The demand for performance-driven analytics has never been greater. By understanding the power of analytics within the human resource function, you can become predictive, and thus provide the answers to key questions, such as:
- Who will be the most successful employee in the organization?
- Which HR initiatives will most impact the bottom line?
- Which top performers are at possible risk of leaving the company within the next year?
Yet, the journey to establishing HR analytics has proven long, with most organizations only just beginning to scratch the surface. You have metrics, analytics and big data phases to consider – each playing a significant role within the daily HR function of decision-making. The issue facing human resource professionals today is what do they all mean, and how exactly can you make sense of it all? How can you measure your success in managing performance?
Managing Performance Analytics: Metrics, analytics, big data… Oh my!
Metrics are simple measurements that track activity, but do not show a causal relationship. You cannot anticipate understanding what affects engagement or what drives performance based on metrics alone.
Analytics examine the effect of HR metrics on organizational performance – essentially, this type of measurement seeks to identify patterns of similarity between metrics.
Big data refers to a collection of data “sets”, which are larger and more complex, requiring on-hand database management tools vs. time-consuming traditional methods.
Predicting top performance to manage your bottom line
By implementing the right set of metrics, analytics and big data, you can gain a competitive advantage and prevent turnover from hurting your bottom line. If you wish to begin to raise the bar on employee performance, you can start by browsing the advice we publish on our website or contact us for a brief consultation.
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