Human resource analytics (HR analytics) is the discovery, interpretation, and communication of meaningful patterns in the human resources’ data in a way that promotes effective decision making, helps improve employee performance and increases return on investment. HR analytics relies on statistics, computer programming and operations’ research to quantify performance within recruitment, HR processes’ optimization, payments, and workforce development.
Among HR functions, recruitment has the highest business impact. This is why the benefits of data driven recruitment are so valued. Dr. John Sullivan—an internationally known HR thought-leader from Silicon Valley, best-selling author, and professor—cites Google, one of the most valuable firms in the world, as an...
What started out as a new way of delivering goods through online digital sales has transformed the way global business is done, as well as the economy as a whole; the internet has driven the world towards a new Age of Network Intelligence where a plethora of information is readily available at our fingertips. Our everyday lives have forever changed, from the way we can find specific jobs through a simple Google search to the way we easily interact with others through social media. Not only has the digital economy created new opportunities through globalised connection, but it has allowed for the commercialisation of information, and other innovations, that more companies, like Facebook, have taken advantage of.
Emergence of the Digital Economy
The ‘digital economy’ was first coined in Don Tapscott’s The Digital Economy: Promise and Peril in the Age of Network Intelligence and is now estimated to be worth $3 trillion thanks to its hyper connective structure. In 2016, there was an estimate of 3.5 billion users online, or around 45% of the world’s population with user numbers continuing to grow. No longer are workers confined to offices with only the people around them...
A competitive salary is enough to attract candidates to the door, but maintaining employee motivation and morale is a continuous challenge for employers. Ray Williams of Psychology Today says that a person becomes motivated when they have a sense of purpose to achieve both their own goals and the goals of a company. Essentially, any action that can connect the needs of a worker with the objectives of an organisation can have a substantial positive impact on the motivation of a workforce.
1. Company benefits
In addition to competitive pay, candidates will want to ensure that their efforts are rewarded with basic benefits such as paid holidays, pension schemes and standard holidays. These company perks can help to give a respectable impression of a company that makes an effort to make their employees feel rewarded and satisfied in return for their service. Some companies go the extra mile when it comes to perks; Google, for example, serves gourmet food to their employees for all meals, including dinner for those who choose to work overtime. In addition, employees receive free fitness classes and gym membership (amongst other benefits). Not only do these...
Hiring an employee is only the first step in a long road to maximising their potential for the benefit of their career, and is essential for any company to thrive and succeed. Ensuring future growth means companies should be committed to a sustainable talent development strategy that consistently retains top talent. In an increasingly globalised economy, young workers are more willing to jump ship and move jobs more frequently; one survey found that around 38% of millennials were expecting to switch jobs within the next two years.
Many forward-thinking companies realise that maintaining their competitiveness in the job market and retaining top talent means offering opportunities for career development to employees. One of the most effective ways of developing and retaining top talent is through training schemes. During the 2008 recession, CarMax president and CEO, Tom Folliard decided to focus on investing in his employees instead of cutting costs such as employee benefits, perks or even jobs. CarMax invested in new employee training schemes to further help employees earn raises and climb the ranks, and in turn, they managed to increase their overall productivity and talent which kept them ahead of the competition.
Developing an effective training plan is a...
There are many different organizations that offer corporate training programs. One such platform, currently popular with payments processing giant MasterCard, is Degreed. This is a platform which enables personalized career development, and allows individuals to create their own learning ‘playlists’, by mixing and matching internal and external learning content of various types, including articles, videos, MOOCs, podcasts, web seminars and so on. Other options include Skillsoft, which offers online courses, videos, and books for a wide variety of skills. Licenses for employee...
The rapid progress in technology has fundamentally influenced the development of the modern workplace. Traditional methods of learning have given way to new modes of communication and collaboration. Companies have started to incorporate these new methods into their learning and training programs, both on-site and at home. Doing so allows them to employ innovative techniques for continual learning for employees outside of the workplace, as well as reduce training costs. The number of technologies utilized is beyond the scope of this article, but the main ones will be considered.
One of the main uses of technology for employee development pertains to the facilitation of career planning between management and employees. Digital technology profiles allow a flexible and creative method for employees to keep management continually updated on their goals and achievements. The inclusion of a career development planning section on regular performance review forms ensures constant interaction on this issue. Employees can discuss with management their performance and career goals, and management can provide an appropriate level of career opportunities.
Learning and Development (L&D) programs allow employees to fine tune their career development. Millenials now make up a large portion of the workforce in Western countries,and a recent study has...
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