Big Data has left companies in a lurch since they are unable to handle the large tracts of disruptive information, and, are therefore cannot comprehend critical employee related queries. People Analytics enables them to manoeuvre this huge data tract for better business enablement by providing them access to the data that is relevant and is rendered the requisite priority.
It is thought provoking that these lines should come from the Management Guru himself, but it is apparently evident that the social networking giants are manipulating and steering big data to achieve their business goals, and, this, in effect has sculpted their success story, making way for many others to follow the trail.
If we reef through the pages of history, we find that analytics had been in use since the prehistoric days the Egyptians introduced statistics for carrying out a census, and to date, this has been used in different forms and variations - to make way for the present day data analytics; a specialized area that aims its focus on the science and math of business.
Businesses the world over have been utilizing data analytics to get a quantified measure of their sales numbers, customer head count, product details and so on for many years now. The Human Resource function has only begun making use of customised analytics tools since the last decade, a quarter century after the sales and marketing departments.
Rising costs and the underlying risks involved in talent acquisition are among the multiple reasons why companies are making use of people analytics as their best effort at effective talent management. Premlesh Machama, MD, CareerBuilder says, "Today business leaders make use of analytic solutions to have a deeper insight into the workforce to improve business outcomes and fuel data backed and evidence-based decisions. While the most apparent benefits are correlated with time savings, proof of ROI (Return on Investments), percentage changes as well as cost saved and profit earned, there are less substantial advantages of HR analytics that leaders often unveil after they have started with their solution."
This story is from the March 2017 edition of Human Capital.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2017 edition of Human Capital.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Continuous Learning For Growth
Of late, for organizations particularly in the service sector, people have become the strategy. And, if that is the case, the Learning and Development (L&D) department in organizations, and the industry in general, is likely to witness significant growth in 2017 and the years thereafter.
Creating Open Spaces And Minds
As the boundaries of life between work and home continue to blur, employers and employees are sitting up and are noticing the ways and means to offer and avail a worthwhile experience at the workplace.
Striking The Right Balance
In 2017, an employee in the HR Department of a leading global company received an excel sheet attachment in his official mail. While the content seemed harmless, it was in fact a well disguised Ransomware attack which had in fact placed several companies worldwide in the dock. Ransomware attacks targeting HR departments across the globe have since been in vogue since they possess valuable employee data which can be used to commit crimes such as tax frauds and the like.
The Multifaceted Advantages Of AI
AI can speed and automate data collection, make fundamental observations, systemize HR issues, and differentiate customer and employee profiles. But, corrective measures and final decisions can only be approved by people who can understand how to leverage AI tools to acquire accurate information sans the noise and interpret them the right way.
Engagement Surveys: A Means Or An End?
Surveys are not merely a way to check the pulse of the organisation; they should ideally be used as vehicles to improve the organisation culture, people practices and employee experiences which gradually translate into business success.
What Is And What Needs!
The idea of the best fit works only in a perfect universe. In reality, what talent specialists and hiring managers should focus on is getting the close fitment. They should work with an approach that bridges the gap between what is (available) and what needs to be (done).
A Matter Of Strategic Timing!
The term 'work-life balance' has become a popular chant for all working professionals today. A world of different opinions continue to pervade our lives, with one actually affirming that there truly is no direct relationship between the parallel worlds we live in.
Picture Out Of The Frame
A few months ago, Moon Jae-in, the President of South Korea, made an unusual announcement.
Analysis
It is paramount for a pharmaceutical company to meet the business requirement of regulatory compliance.
How Can They Fire Her?
It is a common phenomenon in the corporate landscape to misinterpret the inability to respond to a query by a Manager as a serious lapse which at times leads to termination of his/her services. As a fallout, not only do they risk losing out a person with superior managerial skills, they also dampen the spirit of the juniors in her department, leading to sinking morale and reduced engagement.
