There is a wealth of data that abounds in the realm of workforce planning, and leaders who can pull insights out of it are setting their organisations apart from those that have yet to measure people data and leverage them to their advantage.
While HR technology as a whole is at the forefront of the business transformation agenda, the people analytics function in particular has become a critical tool for mining this wealth of data.
In a virtual panel discussion, People Matters and Akrivia HCM uncovered trends that are driving a data-informed workplace; the top priorities in workforce planning; how to optimise for operational excellence; and the importance of having a comprehensive analytics platform.
A trend identified by Adhir Mane, CHRO at Raymond and one of the panellists, is the gradual move from descriptive analytics to predictive and prescriptive analytics. “That’s where we’ll have to migrate,” he said. “Very aggressively, organisations will move towards being predictive across the value chain of HR.”
Leaders are turning to a more advanced level of analytics to create more value for the business. “As the digitalisation of HR happens, we’ll [rely] more on evidence and data-based decisions. HR will be looked at as a product and services offering and [leaders] will have to constantly evolve themselves,” Adhir said.
People analytics will therefore continue to inform areas of workforce planning that have long been taken for granted but are now ripe for innovation.
“As we know, human capital is about people’s capability and commitment,” said Ravendra Mishra, President - HR at Garware Technical Fibres, who joined the panel.
With business priorities now shifting towards profitable growth, people analytics enables organisations to decide how best to sharpen their workers’ capability and bolster their commitment to their overall well-being.
“To keep a robust bottom line,” Ravendra said, “the pressure to keep costs low is going to be quite significant. From that point of view, organisations certainly expect their workplace tools to optimise workforce skills and capabilities, as well as optimise their commitment to employee well-being, morale and engagement.”
Ranjan Kumar, Chief Learning Officer at Akrivia HCM, echoed the same view on using people analytics to nurture the workforce better. “Employee experience will be crucial in 2022. For the past year, we’ve been talking about The Great Resignation phenomenon. In 2022, we are going to witness how organisations will react to this … We will witness how a design change will enrich employee experience,” he said.
“People analytics is going to play a crucial role in helping us understand where we stand in terms of experience, engagement, well-being and connectivity to the organisations’ goals and objectives.”
And it can also help drive hyper-personalisation.
“This can lead to higher engagement,” Adhir added. “Analytics has the power to provide insights on what helps and how to get my team and community engaged.”
Overall, strategic HR management is key to the retention and development of a quality workforce. “It’s the most appropriate strategy in place which adds value and motivation to the workforce,” Ranjan said.
To understand the real value of talent, Ranjan recommends a “shift in mindset and capabilities,” and that includes a commitment to leveraging people analytics in assessing the impact of HR programmes and policies and making better informed decisions for the workforce.
Eager to learn more about the power of people analytics in workforce planning? Watch the video of our exclusive panel discussion: