Are HR Departments Making Most of Data to Derive Insights for Business?

December 23, 20165:02 pm231 views
Are HR Departments Making Most of Data to Derive Insights for Business?
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Many companies are beginning to use their data to find useful insights for their business, but are HR departments making the most of what’s available at their disposal? That’s one question asked by recruiting experts Hays in the latest edition of the Hays Journal.

HR teams have a huge amount of data available at their disposal. Drawing insights from this data can help to drive positive business change through better understanding of their own workforce. For instance, data can determine what drives employee performance, when an employee is about to resign and how HR contributes to an organisation’s objectives.

“The 2000’s witnessed a digital revolution and companies began learning more about their customers,” says Dean Stallard, Regional Director for Hays in Hong Kong.

“It was predicted at the time that this would also be big news for HR, but the journey has only just begun for most HR departments. The possibilities and opportunities that data can provide is quite exciting. For instance, being able to recognise when a valued member of staff is thinking about leaving is an extremely valuable tool for businesses.”

The reason HR departments are yet to fully utilise the data available to them could be the result of ever changing technology. The speed at which it changes means by the time a system is functional, it could already be out of date. Also, the number of tools and vast amount of data can seem daunting, leaving many businesses asking themselves where to begin.

“It’s important to start small before deciding which direction to head in and which areas you wish to learn about first,” adds Dean. “Technology does advance so quickly that implementing a large system and connecting all departments may not be worthwhile. Instead find out the basics first by using the data you already have available and begin to explore from there.”

Over the past year Hays too has begun exploring advanced machine learning to manage its data. David Pardoe, Group Head of Data Science, says: “Data has been collected about many aspects of our business and Hays has developed algorithms and models to process this data, helping identify key development opportunities. The expectation is that this will be of value to both Hays and our clients.”

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