“What are your HR business objectives?” Ever pondered over varied answers for this question? From operational ones, like increasing employee retention or decreasing attrition, to more strategic ones like measuring the outcome of Diversity and Inclusion (D&I) programs or your organization-wide listening strategy, the answers are varied but with a common thread – data and analytics.
We live in the era of technology where data and analytics are not only critical success factors of innovation for an organization but also a key competitive edge. And indeed, according to data industry expert and thought leader Bernard Marr, the International Institute for Analytics predicted that “by 2020, businesses using data would see $430 billion in productivity benefits over competitors who are not using data.” And we are well on our way to 2023, when being analytics-driven will no longer be a nice-to-have requirement but instead will be a surefire need-to-have requirement to achieve the analytics mastery that ultimately drives innovation.
However, it's always good to walk before you run.
Implementing analytics shouldn’t happen by accident or through haphazard decisions. It’s a mindset, a continuous journey which you need to navigate carefully with forethought to find the right answers. Which begs the question – how do you get started on your HR analytics journey? To start, you'll want to answer these fundamental questions:
Introducing the HR analytics self-assessment from Oracle, a role-based scoring tool that can help you evaluate your current HR analytics or people analytics strategy and provide resource-supplemented results.
The scoring is done along six functional areas aligned to the role you choose. For instance, the areas that are evaluated for a CHRO/HR Leader are Automated HR Processes, Top Talent Assessment, D&I Analytics, Cloud Adoption, Cross Departmental (initiatives) and Team Effectiveness, while those for say, a HR Analyst, would be along the lines of Attrition and Retention, Predictive Analytics, Forecasting Labor Availability, Top Talent Assessment, Data Preparation, and External Data.
Upon completing the questionnaire, you're provided with a snapshot of functional areas that are on track with an analytics-driven roadmap versus those that have scope for improvement.
The results report, which can be shared as a link with your stakeholders, not only discloses the overall score for HR analytics in your organization but also points to key resources for each functional area that you can download and share to help improve the use of your HR data and bridge the analytics gap.
Your overall HR analytics score is a reflection of where your organization stands in the overall analytics journey. Do you currently exemplify an analytics-driven culture? Do you have the tools, processes and most importantly, the mindset in place to achieve analytics mastery? Are you reaping the benefits of cross-departmental analytics to acquire, grow, and retain talent within your organization? The higher the score, the more analytics-driven your organization is! You can use the resources listed in the results report to further develop those functional areas that have opportunities for improvement, or better, as justification that you’ve been doing the right thing all along!