The global leader in cloud-based talent management software solutions, Cornerstone OnDemand, recently unveiled a new tool to unlock the potentials of big data in HR, Cornerstone Insights.
Recently, the company unveiled Cornerstone Insights, a new tool that hosts suite of predictive analytics dashboards to apply sophisticated data science to workforce data. This enables business leaders to answer burning questions about how to use data to better hire, train, manage and retain top talent.
Today, nearly every global enterprise is feeding on data captured by use of such technical tools that provide information right from the point when an employee is hired on job to how they learn, and reasons they seek for job change, tenure on each job and much more information for companies to leverage on. But as a matter of fact only few companies are able to harness the potentials of this big data available.
This new offering from Cornerstone OnDemand leverages on the patent-pending technology powered by the most refined machine learning system for talent management. The company currently has the largest network of shared talent data, representing nearly 16 years of talent management activity across 19 million users, more than 2200 organizations and seven talent management dimensions – from recruiting, onboarding, and training and development, to performance management, compensation management, succession planning, and workplace collaboration.
Current approaches of extracting data can run into volumes of spreadsheets and manual analysis can take months to derive at a conclusion. This poses a major challenge to human resource professionals at corporate majors to come up with training programmes and initiatives to hone and recruit talent. It also impacts action to prioritize on what changes within the organisation will drive the greatest impact.
“Cornerstone Insights enables companies to use data for managing critical talent management processes, such as retaining top-performing employees, identifying the most effective managers, and better managing compliance and risk within the organization – and then take immediate action within the Cornerstone unified talent suite to achieve measurably better business results.”
Cornerstone Insights aids proactive decision making by automatically visualising talent data with predictive analysis to bring to surface issues concerning an employee, before recruiting or finding a potential hire.
See: Why is Big Data Important to HR professionals?
Through careful analysis of trends in historical data, the companies are easily able to identify what’s in store in future. They are further able to interact with charts to highlight the areas of employee interests, and look at the risk factors before they start drilling into operations for further exploration.
Through use of this service from Cornerstone, human resource managers can derive actionable insights down to the individual employee. This helps organisations understand impact of their decisions on the workforce and how to deal with the challenges posed by bridging communication gaps with employees to explain their stance better. “Cornerstone Insights has the ability to zoom out and see what levers to pull to improve a whole business unit’s performance or metrics.”
“We have taken all of the guesswork out of talent management. The level of sophistication in machine learning and Big Data that we have achieved through our analytics offerings gives us the ability to access insights and ask questions that were once unimaginable,” said Adam Miller, founder and CEO of Cornerstone OnDemand.
Miller continued, “We’re giving our clients easy-to-use, yet extremely powerful dashboards that help them uncover insights into their workforce, addressing mission-critical potential issues, such as flight risks and offering recommendations on how to fix them. This is just the beginning of what this offering will do.”
Cornerstone will soon introduce several interesting Insight Dashboards across its unified talent management suite, the first of which will focus on Compliance Risk. The Compliance Risk Insights dashboard will help users understand potential risks within an organisation, identify the threats and develop counter measures to address the situation or problem effectively.
The company can also identify if the highest level of risk resides by team or an employee and then they can further narrow down the options to increase likelihood of compliance by all members of the team.
This will help organisations go strategic when dealing with a talented workforce. The Compliance Risk Insights dashboard is expected to be available for preview in July, and the company intends to deliver additional Insights dashboards in late 2015.
Also see: 4 Reasons to Welcome Big Data in the HR Industry
Image credits: cornerstoneondemand.com