The traditional business analysis tools available to most HR executives often limit their ability to shape company strategy, and provide little more than the ability to scrutinise backward-looking efficiency metrics to gauge success. When one compares a business’ payroll costs to its overall expenses however, it becomes evident that its people are, as the saying goes, its most valuable assets.
With this in mind, it becomes critical to provide HR directors with a set of comprehensive analytical tools that simplify the synthesis of relevant data and promote the realisation of valuable business intelligence.
The more complete a business’s data is, the more thorough its analytics will be. By embedding the availability of HR data into their workforce’s business processes, organisations can promote a steady flow of relevant information.
This ultimately means that people have access to the right information when and where they need it, and can therefore perform their jobs more easily and more effectively.
In addition, keeping the data channel open to employees even when they are mobile will ensure that this exchange remains active at all times. Therefore, an ideal HR analytics tool should also be pervasive, and allow businesses to share relevant information with their employees quickly and in high-quality, no matter what device they are viewing it on.
Given that the complexity of HR data increases as a business expands its offerings, a tool that quickly consolidates this data to help perform a holistic HR investigation becomes an indispensable analytics asset.
When HR data is combined with additional company data, the operational divides that traditionally exist within a business are broken down. With the power to overcome this silo effect in a whole new way, companies can convert what were once discrete sets of static information into powerful business intelligence.
For example, a retail store manager who collects HR information relating to employee income, and studies these in light of broader sales, profit, and customer footfall data, will gain unique insight into his or her staff’s performance that will in turn enable better workforce management.
The ability to anticipate changes in workforce behaviour and performance is extremely constructive, and gives businesses an unprecedented head-start in developing and retaining their top talent.
Predictive HR analytics provide businesses with the insight they need to make more proactive personnel decisions. This enables HR executives to develop forward-thinking strategies aimed at ensuring that their present and future hires make the most positive long-term impact on their business.
Adebayo Sanni, country director, Nigeria, Oracle