Article: Setting the foundation for a future ready workplace through People Analytics

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Setting the foundation for a future ready workplace through People Analytics

In setting the agenda for business transformation, a futuristic outlook and a future ready workforce are key ingredients. Backing this larger process is the use of predictive modelling by relying on people analytics which leverages large amounts of data collected by HCM systems.
Setting the foundation for a future ready workplace through People Analytics

Building a future ready workforce is easier said than done but it’s highly crucial in the current setup when the pandemic rages on with newfound variants and we’re shifting from the Great Resignation to the Great Reshuffle in an increasingly hybrid working model. One of the critical solutions which when rightly implemented will turn the tide in favour of companies involves one key word: technology. There is no doubt that investments in HR technology will play a fundamental role in how an organisation performs and achieves its goals in the coming months. 

One invaluable lesson that has been learned since the past two years is that in the face of unprecedented challenges, a strong HCM platform that is able to take on the load of multiple HR functions in a seamlessly integration fashion will empower companies to sustain themselves and carry on. This is where Akrivia HCM comes in as your organisation’s one stop solution in elevating the workplace and workforce by combining a host of functions onto one singular plan to bring alignment, transparency and synergy on all fronts. 

Key trends in becoming future ready organisations: 

When taking account of the workplace trends that are bound to have a tremendous influence this coming year, HBR reports that the tools organisations invest in to work in a remote culture will be the critical drivers in management and improvement of the workforce performance. One of these tools definitely involves the use of HCM systems not simply from a ‘hire to retire’ function but also by offering continuous opportunities for growth and development within the employee life cycle. This is done by leveraging the vast amounts of data collected from the platform and mining it for actionable insights. 

Deloitte’s latest report on building a future ready workforce also attests to this. Among the several strategies it lists out to overcome the obstacles in this endeavour, one of them is the use of workforce planning and analytics to identify the internal and external factors that will affect an organization’s business and workforce in the years to come.

With 42% of HR leaders prioritising the ‘Future of Work’ and 48% organizational change design and management this year according to Gartner’s study, the stage has been set for future proofing organizations more so than ever.

And this demands careful investment in the right technology solutions as HR technology is bound to be the driving force in workplace and workforce transformation. After all, data has to be mined with clever insights and foresight to build an organizational change management strategy with a futuristic and future ready outlook. 

The significance of people analytics in this endeavour:

Predictive modelling with the use of people analytics takes great precedence at this juncture. Of the multiple models that determine an organization’s performance and success in the coming days, some of the crucial touch points include taking account of how salary, career advancement and work environment impact employee turnover. Employee retention statistics are extremely important indicators as well as those that zero in on hiring and revenue allocation. Having a system in place that collects this very crucial data is the first step of the process which is why there is great emphasis on selecting the right  HR management platform as you continuously re-invent your business and people strategy.

From bridging the skills gap, hiring the right candidates, improving employee productivity, identifying disengaged employees to the very fundamental task of talent retention; all these are matters that can be taken care of by the use of predictive modelling in HRM. Risk management and gaining a competitive edge in the larger industrial sector are also some noteworthy benefits.

Solid connections indeed have to be built between predictive modelling and business objectives especially for long term planning. It is one of the foolproof ways to get answers to questions that the executive leadership and HR leaders are actively seeking in the drive for HR transformation and the larger goal of business transformation. 

Akrivia HCM is a great resource for organisations to fall back on in accelerating this workforce planning agenda and building on the structure for predictive modelling. Its performance management system aids in gathering all the relevant insights that accelerate the process of goal setting and goal alignment along with steering it in the right direction. Succession planning and integration with compensation management also boosts the motivation among workforce as hard data taking cognizance of their contributions and success is accounted for and recognised by the company at large. The Future of work clearly rests on the innovation potential of organisations and this demands that the workforce and their potential future course of action is taken into consideration. People analytics can be a game changer when it comes to tackling the uncertainty of what is to come by relying on hard data for a future proof business strategy. 

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Topics: HR Technology, Technology, HR Analytics, #PredictiveHRAnalytics, #HRTech, #DigitallyEmpowered

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