Last week, we explored two more beliefs, barriers and excuses that can impede your progress when it comes to People Analytics, and what you can do about them.
This week, we will discuss number 5 and our bonus item. Here's a re-cap of the list:
- People Analytics is really complex - do we have to go it alone?
- People Analytics means advanced statistics, mathematics and predictive models - and this scares the heck out of us.
- Can't my (new) HR Systems provide these analytics?
- IT is the Go-To group for business intelligence and analytics in our company.
- I don’t have the budget.
- HOLIDAY BONUS - To be revealed :)
5. I don't have the budget for People Analytics
- Increase Revenue - through ensuring your key value-creating positions (like sales reps) are filled consistently, in a timely/proactive fashion with the right people who have a lower chance of turning over
- Decrease Costs - by having laser focus on those segments of your organization who have inordinately high turnover - resulting in increased costs of turnover and impacts to productivity
- ROI Driven Investments in People - using data to prove which recruiters are making the best decisions, which hiring managers are getting their new team members up to productivity faster, and the relative value of each recruitment channel (actual productivity by dollar spent with each recruitment channel)
- The Head of HR should convince the CEO/COO/Executive Team to champion the following cause - this is universal so please copy and paste if it works for you..."HR will start to make better use of data to make smarter hiring decisions, retain key employees and increase company-wide productivity."
- With CEO alignment, start small.
- Focus on 1 project with low hanging fruit - with one of the Line of Business heads as your first key client/champion.
- Prove your worth with this project. Ensure there is a balance of quantitative and qualitative understanding, consultative alignment and engagement, driving to a decision and implementing change.
- Solicit help from the right influencers from Finance who are good with numbers and have credibility to sell value propositions and good investments.
- See where it goes from here.
6. Holiday Bonus
Want to learn about PeopleInsight but don't have time right now to book a full demo? We get it. That's why we created this 10-minute demo video you can watch on your own terms. Take a sneak peak at our solution now!