webinar recap: using data to uncover critical insights
By elena todorova in Insights and Webinars
What is big data, and what insights does it uncover? How can you leverage the information source of the future now? Why are analytics set to revolutionize the way we lead, manage, and understand workplace interactions?
In our latest monthly webinar, O.C. Tanner’s resident data expert, Jason Andersen, answers these questions and more. Read on to discover his key insights, and check out the full webinar recording to learn more about the power and future of big data analytics.
HR professionals have always tried to understand how to build better teams, optimize processes, and ensure cultural success. But before big data existed, how could they gauge what was truly going on in their organizations? Data collection was once costly and time-consuming, and analysis was simplistic and high-level. But with the advent of analytics, this has drastically changed. Now, we have access to enormous amounts of data that is built in to our applications, and we have real-time analytics capabilities. As we develop and fine-tune new ways to understand and measure human interactions, the data-driven insights that HR analytics provide will revolutionize companies from the ground up.
As Andersen explains, big data is everywhere now, as the foundation of most megatrends—and, the pace of data collection is rapidly increasing. But how do we leverage insights from that data? As Gary King, Harvard University says: “Big data is not about the data.” The power of data lies in the answers it provides. And although human behavior is highly difficult to predict, big data has proven to reveal consistent and accurate predictions by tracking and evaluating patterns. Andersen explains that by utilizing big data insights, HR professionals can bring people together to share ideas, gain efficiencies, and grow companies.
So, how can you leverage the power of data insights in your organization? Andersen reveals the four steps to implementing data analytics as part of your HR strategy:
Step 1: Define the questions.
Before big data analytics, you were only able to ask core questions. “How many employees do we have? How many new hires in that group?” But with big data, you can move past simple questions into strategic ones. Now, you can answer questions like, “Where does our top talent come from?” to gauge your talent acquisition processes. Focus on questions that will provide actionable insights for improvement.
Step 2: Access the data.
A few years ago, amassing a large amount of data required a warehouse project that often came with a 50-70% failure rate. Now, however, data capabilities are built into existing tools and stored on the cloud. With in-memory analysis technology, apps and computers do the heavy lifting when you send out an employee survey.
Step 3: Find your answers.
The answers to your questions are delivered via data-driven insights. Apps incorporate a top-down self service approach for HR business partners and leaders to access analytics, and advanced users are empowered with tools for additional exploration.
Step 4: Share the insights.
Anyone can access the results of your inquiries, as dashboards for an at-a-glance view displaying key performance indicators. As you share insights with leaders and managers, they can filter to highlight specific roles, high performers, and new hires in the organization. With these insights at their fingertips, leaders throughout the organization can develop informed action plans for effective talent development, mentorship, recognition, and leadership.
For more on the power of data analytics, watch Jason Andersen’s full webinar recording here.