How Can Talent Analytics Drive Change in 2023?
Updated: Aug 24
Talent data analytics are at the forefront of driving company financial decisions and key business strategies. HR now has the ability to utilize clean and reliable data to drive critical workforce decisions that align to Chief Financial Officers questions on workforce cost, what investments are worth pursuing, and how to create return on those investments. Strategic data analytics leads Chief Human Resource Officers and Chief Financial Officers to stronger partnership and engagement.
What is Talent Data Analytics
Talent Data Analytics is more than just combing data or looking for financial measurement. To get started, analytics tell a story about a company’s workforce, including what inspires key talent, the ROI of global talent mobility, how to best retain current and acquire top talent, their level of engagement, the ROI of upskilling and reskilling, and the impact of remote working on productivity.
Where to Start
From basics to deeper analytics, developing what you need from data, how to use the data, understanding what value the data can bring across functional areas, the time to start is now. Some companies are using external data scientist companies which extends the value a Human Resource Team can create, from saving money to creating better budgets, from delving into areas that were once unattainable to eliminating areas that are no longer worth investing in. Data scientists are valuable for maximizing workforce models across company lines of business in a collaborative manner. Data analytics can be used for insights into the company, building recommendations or analyzing skills that are required today and in the future. Measuring remote work and hybrid work is a critical analytic today. How effective is this form of work and how do they change work relationships? What does onboarding look like for new hires on a global basis? Is it the same, does a company’s mission, vision and culture get translated in the same way? How consistently thoughtful the company is can now be measured.
Employee Engagement and Wellbeing
For the past several years, employee engagement and wellbeing has been at the forefront of HR’s strategic agenda. What type of data analytics can be utilized to measure how well a company is doing in these critical areas? The Great Resignation highlighted how quickly engagement was eroded. What plans are companies using to bring workers back? Are these plans beneficial to the health of the company and its people?
The Future of Work
Talent Data Analytics is now a fundamental requirement for a Human Resources function to thrive in 2023. Understanding data and how to manage it is HR’s best ally in the war for talent, building deeper internal partnerships, and making better workforce decisions to ensure employee engagement.
MSI’s Workforce Data Analytics Team supports the design and development of Advanced Talent Data Analytics that align to HR, Finance, and your company values and business goals. Our focus is helping organizations optimize and develop long range strategies for success.