The explosion in the amount of data captured and held by companies has opened a range of new areas to explore and exploit.
From medical testing to predicting when people are most likely to buy particular products, big data and its analysis is making inroads into how businesses operate – and HR need not be left behind.
Talent analytics is the study of data held on employees and their performance and the use of this information to guide talent management policies. HR departments can harvest the data they holds on their workforces and use predictive insights in areas including, but not exclusive to:
• Employee retention
• Customer retention
• Sales performance
• Talent and leadership gaps
The use of talent analytics could identify differences in employee churn rates depending on any factor for which data is captured. For example, how many staff aged over-50 with parking spaces more than 300m from the entrance leave a company compared with those with spaces under 300m from reception. Or, what is the churn rate for under-25s who’ve been given a particular smartphone or laptop compared with those given a less popular option.
Analysing successful sales candidates’ CVs and their subsequent performance can point to key skills and qualities to look for in future interviews. This can have a direct impact on sales teams’ performance and make a material difference to an organisation’s bottom-line.
Gyutae Park, head of Human Resources at Money Crashers Personal Finance, sees a bright future for those departments that embrace the possibilities.
She said: “Although HR already uses some metrics such as turnover ratios and employee engagement levels, you can expect to see new metrics tracked and used in HR, such as the average timeframe for staff to be ready for promotion, or percentage of top candidates to be hired within the organisation.”
Take a look at our free guide to talent analytics and learn more about how HR professionals can use it to drive strategic advantage.
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