Key Trends In People Analytics: An HR Perspective
HR teams have adopted the skill of analytics at large. One of the key trends I believe is to build a people analytics functions. Organizations have realized the importance of a dedicated people analytics function for producing insights from complex data. This is gathered across varied employee lifecycle. Investment in the analytics of the people is on the rise and data integration and insight is main objectives as many organizations recognize the reason for a standing function is the level of effort which is involved in successfully driving the production, distribution and adoption of reports, insights, and analysis. It has been found out that some of the participants report the creation or maturation of the function of people analytics is a strategic priority. While on the other hand, some reported of already having a people analytics function.
There is a good amount of dissatisfaction to data governance with current way of analysing the people data. The critical component in building a sustainable people analytics capability is to create a data governance approach in order to address processes. This is done for the process of standardization and for developing enterprise-wide agreement on formulas, definitions, hierarchies, hike and maintenance. Still, at the end, the impact of poor data governance becomes visible. The technology company that cannot define who an engineer is, need to determine what is to be done. The professional services firm who does not have any defined managerial hierarchy needs to identify the place where an individual need to report and so on. There is no or lease satisfaction with the governance.
Building Target Benchmarks
The next key trend in human analytics is to build a target and benchmark into the tools of analytics. Organizations these days increasingly invest in analytics technologies in order to integrate and visualize the data of the people. On building the reports, the next step is to compare to obtain metric results and have them available in the initial step. It is hence extremely important to provide context to the data. The benchmarks which are added to the reports help in setting the context for enabling you to evaluate how a measure is stacked up against organizations in a particular region. They can help an organization to establish targets. To establish these targets is not always easy even after benchmarks have been established. While considering the targets, it is very important to assess the variability within the organization, the historical trends, the strategies of people and business and also the differences in benchmarks.
Predicting the Risk
The next key trend is to take predictions of flight risk up to the next level. This is one of the foremost objectives of varied HR departments. Many companies who have previously built such models realize that it is not the end of the journey, rather the beginning. I have often seen a significant gap of skill in the ability of business partners for effectively interpreting and using data. Another trend that can be seen is the rapid integration of adopting increased number of integrated cloud-based HR systems which gives an opportunity for looking at the HR data in an integrated way.