How to value your people
15 March 2016
Analytics will drive performance but only if the people who are engaged in the leadership team are actually going to action the insight that they hear.
- Don’t’ be scared of data; it supports & empowers you
- Gain competitive advantage & level the playing field with People Analytics
- Three ideas to embrace; Hindsight, Insight & Foresight
Unlocking data to make better informed business decisions is a widely deployed strategy used by a variety of industries and business disciplines to enhance competitiveness, reduce risk and improve performance.
History has provided us with ample examples of how performance can be improved through analysis. Take the movie “Money Ball”. Based on the true story of one man’s vision and determination to understand the success variables in baseball, he managed to take the “Oakland A’s” from the very bottom of the league to winning twenty consecutive games; an unheard of success, brought about by the use of data and analytics.
If you still doubt the power of data and analytics, consider the following: credit card companies (such as Visa) can predict how likely you are to get a divorce up to two years prior. While this insight is not the point of their analysis per se, it does help credit card companies manage non-payment risk for this card holder group.
The frequent “Forbes” reader may well have come across articles identifying that companies putting data at the centre of their marketing and sales decisions improve their return on investment by as much as 15 – 20 percent. We know as individual consumers ourselves that we are targeted with very specific tailored campaigns and, as a result of our purchases, those businesses have improved sales performance.
HR too is embarking on the analytics journey. Human capital is one of the hardest assets to quantify, yet is integral to corporate competitiveness. With all other things equal, people is what your competitors will find hard to replicate. What does this mean? Insight gleaned from your workforce is becoming increasingly crucial to sharpening that competitive edge and, in turn, improving business performance.
If you want to “future-proof” your organisation and embark on your People Analytics journey, contact us to find out how. Talanytics – our SaaS People Analytics proposition – can deliver insight about your people. Alternatively, visit us at the People Analytics 2016 conference in London this April, where we are sharing how you can influence your HR footprint and improve your Employer Branding.