HR Analytics to help shape strategy
Last month we asked Connection readers which part of HR software they felt can best help shape strategy.
HR analytics was the clear favourite among responders at 64%, followed by performance management with 27% and expense management with 9%.
It is difficult to see how HR departments can be strategic business partners without good data and analytics – without a tool that will enable them to provide meaningful insights to the business and support faster decision making. However it’s not solely a result of the tool, it’s as much to do with the way HR approach their role in providing the right insights to create value.
The Henley Centre for HR Excellence has produced a paper with some excellent examples that outlines six practical steps to help increase the business value of your HR data and metrics…regardless of the solution you use.
- Identify the insight needed to underpin strategy delivery and manage organisational risk – it’s not about what data you have that you’d like to present, but the right questions to ask in the first instance.
- Understand the decision making data your Board needs to support shorter term performance – if you are able to understand the top five decisions/issues on the agenda now, and in the next six months, you can define what HR data and insight (people and organisational) is going to be most relevant.
- Determine the critical gaps between this, and what you currently provide – ask yourself if you are providing the right, accurate data, and what you can do with it to offer insight rather than information.
- Find the most pragmatic way to plug the gaps – look how you can use what you already have to generate insight, simply and easily, without changing processes and systems.
- Optimise the format in which the data is presented – think about the customer of the data and the best way to present it; showing everything you have will dilute the desired impact.
- Develop the right skills to analyse and talk about the data – explore where the skills sit in your organisation to enable you to analyse and talk about the data in the right way.
We’ll be hosting a Webinar on HR Analytics in the coming months. Keep checking back to our events area to see the details.
Ceridian provides a HR Analytics module as part of its latest HR Software platform, HRevolution.