People Analytics to rule year 2018
This is the golden period of resurgence of analytics in HR practises. Analytics help us sharpen and validate our intuition. The growth of any organization depends on its people and it is important for HR managers to hire the right people corresponding to a company’s DNA.
Photo Credit : BW Businessworld,
Technology plays a pivotal role in the way organizations deal today and Human Resource (HR) is not left untouched by this phenomena. Once confined to handling basic data work and routine employee records, HRs have come a long way from their traditional roles and conventional functions in companies. There is a whole new paradigm shift to the way HR managers strategize today and technology has exposed them to ever evolving and diverse workplace complexities and tactical management. Analytics and algorithm is one such technological tool HRs can harness to take data driven decisions.
Deliberating on the same at BW Businessworld HR Strategy conclave 2017 today where the HR stalwarts contemplated the role of technology in facilitating an informed decision making. Emphasising on the role of analytics, Ankur Sethi, Founder, Corporate Shiksha said, “We are in the digital era where Data is the new oil. In that context Analytics is the engine that converts crude oil to useful fuel. We as companies need to look at how we are making strategic investments in Analytics to ensure our data/information can be leveraged into useful actionable insights. Companies that are proactive in building capabilities and culture for the digital age, will most likely be front runner in businesses of tomorrow.” Discussing the broad trends in analytics service providers, Gaurav Bakshi, Co-founder and Managing Partner, Strat-Board stated, “Data has always been there, we only used it in different form, but the industry is maturing today. Organizations are going through big changes and data is at the core of all these modifications. The analytics has completely transformed the way organizations take decisions today. A lot of is happening when it comes to the hiring, retention and the engagement for which various speciality tools are available which help you predict the hypotheses.”
The panellists also mooted on the looming trends in recruiting analytics people are demanding, Ketan Kapoor, CEO and Co-founder, Mettl affirmed, “This is the golden period of resurgence of analytics in HR practises. Analytics help us sharpen and validate our intuition. The growth of any organization depends on its people and it is important for HR managers to hire the right people corresponding to a company’s DNA. Analytics help them a great deal in doing that.” Analytics as a tool has to be leveraged to create a niche for businesses to which Sunil Goel, MD, Global Hunt shed some light, “Market has changed today, and so has demand. Technology has helped organizations capture the history of a candidate, manage that information and match it with that of an organization’s requirements. The biggest challenge for HR professionals is recruiting the right people and data analytics has facilitated that decision making process and made it easy based on various benchmarks.”
Highlighting the strategic shifts in decision making process owing to analytics, Seema Ajwani, Employee and Labor Relations Leader India, IBM said, “Some of the areas we as a manpower intensive organization focused on was the use of machine learning to guide us to take informed decisions to help us in a way to give us a competitive advantage and to address the employee requirement. We have used it to a great extent in recruitment, performance management and learning. Analytics help managers take informed decisions aligned to business requirements.” There is also a complete shift in the way HR managers perceive analytics and algorithm, asserting the same, Neha Gupta, Principal, Boston Consultancy Group said, “Analytics has changed the mindset the mindset of the companies and HR managers completely. For example, earlier performance was measured only to give the compensation but, today HRs are using analytics to measure performance on an ongoing basis to make the employees perform better. So, rather than just quantifying their performance, HRs can make them take actionable steps and achieve their targets on a real time basis. Hence, from reactive the HR managers have become proactive today to help employees deliver results. That is one big business shift that has happened from an HR perspective.
However, there are a lot of privacy issues too while handling data where HRs also need to draw the line when dealing with privacy of individuals. However, data and analytics adoption rate is still now as the required expertise is lacking in a lot of companies, yet owing to the buzz around this area, going forth big data and analytics are going to weigh high on HR managers to do list.