Data is valuable.
It is not only about how you can predict what your customers are going to buy or how to get products to them more efficiently, it can create value across the entire enterprise.
Many consider external data (i.e. the data collected from those interacting with your company) to be the only data that really matters, whilst in reality, the value of the data you can collect from your own staff can make a huge difference to the overall performance of your company.
There has been a certain stigma surrounding HR analytics, the basic idea held being that it is a way of quantifying employees and seeing them as numbers rather than people. The truth is far from that, instead it is viewing practices and general happiness through data rather than gut feeling.
It can even act as a motivating force.
If there is a force of feeling behind a certain management move that people would not be comfortable saying to their managers, then this will appear through the data. This could be anything from the general performance of the initiative (people are less likely to perform if they do no buy into an idea) to anonymised surveys.
It also allows for increased holistic understanding of a workforce from management as it allows for the feelings of the workforce as a whole to be seen, rather than just the general feelings of an individual who may have only a partial understanding of the workforce as a whole.
There are several clear benefits to using HR analytics, but the most important aspect to remember when using them is transparency.
When employees are aware that they are being monitored for certain things, it can make them nervous, which in turn affects performance and trust of management. Therefore, the most important aspect of any HR analytics strategy is going to be communicating the benefits to staff and making clear what is being measured and why.
The value of data in our society has been made clear, how much is it worth within your company?