Workforce Analytics: Future proof your business with Succession Planning using Analytics
Imagine that you are part of a Talent Management team. A typical day at your job starts with compiling and matching employee data from various systems and rummaging through your mailbox for previous discussions. Somehow, you compile relevant information in the nick of time, but you do not have time left to think and plan before your one-on-one meetings. You know and hope that you can manage better in the next meeting, but some things never change.
The modern information hunter-gatherer needs to stay ahead of the game. Reactive and predictive metrics are one of the most important tools to conquer the challenges of talent management.
Here are questions one needs to ask oneself while crafting out an analytics strategy.
A. Identifying Critical Talent: 'Critical roles' do not automatically mean those of senior leadership and managers but could be roles related to sales, customer support, production and maintenance etc. To identify critical talent, you can use the following guideline questions.
Measure the parameters for each of the guideline questions, for potential critical roles and positions. If any of the parameters cannot be measured, then, you must question if the position belongs in the list critical in the first place. Maybe, it is time for you to reassess the list!
B. Succession Decision: Once you have a good understanding of the critical positions, it is time to prioritize them within your business before you build a pipeline. This helps to target correct talent investment, especially during turbulent and uncertain macroeconomic situations.
Using a combination of self-service tools and algorithms, this information can be represented interactively, helping you gather intelligent insights. Often a talent manager spends a great deal of time massaging data and trying to develop complex calculations around the data. At the end of the entire exercise, the goal of the analytics is lost somewhere in the multiple sheets.
Most brands apply analytics to understand customer buying patterns to improve revenue. However, it is still uncommon to find organisations applying these approaches internally to their processes and employees. Although we are yet to tap into the complete potential of analytics in the HR space, we willfind HR functions reinventing themselves in the days to come. A guess work and human biases approach will be replaced with a more information and data centric approach.
Sanjyot is the Director Data Analytics & Services ay Paratus Knowledge Ventures Pvt Ltd. She has over 14 years of experience in Data Analysis and Reporting and now runs a start-up specializing in Data Analytics and Gamified Learning. She has extensively worked in this domain in companies such as Cognizant and Tata Consultancy Services.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.