With the emergence of technology comes the streams of data which accompanies it.
The average Human Resources team is sitting on a data gold mine; data which can be used to improve decisions, make employees happier and optimise processes. Imagine the value data like this can add to a company.
We are empowered by how technology enables us to access our own data, think Fitbit and calorie counters, where we can view and make informed decisions based on the data which is being reported back to us.
As an individual, we can use this data to improve aspects of our lives. For example; If we wanted to get fitter and increase our daily mileage, we could use our step count data to drive behaviours which would help reach the objective (Example; increase footsteps per day).
It should come as no surprise that the importance and versatility of personal data are continually being developed both for commercial purposes and in organisations, particularly for HR and people functions.
Previously, HR decisions were perceived to be based on gut feel and not based on solid research and analytics such as Finance. However, organisations are now much more sophisticated in capturing and analysing data, which unlocks a wealth of untapped power.
Is this the Fitbit effect?
When you consider the effectiveness of simply measuring our own personal data to achieve fitness or life goals, why would we not look to measure data within a business in the same way?
At Innecto, analysis of data is at the core of what we do, leveraging the insight we glean to enable effective, validated decision making.
We use the data shared with us to run through our Analytics Insight tool. The data collected allows us to uncover stories and highlight issues within a myriad of departments often overlooked.
What data can do for HR;
• Normalise ‘out of cycle’ pay
• Make smarter pay decisions based on previous data
• Identifying the average age/length of service of your leaver - Predictive planning
• Remain proactive in gender-equal pay
• Improve decisions based on facts and figures
• Increase employee satisfaction - Rewards and benefits based on what has worked or not?
• Gain gravitas when proposing new projects with ELT
• Attrition costs - Rewards for high achieving employees
AI and a brave new world
When it comes to looking to the future and using the data in a predictive way; the opportunities are endless.
We know Fitbit can be used to forecast fitness goals & monitor improvements in two weeks or even six months. What if data software could do the same?
Our Insight software predicts the future in a logical and transparent way. With the relevant data we can identify whether you are getting a return on investment for a specific role based on length of service. If you are not, it projects how long the employee would need to stay in the role to achieve a return on investment.
With data comes knowledge not just for the now but for the future too. Can you afford not to be future proof?
If you’d like to utilise your data goldmine, please get in touch with me at mark.macoun@innecto.com or call 020 3457 0894.
“We believe technology holds the key to revolutionising HR analytics. At Innecto, we are working to bring the best possible outcomes to clients, and we believe in the importance of driving the innovation that will ultimately improve analytics in HR”
Mark Macoun - Innecto Senior Reward Analyst
