Tag Archives: Growth

Better HR analytics can keep your company on the path of growth

Human Resource (HR) analytics is growing at a very fast pace. Businesses are realizing the importance of big data and building HR analytics that can help organization to effectively measure employee performance. It also aids in setting up strategies for improving the hiring process, boosting employees’ satisfaction, identifying star performers, calculating compensations, as well as detecting deficiencies (if any) in the current system that can be improved for the betterment of the organization.

Benefits of better HR analytics

A good HR analytics will help the organization in:

  • recognizing strengths and weaknesses of the workforce.
  • predicting vacancies and leadership roles within the organization for the upcoming businesses.
  • tracking and analyzing critical skills.
  • measuring turnover in terms of number of successful deadlines met by the various teams.
  • integrating data from departments, such as HR and financial to study the factors impacting workforce and business performance.
  • understanding how to optimize staffing levels and comprehend the impact of hiring more employees.

It is vital to make decisions based on facts rather than your gut feelings. And to make decision based on facts, you need data.

Right HR analytics tools not only help managers to gain more knowledge about the current workforce performance, cost incurred or required to update them, and other services, but also think about other “what if” scenarios that might occur in the near future that can affect the business.

Let us see some examples on how different companies are performing with better HR analytics in different areas.

Recruitment

With the help of big data, big companies are able to identify employees that can be harmful for the companies, and try to reduce this population by scrutinizing them in the hiring process.

Productivity

Studies have shown that now-a-days the HR departments are looking at the metadata that employees use in the emails. It helps them understand the reason of why some people are more productive than others. This way they can focus on how to increase the productivity rather than coming up with some rules to decreasing the number of meetings held.

The big data also help sales companies, such as automobiles to study the pattern of unplanned leaves taken up by their employees and accordingly they can arrange for extra staff to make up the periods of absence.

Retention

Companies are collecting data from social websites to identify the employees that are of a high risk among their high-potential employees.

Conclusion

Each of the above-mentioned examples helps in understanding the opportunities the HR analytics can take to make decisions for the good of the company.

High Impacting HR Best Practices

With the changing business environment, Human Resources too needs to adapt and align itself. Today, it is not enough for HR to just handle administrative tasks and recruitment. HR needs to be more lean and nimble to help organizations in growing at a fast pace. Some of the high impacts changes HR can undertake are given below.

Reducing Administrative effort

The Human Resource team members should have minimum involvement in collecting and managing administrative data. There are efficient Human Resource Management Systems that facilitate that. Freeing up the team members from such mundane tasks allows them to focus on analytical tasks, which are critical for helping the organization thrive.

Effective use of technology in Recruitment Process

Finding right candidates for the opening is critical to an organization’s success and at the same time a daunting challenge. Besides the technical skills, a candidate’s attitude and other soft skills play a significant role. Use of social media to analyze behavioral patterns will be a much more effective mechanism than trying to conduct tests of your own. Use of video based interviews can help free up time for both the candidate and the HR team members.

Create Employee Driven Environments

The HR team should help frame policies that invigorate the employees to drive the organization growth. This will free up critical HR team in enforcing and allow them to focus on analyzing the results of the policies and fine tune them to ensure that the environment motivates employees to drive growth. The other aspect is to provide employees with tools as well as rewards and recognition programs to channelize and fuel such activities.

Contribute towards Governance and Business Strategy

The HR can play a critical role in the company’s growth by contributing to the governance process and building business cases for the company’s strategic direction. This requires cultivating good relationship with the leadership as well as a good understanding of the business itself. Many organizations need support in areas of governance and HR can play a pivotal role here. Another outcome of this is that, due to involvement at this high level, it helps guide the downstream HR strategies and align them to the organization’s business strategies. This becomes more critical in the frequently changing business environment.

Conclusion

In today’s business environment, organizations need to be agile and ready to transform their business with changes in the environment. An HR team cannot afford to play the timeless, but rigid administrative role. It needs to come out of a data collection and tracking model into one where they are more involved in analytical functions with both leadership and employees. They play an essential role in analyzing with both leadership and employees and facilitating growth at all levels.

If Salary grows by only 0.2% in India, what can HRs do to (Still) keep people happy?

After the great recession in 2008, salary in India has inched up only by a meagre 0.2%. No wonder, we have high rates of salary dissatisfaction!

A new report by the Hay Group division of Korn Ferry has found that India is a unique case if low salary growth and high unequal wages.

Pay packets grew just 0.2% since 2008:

While the pay packets in India grew just by 0.2%, China recorded the highest real salary growth of 10.6%, followed by Indonesia (9.5%) and Mexico (8.9%). “Most emerging G20 markets stood at either one end of the scale or the other either amongst the highest for wage growth, or amongst the lowest. However, India stood right in the middle, with all the mature markets,” the report said.

Going by these stats, there is a large section of the Indian employees who are “dissatisfied” with their salary and increments. Here are 4 things that HRs can do to make up and keep the employee morale boosted!

  1. Instant Recognition: Keep telling them how important they are. Appreciate their work as much as possible. From quick personal notes, to pat on the back cards, little gestures go a long way in keeping employees happy.
  1. Enable Them: Help them in getting out to the daily mundane manual work. Empower them with technology that simplifies their work. This will not only make them more productive, but will also result in higher job satisfaction and self-achievement.
  1. Give Ownership: Make them feel responsible for the work they do. This makes them feel important. Let them take decisions and take their opinion in matters beyond work.
  1. Be Reachable: It is very important for the employees to feel connected with their workplace and the top management. Make sure that there is an open communication channel and that the employees get to talk to the top bosses.

Economics and social factors are not always favorable and there is little that we can do to amend them. However, a right mix of people management strategies, will help you keep your employees happy and engaged.