By Zach Johnson, Data Analyst
3 Ways to Use Data Analytics to Elevate HR Functions
The driving force behind all businesses and organizations are the people within. When building a successful business, the employees you bring into your mission is perhaps the most important decision you will make. HR professionals are looking into more ways they can use data to assist in their decision making. Below are three ways that businesses are using data analytics to elevate their human resources management department.
1. Measuring Performance & Engagement
Most businesses already use some form of tracking to measure success, whether it be by teams or individuals. It could be billable hours, sales goals, semi-annual reviews, etc. How actively is management receiving this information? Is there any energy or wellness related data that is available to capture? Understanding both the performance and the energy of the team is a combination that is a recipe for success.
2. Promotion and Bonus Decisions
Example: There is an open promotion to be had within the firm. A new employee has blown past his or her sales goals, and looks to be making the most of their opportunities. A long standing, consistent employee of the same firm is also in line for the same promotion. Who should receive the promotion? This decision can be one of the biggest motivators (or demotivators) within teams. Taking a data driven approach and weighting the most important performance indicators will generate performance related decisions and reduce bias.
3. Attrition and Retention
Analytics can play a part in understanding which employees may be more prone to leaving, or uncovering weak points in the recruiting or training processes. Are there certain individuals that have longer gaps between promotions or raises? Is there a dip in engagement level after a certain period of time for employees? These are telling signs that can be addressed with proper data gathering and monitoring.
Using intelligent data metrics adds another element to your team’s decision-making skills. We cannot discount the human element when making these crucial decisions, but expanding your team to combine both the human element and analytical decision-making can bring a competitive advantage within your business.
HBE’s data analytics services help clients unlock the true value of their data by unveiling insights that can move their business forward. Whether identifying sales patterns or developing visual representations of financial performance, our goal is to provide clients with actionable information and guidance to improve productivity, gain efficiencies, and fine-tune their competitive advantage. For more information on how HBE can help your business more clearly see the “big picture”, improve productivity, and arm you with actionable information, please contact our office at 402-423.4343.