The 3 most important benefits of talent management analytics
The HR industry has been struggling to keep up with the everyday changes technology has brought to the workplace. HR needs to pivot into being more data-driven, but the transition isn’t going as smooth as people thought. The problems are diverse, but one of the biggest challenges is about talent management analytics— specifically, about using data to make better decisions while the data is still relevant.
This happens because of a couple of reasons:
- Not collecting enough data
- Not collecting the right data
- Not knowing how to gain insight from data
- Not having mechanisms to translate insights into actionable steps
- Not having a streamlined process from data collection to action steps
But first, let’s see some common elements that need to be understood when managing talent management analytics.
Talent Management Analytics:
Talent management analytics use data points from your technology managing your workforce to gain operational reports and analytic reports to help organizations make better decisions on a strategic, operational, and organizational level. Talent analytics employ a wide variety of business intelligence tools and systems to make HR more strategic, data-driven, and to allow HR managers to make decisions based on data, not on their gut feelings.
Talent management analytics implemented at all facets of HR: from hiring and onboarding, to employee engagement and interviewing. By using data and analytics, HR teams can make better decisions because those decisions are based on solid numbers (analytics).
The 3 most important benefits
of talent management analytics
Talent management analytics have a plethora of benefits, but the following three provide the biggest return on investment:
Understanding the transactions of the past
Reviewing trends over time for transactions
Predictive analytics — looking into the future
Predictive analytics, or as you will sometimes hear it optimization analytics, allow the company to gather the data and create insights that “looks into the future.” What is meant by that is that the data collected provides necessary input points so that the HR team can make an informed guess on what’s going to happen in the future. Operationally, the data helps the company make insights such as:
- What needs to be changed in the future to meet the demand
- Determine what skills are needed for the company to grow
- Find out improvement areas
- Pinpoint where to take action to create ripple effects
How to leverage reports into actionable advice
Talent management analytics is great in itself, but if not implemented correctly and in a specific time frame, their ROI drops. What good is a mountain of data collected, turned into insight, but which is never converted into an actionable plan?
Most companies struggle with that specific part and that’s why we’re having a webcast that will deal with those problems exactly.
On the webcast, we will help you use the 3 most important modes of reporting and we will help you learn how to leverage reports to do 3 things:
- track progress
- shape daily activities
- use analytics to assist with planning strategic decisions
So if you want to learn about making use of historical data, understanding trends over time, and forecasting future talent management initiatives, make sure to watch webcast Talent Management Analytics: meaningful data to review the past, focus on trends, and help predict the future