Employees are organizations biggest asset. However, if company gets hiring decision wrong, then it could also be the company’s greatest expense. Identifying, recruiting, promoting and retaining right talent are important functions of any HR. In addition, addressing the under- achievers is very critical and important function of HR department.
Big Data can address these challenges, and this is why more and more organizations are adopting it to strategize HR functions. Moreover a recent Forbes study found that 53% of companies adopted big data strategies, which was merely 17% in 2015.
The data by HR’s can be broken down into following:
- Human Resource Information Systems (HRIS) – standard HR or employee details such as age, gender, job, function.
- Reward data – base salary, bonus/commission earned.
- Performance and talent data – performance and potential rating, objectives set and achieved. Similarly, behavioural and competency measurement.
Furthermore, using technology, HR professionals can now ‘mine’ employee and business data to help them understand various functions.
To get started with HR Big Data, one need to go through the following four steps:
- Set Targets:
- Establish KPI’s like Happiness Index, Retention rate, Attrition rate, Productivity.
- Make sure aligning the KPI’s and business goal
- Chose the tools:
- Digital data is convenient, online tools if leveraged can provide flexibility in acquiring and storing data.
- Data collection:
- Decide on the tenure of acquiring data and receiving feedback from employees.
- Provide efficient resource for smooth data collection.
- Make sure the quality of data is very high and without any errors.
- Measure and infer insights:
- Apply analytics to the collected data and see how it fits into existing business goals.
- Strategize your actions based on the insights
Big data will give way to more advanced HR processes. Furthermore it could achieve the best results when pointed in the right direction.