‘Big data’ and ‘Analytics’ are massive buzz words. Go to any conference around HR, learning and development, technology and it will be on the agenda. But where to start, big data is collected in enormous proportions every day in businesses and the task of analysing it can seem daunting to say the least. This means that many organisations are not making the best use of the data they have available to them, and HR departments are no exception. However, embracing human capital analytics could help transform the way we work, making it more effective and predictive. It is not about taking away the human component and focusing only on the data. It is about merging the two to create something that it greater than the sum of its parts.
For example, how many organisations use Psychometrics and other assessments in their recruitment or learning and development functions? And how many of those organisations use those assessment just at an individual level or team level. Many businesses choose to adopt a particular assessment or range of assessments that they then use for everyone going through a particular process whether that be for recruitment or development. Over a number of years just think how much data that organisation has available to it! But do they make the maximum use of it? Many don’t. What could this data be telling us about the organisation as a whole? How could it be used to discover predictive relationships?
Dr Tom Janz wrote a piece in our latest eBook, ‘Big data for predicting job performance’. In it he discusses the three V’s of Big Data – Volume, Velocity and Variety and looks at when big data makes little sense and when it brings big benefits. To read more on this article you can download it here.
Using human capital analytics can uncover valuable patterns and correlations. It can also be linked with other big data outputs to look at predictive analysis. Relationships between recruitment assessment scores and successful performance in a particular role can be established when enough data exists. It can have very powerful effects on business processes increasing their success and making them predictive! Most of the information we use and collect is now stored digitally meaning that the data is there and easily accessible. As Anne Loehr says so well, “If that information, known as big data, is used in appropriate ways, it can teach us a lot about behaviour, performance, and potential - all of which are valuable to HR professionals”
Have you been using, or contemplating using, Human Capital Analytics? I'd love to hear from you. Please leave a comment below, send me an email, find me on Twitter or join in the conversation in the Synermetric LinkedIn Community.
Last year Synermetric sponsored a research paper with ATD (formerly ASTD) titled "Big Data, Better Learning? How Big Data is Affecting Organisational Learning." To find out more about this research click here.
ATD research : https://www.td.org/Publications/Research-Reports/2014/Big-Data
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