Investment in People is not a new subject, yet it is the most sought after business agenda for organizations across the globe. Why? Why now? Is it the global markets crisis? Unemployment or underemployment? Job cuts? Rising pressures to perform? Changing business landscapes? Alignment or re-alignment of organizational strategy? Changing People culture? Renewed focus on diversity at workplace? Or a strategic focus on People to make a positive impact on the ROI? . . You may find or name more reasons, the name of the [New] game is People Analytics.
Let's examine some interesting yet contrasting views from across the globe that are summoning us for well calculated, sound, decisions on People at workplace.
Not hearsay and not a revelation either - a recent study "Learning to Fly", from AON Hewitt in 2015, suggests ". . that the CHRO is a critical stakeholder in defining the strategy of a firm.". This re-affirms that an organization’s prime focus is on People at workplace – their role in business strategy and business performance.
CHRO’s strategic agenda is next on the radar. We ask some indicative and leading questions that pave the roadmap for measuring success. Again, only if there are proven methodologies to quantify and measure success!
For long organizations have made decisions based on intelligent intuitions and often undertaken initiatives to replicate well surveyed best practices. Yet, today, there is a strongly felt need for making more conscious and weighted efforts to design and develop solutions around People – to scientifically study the overall impact of this machinery on organization’s ROI. From identification and selection, on-boarding, retention, capability development, talent management, employee engagement, collaboration, diversity, employee performance, team performance, project performance to business performance – organizations are looking at Analytics to pave the way for making more sound decisions.
Wait, has anyone treaded into this vast domain of People Analytics? Are there any sophisticated, tried and tested (proven) models that may be contextualized and utilized? Not a comprehensive list, but here’s a quick highlight of select industry practices.
Does it mean that there are well-established and prevalent People Analytics practices and or ready tools to deploy into business? No! Let’s take a look at the global trends ~ Deloitte University Press – Global Human Capital Trends 2015 Report.
There’s dearth of talent across industries and capability gaps are on the up-rise.
‘Culture & Engagement’ is one of the most significant challenge across industries and regions.
All unadulterated and glaring gaps are in our faces. Let’s face the music! Is there one specific reason that may reflect on these issues? No! There are numerous challenges and hurdles, some technical and others that relate to the level of acceptance, for the lack of use of Analytics around People at workplace. You may find these relevant to your business and operations context.
Where does one start? What should be the approach? Are there ready products in the market? Are products the way forward or should one undertake a solutions route? Can we leverage our existing business and operations capabilities? Do we need to upskill our People? Does that mean additional costs? Can we establish a case for investment into People Analytics? How does one embark on this journey?
We recommend a tailored approach, leveraging your existing in-house business and operations potential, towards the development of comprehensive People Analytics capabilities.
We invite more questions and enquiries on the way forward, approaches and the design of a road-map towards intelligent use of organizational data to establish robust People Analytics capabilities.
Continue to watch this space for more. You may write to us on email@example.com.
Credits: AON Hewitt "Learning to Fly" Study 2015, Deloitte Global HR Trends 2015, Deloitte Millennials Survey 2016 & HBR.
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