Line
While this article has only touched upon a few ways people analytics is changing HR, it has untold potential to impact an organization’s effectiveness across the board. By replacing manual processes with automation, HR practitioners are now free to practice their craft in innovative and impactful ways. The business case for people analytics will only get stronger as new ways to correlate data with business outcomes are discovered.
Want to unlock the power of people analytics for your talent management strategy from the recruiting stage forward? Contact us today to schedule a demo and learn how Thrive TRM can help you with our full suite of proprietary tools and solutions.