Let’s be honest – I don’t care how good you are with pivot tables, you’ll never strike talent analytics insight gold with spreadsheets. Ever.
Okay, if you’re a 100-person company or smaller, then maybe you could still pull it off, but when you’re a rapidly growing company, and/or when you’re a global enterprise, then no way. The margins of error are too great and too much is at stake. You just can’t aggregate the sheer volume of talent data available to you and analyze it with desktop software that wasn’t built for Big Data.
In fact, with all this talk of Big Data revolutionizing the world, we all must keep in mind that at the end of the day, data is data, regardless of the system you use. And, although the data itself is useful in getting a handle on specific numbers and even metrics – employee turnover during a given time period, for example – it is in the analysis of this data that you’ll strike the insight gold.
The volume of data generated by companies today continues to grow exponentially – in large organizations, there can be upwards of seven different systems managing HR data, according to Bersin by Deloitte. Companies must find ways to use this data to develop meaningful metrics that can help measure business performance.
But you can’t get to the meaningful metrics unless you’re integrating and analyzing the most crucial data points from all those disparate HR sources and systems into a unified yet configurable talent management system with powerful built-in analytical algorithms accessed solely from the cloud. This is the only way today you can gain a deeper understanding of how you can improve your HR and organizational effectiveness.
The only way. Period. The unified analysis of all your talent data enables you to transform it all into sound business metrics and insightful analytics from recruiting, compensation, performance, succession and learning that result in better alignment of HR initiatives with your business performance goals.
No, you’re never going to mine the talent insight gold with your pewter-plated spreadsheets. Ever. So please stop.
Consider the example of data gathered on employee turnover. By implementing a unified talent management system with powerful analytics capabilities, you can easily identify the extent of the turnover problem, the trend of the problem over time, what types of positions are at stake and even the location of the problem – within a specific employee group or department, for example.
The data and ensuing analyses provide you with actionable information and insight into the likely reasons for the problem. With this information in hand, you can improve the retention of your key talent by developing specific workforce initiatives to combat the turnover problem, saving millions of dollars annually in recruiting and training costs when you’re a larger enterprise.
Worth its weight in gold, wouldn’t you say? Unified talent management analytics can also help you:
1. Predict outcomes. Data can be used to not only look at past trends and course-correct to address negative outcomes, but it also can be analyzed to predict outcomes based on previous trends and workforce changes. By using integrated analytics, you can forecast potential talent gaps and plan for future workforce changes as key talent moves through your organizational pipeline. When your organization can understand, assess and plan for talent movement, you can make better-informed decisions that keep your company operating at peak production.
2. Demonstrate ROI. What’s more, in an era in which there is a growing need for HR professionals to demonstrate the ROI of their programs and processes, the integrated analysis of these HR processes can help build a business case for your impact on your company’s bottom line. By measuring, tracking and analyzing the data collected through HR systems, HR departments can more easily demonstrate their programs’ results and value.
When you’ve got a firm grasp on your most critical and complex organizational elements, it can affect real-time, proactive changes that drive optimal workforce performance. Again, unified talent management analytics help you strike insight gold for all your talent management and workforce planning.
No more spreadsheets. Ever.