AUTHOR: Tommy Soendergaard
Data is the new oil, and to HR, improved data gathering and analysis can provide vital insight to several levels - ranging from attracting and retaining the right employees, maintaining and developing skills all the way through to understating why employees leave and initiating subsequent improvement activities.
The Nordics is a high cost marketplace with a highly competent workforce. Therefore, in order to stay competitive internationally, we need to operate/work smarter and better than competition in lower cost markets.
One reason why we are highly competitive is the mature and innovative use of the opportunities provided by new technology. Traditionally, we are early adopters of new technology trends ranging from mobility to internet use.
In order to stay ahead, we need to maintain this edge by continuing to be early adopters of new technology. HR has moved from being a service function to becoming an important and highly strategic sparring partner to the business. HR enables organisations to attract, develop and retain the right skillsets to prosper and grow.
Understanding the trends
Analysis is no longer limited to identifying facts after they occur. Integrating data from different sources, structured as well as unstructured data, external as well as internal, create the basis for analyzing factors behind the trends and changes in the workforce.
Is there a pattern behind why people are leaving, is there a relation between changes in our workforce and external trends?
Being able to understand the reason behind trends empowers the organization to act proactively. Doing so may include taking measures to develop the workforce, implement changes, and retain workers that otherwise would have left.
With tools and capabilities that allow a broad diversity of data sources and data types to be easily combined, in order to enable new insights fueled by machine learning (ML) and artificial intelligence (AI) which proactively identifies areas/patterns that require attention in order to initiate relevant actions. Therefore AI and ML capabilities making insight even easier is a must in all modern analysis tools.
The value of data democracy
Data democracy is commonly defined as the ability for end users and non-experts across the organization to get access to information in any digital format. It also extends to users having access to tools that allow them to create and perform analysis of data in order to make faster and better decisions.
The business effect of a data democracy is that the organization as a whole is able to proactively act on trends and developments. In a modern, transparent organization, knowledge and understanding is no longer confined to business leaders and management. It’s used as a tool to empower competitive decision making at all levels.
Fortunately, modern solutions are removing many of the barriers in regards to cost, time and complexity of empowering HR with greater insight across different data sources. With the solutions Oracle have available organizations can implement readymade dashboards providing insight on turnover rate and attrition, cost per hire, performance etc within days instead of weeks and months. If you are interested in getting more inspiration on the possibilities with People Analytics you are welcome to join our breakfast event in Hellerup 26th of November.
If you read this blog after the 26th of November and would like to know more then you are off course also welcome to reach out directly.