Analyze This!

While “Big Data” is one of those industry buzzwords that people like to throw around, the fact can’t be denied: businesses today have access to more measures, metrics, statistics and analytics than ever before. And while this has opened new doors and created more opportunities for companies to improve their talent management programs, the wealth of information can – quite simply – be overwhelming. And rather than getting useful insight to transform talent management, HR professionals often find themselves drowning in data.

Still, the need for effective analytics is clear. A recent survey conducted by Technomedia found that 68 percent of respondents are concerned about HR analytics and the crucial insight they can reveal. And compared to other talent management trends, like social recruiting, mobile and employee social communities, analytics is by far the biggest priority. But, as research from Bersin by Deloitte found, a mere 4 percent of companies have achieved the capability to perform predictive analytics about their workforce, and only 14 percent have done any statistical analysis of employee data at all.

Why is there such a discrepancy? Most talent management suite providers are either delivering or partnering to deliver some level of analytics functionality in their solutions. However, many offerings fall short, failing to present those analytics in a way that can be easily digested and used to enhance talent management activities. So what can be done? How can HR professionals interpret the insight gain for their leadership teams? Is the available technology enough or should HR professionals seek out learning or additional headcount to ensure they can have their analytics and maximize their impact too?

Solutions that simply deliver analytics only do half the job. What companies really need is business intelligence and talent insight to ensure they can use the data gained about their talent in way that facilitates well-informed decisions, without the need for additional resources. And that information needs to be presented in an intuitive, user-friendly way to ensure that HR professionals – no matter their technical aptitude – can understand the data and leverage this information effectively. The best talent management suite is one that provides report templates and dashboards across all modules, whether talent acquisition, performance management, learning and development, or succession planning, enabling users to easily access and analyze even the most complex talent information.

At a time when HR has more information available than ever, it is crucial that those responsible for talent management don’t get bogged down in the data, but instead leverage the insight that can elevate their processes. When equipped with the right talent management platform, they can be sure they use the most relevant analytics needed to drive continuous improvement.

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