Disruption in the age of analytics is going to happen with increasing frequency. And the question every organization needs to ask itself is, Where is it likely to occur in my business? And how do I become the predator and not the prey in that scenario?
There is a need for advanced people analytics to capture the full potential of the workforce. In this session at People Matters TechHR, analytics expert, Chris Brahm, shares how to deploy people's analytics in service of their talent.
The third day of people matters started with a keynote session by Chris Brahm, Global Practice Leader, Technology and Analytics Group, Bain & Company where he reflected on the technology of People Analytics and why it is imperative for people and business performance.
He shared that analytics can be both an enabler of employees’ productivity and business performance. One of the exciting thee he touched upon the three parameters of productivity. Sharing an analysis performed by Bain & Company with the Economist, it was found that Human Capital Productivity is imperative for the performance of an organization.
The research showed that the top-quartile companies unlocked 40 percent more productive power in their workforce through better practices in time, talent and energy management.
- Time. The hours that employees put into their jobs
- Talent. The skills, capabilities, and ingenuity they bring to their work
- Energy. The level of engagement, passion, and focus they apply to their work
The combination of these factors (time + talent + energy) and the interactions between them, is how human capital is converted into productivity and economic value.
Perhaps the most transformational thing a company can do for its workforce is to inspire them. This is the gateway to the discretionary energy that multiplies labor productivity: An inspired employee is more than twice as productive as a satisfied employee and more than three times as productive as a dissatisfied employee. Yet, only one in eight employees are inspired. We measure organizational energy through employee engagement, and despite decades of investment in engagement programs, levels of engagement remain systemically and stubbornly low.
Why People Analytics?
Chris shares, “People analytics will impact every role in the enterprise, across every talent lifecycle step.” He further said, the future of analytics would be all about getting into people’s brains and knowing them, and making the right decisions.
Further, People Analytics helps in maximizing employees productivity impacting the organization’s performance. For eg- At the highest level, Workplace Analytics can provide a more factual foundation for decisions on sales structure and roles. Or it can help in making bureaucracy visible in an organization, which can impact both time, talent, and energy o your workforce.
Adding on to it, Chris adds Bain & Company has been rated as best Place to Work every year. Global Practice Leader, Technology and Analytics Group, Bain & company shares that it is because they use people analytics to make right talent decisions.