Talent analytics or Human resources analytics is a hot topic right now for companies. Businesses are using this data to meet the need within the company. It is predicted that in 2015 and 2016, the collecting and using of data will continue to grow.
What is Talent Analytics?
Talent analytics uses data that is collected about employees. The information collected can include hire date, training received, and other patterns. This data is then used to manage the team so that a company’s goals can be reached.
What is the Data Used For?
With the data, a company captures people related issues. Once the information is gathered, it can be used to make predictions of who may leave the organization in the near future. It can also be used to determine an employee’s competencies. The information can clue you in to whether or not an individual will advance if sent through training.
The data can be used to answer the bigger question, “what is the correlation between people and their performance?” This information can help you to predict top performers as well as why those people leave the company.
It is Important to Use an Analytic System That Stores the Data Centralized
Many companies have the data they need to run reports that will help them answer big questions. The problem lies in the fact that the information is not stored in a centralized location.
Using software that can gather all in the information in one place is the right solution. The data can then be compiled to give the insights needed to make decisions and predictions for the company.
It is important to note that the analytics can give you a lot of insight into your employees. However, the information has to be updated on a regular basis to reflect changes in staff. Not updating the data can cause the predictions to be skewed.
When a corporation properly captures, stores, and manages the data collected, it can serve as a way to improve the business. HR departments should invest the time and resources in talent data.
The more efficiently you run your company, the more profitable you will be.
If you have any questions about this article, or how we can help you with Talent Analytics, contact us today!
Written for us by our associate Gary Sorrell, Sorrell Associates, LLC.
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