Data and analytics are crucial for making a decision that aids in people and organizational development. A strategic HR can drive outstanding business outcomes with the help of HR data. However, HR Data has been existent for a long time now but is gaining more traction in recent times. In order to move towards the successful adoption of best practices, businesses need a head start in the form of advices from experienced practitioners.
To help such organizations we recently invited Tony Joseph (Head – TAG & HR Shared Services, Conneqt), Sridhar Marla (VP-Human Resources, Broadridge), and Anjali Bhole Desai (Co-Founder – Heritage People Practices) to share their expertise and suggestions in regards to leveraging the HR data for the betterment of organizations.
Data Is The Ally Of Evolving HR
Regarding the relevance of data in recent times, Sridhar said that “In the last two years, data and analytics are in the limelight and are playing a major role in getting things done. For example, when you look at recruitment, the recruiters are relying on the data and insights, such as what candidates are looking for, the demands, and happenings around. Likewise, the recruiters are filling the gaps.” To even make a better point, Sridhar cited to “Compensation and Benefits” the HR function he handles in his company currently – “It’s all number-driven game in compensation and benefits. Wherever you see, it’s all about the data you have in place and approaching it to put it in the right format”.
Bring Everyone On To The Same Page
Characterizing the nature of HR data, Sridhar encapsulated it as ‘contextual’. He continued saying that we love everything to be black and white and mentioned that there are grey areas in regards to organizational culture where the data can be put to use. Expressing it’s importance, he mentioned that “Data helps in adding value to engage the people and make them listen to you because if you are keeping it in a theoretical manner without data then there’s no point. The data helps you in giving better insights to your audience for understanding what exactly you are talking about.”
Buy Or Build The Tools
“Three main industries looking at enhancing the HR data capabilities are Finance, Technology, and Professional services. Some organizations are building their internal tools while we at Broadridge employed external tools along with internal tools and HRIS for collecting few data points and work on analytics,” told Sridhar when asked about technology and tools. Startups and small businesses that cannot afford such tools make use of available tools like MS Excel. He said that he started his HR career with MS Excel and it has been playing a vital role in getting some of their analysis done.
Three Must Have Tools By Sridhar
Sharing his experience on using the tools, Sridhar said that they gather the data on recruitment, such as the candidate experience with the help of tools. “When the exit interviews are done, people might not be comfortable in sharing inputs with HRs leading to an improper inflow of data ”. They use ‘Tableau’ to record and understand exit interview data and voice data of their associates. Suggesting one more analysis, Sridhar shared that – “We also do sentiment analysis. Let’s say you wanted to know what exactly is happening in the organization. As an HR, you would be at the right point to reach out to, but some people still might not feel comfortable coming to you and give opinions. ‘R’ is a tool that helps in doing the sentiment analysis by taking in inputs from the employees.” The third tool that Sridhar said they use is ‘SPS’ to do descriptive statistics about their talent acquisition and performance managing procedure and internal talent management building. He further added that external tools are being of great help apart from their internally built ones.
Top Question – Q&A Session
“How analytics are going to help retain employees in the organization? ” – Manichandra Kanda (attendee)
There should be a predictive analysis of why the person is leaving rather than analyzing after the papers are put down. Suppose there’s a candidate who is well versed with technology and has been with the organization for a couple of years who suddenly wants to resign. What should be done here is a ‘predictive analysis’ and have data in place such as his overall exposure in the organization, performance in the last few cycles, and areas of interest. This information can be gathered when you reach out to the candidate on social media, but what’s most important to get the best results and accurate data is to have a personal connection. It is not sure that you can achieve a 100% result, but you can have a 60-70% chance to retain the individual if you go and try.
Watch the whole session from the video below and subscribe to our YouTube channel to get updates directly on your feed.