HR ANALYTICS FOR EMPLOYEE ENGAGEMENT STRATEGY AND MORE
A recent survey done by Timesjobs.com revealed that 60% of employees are not satisfied with their current jobs, while 80% said they are looking to switch jobs. As per the survey, the level of dissatisfaction has increased considerably year-over-year. The negative sentiment among employees can be attributed to poor human resource management in organizations. In 2015, 78% employees stated that they were happy with their current job, although they were still open to other opportunities. Dissatisfaction with jobs is on the rise these days, and employees cite poor work-life balance, low salary, poor hike, and menial work as the reasons behind this state of affairs.
For many of us, stories are things that take us down memory lane. Some stories are impactful enough to leave their imprints and keep us connected to our reality. Along the same vein, stories can play a significant role in connecting people within an organization. There can be plots and subplots in these stories that can help an organization understand how their employees feel about their work, their managers, and the things they would potentially want employers to change to bring in more transparency.
But the question is, are you spending enough time and resources to understand the reason why some employees have bad stories and some have good ones? Are you digging deeper to resolve the mystery of attrition, retention, engagement, and disengagement? Are you using employee and company data in conjunction with industry data that helps in fueling better employee engagement decisions?
If you answered “yes” to all of these questions, your company probably has the best engagement policies. And if you had to think even for a moment before saying yes, it’s time to rethink how you go about your employee engagement operations.
Data is the Lynchpin to Sustain a Motivated Workforce
Every company uses records of customer interactions, buying histories, social media, online communities, and surveys to predict future actions faster and more accurately. However, we often forget that our high-priority customer is our workforce. Just like the way companies engage in building long-term relationships with customers, these companies need to strengthen relationships with their employees as well. But many companies are unable to do so because they cannot interpret the results of the data obtained by surveys accurately, thereby failing at contriving strategies that can improve employee engagement.
While there are huge reserves of HR data, businesses are not able to gather relevant metrics on their workers, which makes it difficult for the HR teams to analyze, understand, and act. Starting with interpreting data for basic questions like “Do your employees feel proud to be a part of the organization?”, “As an employer, do you give them enough incentives to stay motivated?”, and “Do you spend enough time to hear and resolve the grievances of your employees?” can help businesses derive interesting insights.
There are also certain data points that organizations should ponder on to gain relatively a good understanding of the engagement of its people, both at individual and organizational levels. And in fact, many of these datasets are likely to be tracked and collected in various human capital systems.
Value of Analytics in Human Resources Management — Case Studies and Initiatives
Although HR analytics is still at a nascent stage, there are increasing examples of its successful application in the market. In a Harvard Business Review article, Mick Collins highlights how Black Hill Corp. used HR analytics to their advantage.
Black Hills Corp. is a 130-year-old energy conglomerate, which doubled its workforce to about 2,000 employees after an acquisition. Like many energy companies, a combination of challenges — an aging workforce, the need for specialized skills, and a lengthy timeline for getting employees to full competence — created a significant talent risk. To prevent a massive turnover catastrophe, the company used workforce predictive analytics to calculate how many employees would retire per year, the types of workers needed to replace them, and where those new hires were most likely to come from. The result was a workforce planning summit that categorized and prioritized 89 action plans designed to address the potential talent shortage.
Similarly, BRIDGEi2i, has helped a global business services organization in identifying and acting on levers for improving satisfaction and engagement levels of their large and diversified employee base. For more details, read this case study.
In an article published in TLNT, Dr. John Sullivan, an internationally known HR thought leader, lists some of Google’s past and present initiatives in people analytics.
Project Oxygen: Helped them in identifying the eight characteristics of great leaders. The data proved that rather than superior technical knowledge, periodic one-on-one coaching, which included expressing interest in the employee and frequent personalized feedback ranked as the number one key to being a successful leader.
PiLab: A unique subgroup that conducts applied experiments within Google to determine the most effective approaches for managing people and maintaining a productive environment (including identifying rewards that make employees the happiest).
Retention algorithm: Google developed a mathematical algorithm to proactively and successfully predict which employees are most likely to become a retention problem.
The stories of talent analytics success act as encouragement for other organizations to take the analytics plunge without further delay. Less than 50% of global companies use objective data when making workforce decisions, and fewer than 20% were satisfied with the ability of their current data management systems to manage talent data, according to an SHL global assessment report.
But, armed with actionable analytics, leaders and managers have immense opportunities to use talent data in reducing workforce costs, identifying revenue streams, mitigating risks, and executing business strategy.
Analytics solutions that have been designed to track employee engagement, satisfaction, and retention are key to building and sustaining a happy and motivated workforce. Analytics can help organizations find ways to motivate employees by facilitating programs pertaining to employee rewards, customized training, etc. The early adopters of data-driven employee engagement strategies are bound to thrive in the world of competition. It’s time to wake up to data analytics and strengthen analytics expertise, which most organizations lack. If you’re still wavering on implementing analytics for your HR team, you might want to look around and check how companies have grown by fixing employee engagement qualms with analytics. Learn how BRIDGEi2i’s Employee Engagement Analytics Solutions can help with your HR objectives.