6 Effective Ways HR Teams Can Leverage Big Data to Facilitate Business Recovery
1. Predicting the future of work
The pandemic has resulted in remote working becoming the norm with many of us continuing to log on from the kitchen table on a part-time, or even full-time basis.
Through HR collecting and analysing data surrounding this and other working trends, accurate predictions, rather than gut feelings, can be used to map out plans.
This will allow companies to prepare, and not only from a HR/talent planning perspective. Of course, it will assist in devising benefits packages and employee engagement initiatives but understanding these kinds of statistics can help with things like financial budgeting and IT developments too.
2. Identifying skills gaps
Focussing on collating data around people performance and skills mapping is imperative for businesses in recovery mode. At a time when everyone must jump onboard with your business recovery plan, you want to be sure that you are maximising everyone’s strengths, but also understand where you are falling short.
Realising where you may need additional pairs of hands, or further training/education for existing staff is critical in keeping a competitive edge. Metrics are a sure-fire way to understanding where workforce improvements can be made and to identify any skills gaps.
3. Ensuring employee satisfaction
Although employee satisfaction is important at any time, it is especially so during business recovery. When an organisation is already on shaky ground you need to avoid instances of staff feeling uneasy too.
Keeping colleagues engaged is central, so encouraging participation in employee satisfaction questionnaires and feedback sessions is important. Collecting these kinds of statistics will help you understand how your workforce is faring and to recognise where improvements need to be made. In the worst-case scenario, it can help you to predict where recruitment drives may be required so you have fewer gaps in operations during business recovery.
4. Understanding turnover trends
Closely linked to the last point is the need to grasp turnover trends. These could be industry or sector-wide and not related to your organisation only.
But the ability to recognise any connections between certain events, times of the year or other factors that may affect staff turnover will mean you are more likely to be able to predict, and prepare for, possible staff shortages.
Through accumulating this kind of data, you are better able to highlight problems before they affect your business recovery efforts.
5. Improving your recruitment process
Measuring the effectiveness of your recruitment process is critical for any business. After putting time, effort, and money into your brand to attract talent to your organisation, you do not want your recruitment process to be lacking.
Yet many businesses neglect to evaluate (and improve) their recruitment. From poor communication to a time-consuming process, there are lots of reasons why companies miss out on top candidates during the final stages.
But gathering feedback and analysing data can help companies to recognise where they may be going wrong.
6. Recognising growth opportunities
All HR data can be consolidated to provide business leaders with invaluable insight into their workforces and business processes. This means that HR data can (and should) be used to transform companies and impact their bottom lines.
It should be used to not only sway HR decisions, but as an indispensable tool for driving entire business recovery strategies and reinventing approaches for improving business efficiencies.
Through analysing big HR data companies can pinpoint opportunities for increasing headcount and financial growth.
Tate is working with HR leaders who understand their impact on not only the Human Resources function but the entire business recovery strategies. If you are keen to employ a HR specialist who will become an important and integral part of your organisation, contact us to start a conversation.
