Talent Analytics: Why it has the C-suite’s attention today
The answer to the question is simple – the C-suite wants more for less. HR has transformed from being an admin function to one of strategic importance. And why not, it is one of the largest areas of spend for most organizations. There is a direct correlation between people and company performance which goes to show that talent drives top line. Hence, ROI needs to be measured and quantified. Decisions need to be fact-based and data-driven. Enter People Analytics!
Competition heats up
In today’s competitive environment where recruitment market is as fierce as consumer market, organizations need to adopt a scientific approach to people strategy. From hiring the right talent, retaining high-performers, improving the ROI of training, reducing attrition, improving productivity, optimizing pay roll spend to mapping career path, businesses demand quantifiable results.
Talent Analytics offers interesting ways to analyze people and their patterns to showcase business value of HR approaches. By combining various data sources with machine-learning algorithms one could map behavioral patterns to understand the root cause for attrition, low productivity, better management skills and more.
Businesses could enjoy savings of millions of dollars by harnessing Talent Analytics – reduce cost of hiring through scientific approach to recruitment based on past successes; predict and stop employee attrition based on pre-determined behavioral pattern mapping; rationalize pay roll to reduce inequality and expenditure on compensation; improve productivity by studying employee activity through the day and infusing productivity boosters during low periods; improve retention through customized retention programs based on individual affiliations; optimize resourcing by deploying right talent in the right place in the shortest possible time; reduce bench through predictive analysis of past trends and future requirements.
The possibilities are innumerable and what you just read is only the tip of the ice berg.
There is more in the offing – wearable devices to map behavioral patterns; digital mood boards; gamification in workforce planning, employee surveys, candidate assessments; social network analysis and its impact on employee engagement are only a few among the plethora of opportunities that digitization has opened up for HR.
The C-Suite is looking to HR to make the most of the data that is generated from these sources. The possibilities and ideas that can emerge from rich data is truly endless – and HR is on everyone’s radar!
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