How data can help you call a “Dead Cert”
This weekend, Aintree Racecourse will be the focus of sports lovers the world over as the Grand National kicks off. One of the world’s most prestigious horse races, the four mile, 30 fence course promises a million-pound purse to the winner, as well as international acclaim on the sporting circuit.
It can be a lucrative opportunity for fans of the event, too, with around £80,000,000 in bets placed each year in the UK alone. For many, the process of picking a runner will hang on little more than liking the name of the horse or the color of the jockey’s silks- not necessarily a bad system, considering the abysmal on-the-day performance records for many pre-race favorites.
Fortunately, in the world of HR, the odds are a little easier to calculate. HR technology, and the use of people analytics in particular, are rapidly becoming commonplace methods of managing people, and using data to drive decision making can be instrumental in ‘betting on the right horse’.
It’s insight that’s particularly valuable as, on the other side of the Atlantic, the NBA draft season begins to ramp up. With the draft officially scheduled for June 23rd, early entrants are already declaring their eligibility for the big leagues of the NBA. But what really makes a great team player, and how can analytics help you make the right decision?
Streamlining the Staffing Process
Scrutinizing the way you find and onboard staff will help refine your talent acquisition process. While liking the look of someone might work for horseracing, it rarely works for HR; using people analytics, however, gives an overall understanding of your existing employees that can help you make a much more intelligent hire. Given that recent Sage People research revealed that over half of UK organizations struggle with basic reporting, and 40% struggle to get visibility of their workforce, it’s data that’s desperately needed. Likewise, using analytics to track and manage employees from the moment of hire can help improve their experience, and keep them in the team long-term.
Plugging the Skills Gap
With team sports like basketball, it’s important to identify what skills you already have within the team and where there are gaps before taking on anyone new. The same goes for HR – and where sports teams may only have to consider the season ahead, the implications in the workplace can be much longer term. Analyzing your people data could help identify not only current skills gaps, but where they might arise in the future as business needs change. It can also help you figure out whose skills will be most in demand in the years ahead, and manage your succession planning accordingly.
Picking a Winner
Perhaps most importantly, people analytics can be pivotal in helping identify who your best and worst bets are. Predictive analytics can help identify who among your workforce are the future leaders of the pack – and who’s more likely to fall at the first fence. Some new applications of analytics are able to work out who on your workforce is most likely to bolt, and root out the likely ‘bad apples’ of the future at the recruitment stage.
Using people analytics can help managers ‘fly on instruments’, making much more informed decisions and shortening the odds on selecting a winning team. For the next few weeks’ sporting activity, we may have to go with our guts – but for workforce management, HRMS is your best bet. Find out more about it here.