Posted On 23 March, 2016
We are generating a lot of data.
Yes, you will quip in with the stat that we create 5 Exabytes of information every two days. I beg to differ on that account but our blogs, social interactions, wikis and other virtual entries do end up accumulating as many bits and bytes every week as we did over the entire year of 2002. And that is no mean feat.
Dikonia lives and breathes data. It is our job to examine raw numbers and facts and crunch them to come up with theories which we then operate by. In putting together digital campaigns and in deducing the validity of user interface hypotheses, we rely on data and hard numbers. So we understand better than most of our competitors how snippets of information about what we do online can accrue to create comprehensive profiles that would surprise and alarm a lot of us with their accuracy.
Guess what, companies have deduced the very same thing. This is the reason why the use of analytics is gaining popularity. What was once considered complicated and obscure reserved for research and development is now an intrinsic part of all the operations of a venture.
So why should HR fall behind?
The race to Big Data superiority is exciting. It promises so much – piercing and relevant insights that can reveal the hidden ‘why’ of user behavior, the power to take lessons from precedents and accurately predict global and market trends and obviously something that is increasingly being labelled ‘data equity’. Something that Google has a humongous reserve of!
A Deloitte and Bersin report has published promising news. The percentage of companies with a HR department that is fully equipped to make the most of the $10 per dollar spent ROI of Business Intelligence and Analytics use has doubled from 4 to 8 in just one year. Also the number of ventures racing towards analytics readiness in HR has grown by almost a third.
Human Resource departments plagued by problems like employee disenchantment and disengagement, employee dissatisfaction and lack of trust and increasingly strict labor laws have turned to the power of data and its potency to find, recruit and hold on to the right employees who can turn into company assets.
The possibilities are literally endless. HR can work with best of breed stand-alone modules like the software solutions of HRSoft. Or it can go with a comprehensive, more streamlined suite like the Dikonia created, immensely popular HRTools. Both classes of solutions have in-built analytics chops to provide insights that guide HR leaders, line managers and other C level executives to evergreen solutions that attack the issues of unfair performance rewards, lack of communication and inequitable compensation with an agenda to uncover the root causes instead of treating symptoms.
With predictive as well as prescriptive analytics Human Resource can:
Pull an ideal recruit persona for different departments. This persona can highlight all the characteristics, traits and educational qualifications that can peg a potential candidate as someone who is likely to excel in a particular role.
Identify what top performing employees do differently from their more mediocre peers and then promote these behaviors with the right incentives.
Predict what will be important to the Gen Z and the Millennials who will enter the workforce over the next 20 years from the precedents of those who came before them. Companies may be truly prepared for the future workforce for the first time in history of business enterprises thanks to Big Data and HR friendly analytics.
The best course of action for companies is to start developing custom Human Resource BI enabled modules that can be plugged into HCM (Human Capital Management) software solutions. Every enterprise is unique and off the shelf or vanilla installations may not give you the leverage that is so desirable.
Analytics is the future. And there is no need to be in a blazing hurry to adopt this ‘trend’. BI is quite possibly the only practice that will still be going strong 50 years into the future. Take your time HR and do it right!
Dikonia is a custom software development agency with a strong HR background and proficiency in Business Intelligence applications. Visit www.dikonia.com to learn more.
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