A masterclass to solving the problem of disconnected data
Understand the true meaning behind a “data-driven strategy” and the costs to the business of disconnected data.
Learn people analytics strategies and tactics that differentiate high-performing organizations.
Understand the definition and measurements of success when it comes to getting people analytics right.
In a recent IDC survey, only 28% of HR executives stated that they are offering an analytical view into the workforce beyond those confined within the HR department.
Further to this, Deloitte consultancy found in their 2020 Global Human Capital Trends survey that 97% of respondents need additional information on some aspect of their workforce. Only 56% feel their organizations have made moderate or significant progress in people analytics in the past decade.
What’s astounding is the journeys that many organizations are going through or have already undertaken to get to a satisfactory level regarding people analytics and providing insights on the workforce. While these can drive hugely transformative business decisions, they are happening entirely back to front.
People analytics is sometimes regarded as an accessory, or cherry on the top of the cake, if you will. But the deep, meaningful, and impactful insights are found when data intelligence is garnered at the start of the journey, as an ingredient way before the cake goes in the oven. People analytics is a foundational building block that needs to be present at the start of any transformation or change management process.
We were thrilled to host this interactive session with Ian Cook, VP People Analytics at Visier, so that we can help you and our HR community propel themselves to success and gain competitive advantage by getting people analytics right. Watch the session on-demand today or read on to learn some of the key takeaways.
Continuous business improvements are the proof point
“This is not a box we need to check because we’ve done everything else; this is a core of how we run the business.”
Ian Cook, VP People Analytics at Visier
The strongest argument for building a solid people analytics strategy is the nearly universal experience that shows that using data to achieve your business goals is better for both the business and the people. Since people analytics sits between HR and finance in a mature organization, they are best equipped to find the universal best solution in business problems. And it is imperative: guesswork is no longer sufficient in the current market, and failing to understand your people data will leave you in the lurch.
Ian cited an example of how this might work: in the case of a 20% deficit that needs fixing, your finance team will often solve it by letting go of employees. This approach often leads to knowledge loss, increased onboarding costs, turnover contagion, and reputational damage.
Before the talent shortage came to the fore, this may not have been as pressing a challenge. In today’s market, this is a severe operational threat. Empower a People Analytics team to solve this problem. They can provide you with a less costly path to solvency, usually within only a slightly longer timeframe than abrupt, significant labor changes.
Resist the temptation to put action before data
“Other people have data. They are going to get there faster and move their business better.”
Ian Cook, VP People Analytics at Visier
Tracking your people data will keep you in step with your competition, but an intelligent strategy will put you ahead. Deploying a robust analytics system will allow you to make better people decisions faster and ultimately lead to better business outcomes and improved workforce morale.
Well-established people analytics teams are the “intelligence unit” for company strategy. They act as the strategy arm for the CHRO, fueling the insights and evaluations that lead to eventual improvement. But most organizations misinterpret the people analytics field.
“Lots of people think it starts with data. A lot of people go to IT, who will build you a big space for data, but that’s the wrong place to start.”
Ian Cook, VP People Analytics at Visier
According to Ian, you need to begin with an analytical perspective. Once you identify the problem you hope to solve, the data becomes impactful. You cannot rely on a team geared for IT to create comprehensible data for a soft focus. To make good use of a people analytics team, you need people equipped with an overarching perspective to find the fundamental questions your business needs to solve.
Understand the people analytics value chain
“When you have a mature people analytics practice that can combine and integrate data into an analytic view, it shapes the HR practices, which has an impact on the business, which leads to better financial outcomes.”
Ian Cook, VP People Analytics at Visier
As Visier continues to monitor the implementation of People Analytics teams and technologies, they have found that adoption correlates to improved business results and ultimately higher profit margins. The key to getting there is achieving a mature people analytics practice, which is the foundation of the people analytics value chain.
According to Ian, the average Visier client loads data from 5 discrete systems. This expansive toolkit is the downfall of successful people analytics: your IT team is likely not geared up to integrate multiple new sources quickly, which is often the ask as organizations see the promise in early people analytics projects. The integration process takes time, which causes delays in the adoption and deployment of successful analytics processes, which often leads to abandonment. Understanding and communicating the people analytics value chain will help your company more efficiently construct a team and process that will reap boundless business rewards.
Watch the full on-demand webinar to hear this masterclass on solving your data problems, and check out Visier‘s recent report for an in-depth exploration of the people analytics practices that will impact your business.