Is your Performance Management data driven?
For decades talent management has revolved around the traditional methods of personal relationships and experience rather than deep analysis. Details of a survey finding are as given under:
The importance of talent analytics in the traditional method is that they are data driven and provide objective information than qualitative findings, which helps in making predictive decisions rather than reactive. This addresses business issues and not merely HR issues. The key factor differentiating a high performing organization from the moderate would be the depth of talent analytics available for building capacity of the existing talents and to plan future workforce initiatives.
The quest for higher performance by companies can be achieved by data mining which enables to find facts & gain knowledge about trends and effects of decisions or events. However, the common problem encountered is on leveraging this massive amount of data accumulating from more and more sources that are available in raw form. The key, however, is to align the data analytics with corporate strategies and understand how it supports to identify where to focus and what business objectives are to be derived from the efforts.
Data analytics is a powerful tool to provide insights on the outcome of a decision or trends. This information becomes the source for bringing intelligence for organizations to plan and trigger strategic initiatives to improve performance and help speed up changes for competitive advantage.
The statistical methods and measurements of data analytics helps in quantifying and aligning risks, which when linked with corporate performance helps to understand the inter-relationships between employees, customers and products. This enables companies to implement strategic initiatives to improve and optimize efficiency and at the same time enhance the ability to forecast changes in the market and take proactive measures. It doesn’t go without saying that data analytics supports and enables faster decision making, helps manage risks and transform business process across a range of activities.