One of the interesting workplace trends that will have a tremendous impact on organizations in the year 2022 as noted by Forbes is the potential for real-time, dynamic HR data infrastructure layers to transform workforce development. This points towards the potential of the data mined by HCM systems for designing strategic, innovative, futuristic and impactful business strategies. People analytics will continue to be a key ingredient as HR transformation will be intrinsically tied with digital transformation.
IDC analysts have predicted that ‘companies with cross functional leadership, a digital dream team, will enjoy faster rates of innovation, higher market share gains, and greater operational efficiencies than their contemporaries by 2025.’ In other words, digital is the way forward in any business landscape and this requires careful investment in HR technology platforms that can help elevate the operational excellence of organizations and their people.
But with organizations still struggling to empower the digital dream team, a much needed solution which comes up is the implementation of an HCM platform. This is the starting point for the digitization of any company and as has been rightly said, the digital data culture must start first with the employees. The impact of the dynamic HR technology in the year 2022 must be felt among the employees so that it can push them to yield results in the customer domain regardless of being remote and in the face of any other unprecedented challenge that may come up.
Akrivia HCM is this user-friendly solution which accelerates the digital transformation of the organisation at all levels by making employees come face to face with this cloud platform which digitises a number of HR processes. Further, it also enables them to comprehend the vast amounts of data that relates to company trends especially in terms of skill formation. For HR leaders and those in the executive leadership team, it presents opportunities to yield positive business results whilst improving the people strategy.
Challenges that come up in the use of people analytics for organisational excellence:
One of the fundamental challenges in the use of people analytics is integration. In the past year as the use of HR tech platforms was on the rise, many organizations were found to have multiple platforms in place which operated in silos.
The creation of such information silos pushes HR professionals to devise strategies that impact one part of the HR function for instance skill formation but what we must acknowledge is that all the functions are interlinked. We can’t push for skill formation without acknowledging the gaps in our talent retention strategies.
Another challenge is the creation of a data culture. This has several components to it, two of the most critical ones being data literacy and data communication. If internally the value and use of data analytics is not communicated to the workforce, they will not be able to leverage people analytics to improve their performance on an individual level. They might also face difficulties in understanding the data driven business strategy and this is bound to impact the collaboration levels and transparency within the company. This also impacts how people analytics will be aligned with the larger business goals to elevate enterprise value.
What can HR professionals do better to reap the benefits of people analytics?
The first foundational step in this direction is identifying the business questions that people analytics are meant to answer. Akrivia HCM’s reporting and analytics module is a useful resource that can identify risks and opportunities as well as underlying trends that can contribute strategically to the growth of the organisation. The second is obviously to develop ethics for the right use of the data following which HR professionals must invest in the creation of an integrated dataset that combines data from multiple HR functions in one singular platform. The third is assigning responsibilities, while people data democratisation is a must it is necessary for one a leadership team to champion the cause of people analytics and become a data storyteller who can reveal how people analytics has been utilised to devise innovative business strategies. And finally, continuous monitoring and feedback to drive the process.
With the right HCM platform in place, this becomes an easier task because it takes care of the answers HR professionals actively seek, it has an in-built security system and most importantly, it is an integrated software. What remains then is finding the right leadership to pioneer the digitisation agenda so that people analytics can truly empower organizations to gain a competitive edge in the talent market as well as in the larger business landscape. Utilizing something as powerful as data-driven people analytics can play an integral role in maximizing the innovation and output of an organization’s workforce, but a stable foundation must first be established. This is where investing in the right HCM software comes in.