As HR personnel, your role is crucial in all businesses and this will never change... right? You define the employee experience, and your expertise in recruitment, talent retention and employee engagement promote organisational success, but have you thought about what will happen with rapid technological advancement?
Your peers certainly have. A study by KPMG found that 60% of global HR leaders believe that sustainability of HR as we know it depends on whether the industry digitally transforms to meet evolving needs.
To stay relevant, the industry will adapt, and it has. We've already seen a rise of digital solutions in HR - for instance, gamification as part of the employee experience, from recruitment and training to collaborations.
This means that you, too, will need to upskill, or risk being left behind.
What can you do to stay relevant? Great question. One up-and-coming technology that you'll need is Human Resource Analytics. HR Analytics (also known as People Analytics) is the use of data to derive patterns and insights for the HR function, be it recruitment, talent retention, or improvement of the overall employee experience.
Here are some ways you can incorporate HR analytics into your work using data you already have:
Improving Hiring Processes
HR Analytics can help you identify top candidates. To start, you'll need to know how to identify talent. Ask yourself: What traits do a high potential or top performing employee have? What skills do you need for a successful candidate?
Once you have your list of desirable traits, sift through your candidate pool to find those who most closely resemble your ideal candidate. You can also use gamification and other innovative technologies that allow easy identification of these traits.
You can also use HR Analytics to improve the overall recruitment process. Using data like time needed to fill a position and platform that attracts the best candidates, you can identify areas where the recruitment process can be streamlined, saving time and cost for the organisation.
Want to lower attrition? You can use AI and data points like demographics, absentee rates, time since the last promotion, salary increase and more to determine the likelihood of an employee leaving.
IBM has almost perfected this. Their models can allegedly predict employees that will leave the company soon with 95% confidence. You, too, could use the data you have to create a predictive model unique to your company to determine the characteristics of an employee who plans to leave, and strategise on ways to retain them.
Retaining Top Talent
You can predict attrition and identify top performing employees, but how do you make sure they are retained? If you have the data available, use data from employees that resigned in recent years and those who chose to stay. What were the main factors - was it renumeration, benefits, culture or other factors?
Now that you've identified these factors, time to strategise on the best ways to retain them. Customise each strategy to ensure maximum results, especially if you're trying to retain top talent.
The best part about HR Analytics is that it works best when used by HR personnel; data analysts and scientists may have the technical knowledge, but it is HR personnel like you who have the expertise to navigate the challenges of the industry. All you'll need to do is to keep up with the demands of the digital age - and that means equipping yourself with skills like HR Analytics.
Want to learn how to obtain insights from data? Check out the Wiley Certified Data Analyst course here.
Written by: Chloe Thio (Gen Infiniti Academy)