Six Ways Big Data Has Changed the Workforce
Many companies are beginning to realize the immense value of big data, and rightly so. It not only provides an immense volume of information, but also holds the key to future strategies that may help businesses grow. Perhaps the best-known recent example of this is Netflix, which continues to use data analytics to ensure its success. Because of the company’s calculated decisions, it was able to own the streaming services category. Technologies that involve data are already improving several processes in the workplace, particularly tasks done by Human Resources employees. Let’s take a look at several ways big data is transforming HR and the workforce.
Better Storage Efficiency
HR personnel as well as those in the payroll department are often tasked to handle a variety of data, but with the help of big data platforms, they can store and access that needed information efficiently. For instance, big data technologies can help them keep track of each employee’s tax or benefits like vacation leaves. Take a look at platforms such as that of Keka HR, for instance. The platform uses an integrated software designed to manage and disburse salaries to employees. But it also has other employee-focused features, such as the handling of talent leaves, documentation, bonuses, and others. With this software in place, there is an improved transparency between HR and employees, hence the reduction of queries.
Improved Employee Recruitment
Enterprise Innovation reports that 51% of talent acquisition professionals agree that big data and AI are a big help in the recruitment process. This is because data can also be used by employers to make smarter choices regarding hiring. With data gathered from other employees or previous hiring campaigns, new technologies can employ specific algorithms that can show trends and gauge the performance of potential employees. For instance, various workers and applicants can take a series of tests in which their performance is tracked. The technology then forms the ideal employee and uses it as a basis for future applicants.
Greater Employee Retention
In addition to improving recruitment processes, big data can also work to promote employee retention. By using data generated by employees, AI tools can assess which ones are most likely to leave. Then, the technology can take action by offering deals or other career opportunities to those employees via emails. Data analytics can also pinpoint areas to improve employee engagement. For example, thanks to analytics, Bank of America discovered that their employees tend to perform better after they take communal breaks. After putting their hypothesis to the test, the company saw results in as early as three months, when they saw that employees handled calls 23% faster.
Enkata CMO Dan Enthoven writes that data-driven performance management can close the gap between top and bottom performers. As each employee generates machine data, managers can draw conclusions from the results and use them to encourage performance improvement. For example, checking emails constantly can contribute to a loss of focus. Similarly, starting the working day by checking an entertainment publication may result in several minutes of lost time. Since the technology points out areas for improvement for each employee, it ultimately narrows the performance gap. This then allows people to practice efficiency and work to their full potential.
Training and Development Innovation
Sophisticated software can facilitate employee training and development, as opposed to the traditional method, which requires resources like manpower and finances. Thanks to the innovation brought about by the cloud, information sharing has become a lot easier. Employees can register for online tests and courses at any time, and the HR department can use sophisticated software to track these training sessions. The data can help determine a person’s improvement point, which can be used as a basis for the online courses’ effectiveness. To illustrate, LearnUpon is a popular software for employee training. The program lets you design courses efficiently and effectively, as well as to create tests. Users have the option to track attendance too, so that employees won’t skip their online classes.
Company Brand Improvement
Data analytics can provide valuable insights on how outsiders or employees view a company. HR personnel can leverage this kind of information and create better storytelling. It could serve to lure potential employees and inspire loyalty among the workforce while also improving the overall image of the business.
Because of the convenience it brings, applying data in work processes is rapidly becoming a requirement for all kinds of businesses. Big data has also encouraged the creation of new jobs. In Maryville University’s breakdown of their Masters in Data Analytics, they explain that the professionals who work in this specific field go onto earn very good salaries. The median salary for a Market Research Analyst is around $62,000 while Management Analysts get paid approximately $81,000. What’s more interesting is that these jobs do not require too many years of study, since people can graduate with a certification in just one to two years. This is why transitioning to a data-driven company can be less costly than it sounds. While big data is a must-know in today’s digital world, it is, thankfully, easy to master. For more details, please read IHRIM’s post on low-cost ways to train people on data analysis.
Content intended for the use of ihrim.org
Prepared by Sandy Myers