Big Data is upending every industry in the most profound ways.
We live in a time when data generation is increasing at a meteoric pace. This has resulted in the concept of Big Data – massive amounts of raw information that can potentially give us the insights needed to enact meaningful and progressive changes. Google’s CEO Eric Schmidt commented in 2010 that we create at least five exabytes of data every two days – and that was almost 10 years ago. Currently, Big Data has become even bigger. Combined with analytics, this now staggering amount of data can provide the tools every company needs to improve the way they engage with employees.
Big data in human resources – popularly known as people analytics – is key in keeping the workforce efficient and involved. From analysis and monitoring to predictive analytics, Big Data applications can be the catalyst for hiring the best talent, retaining valuable staff, and value generation for employees.
Here are some of the ways Big Data can improve employee engagement:
Employee Satisfaction Index
Not all data are created equal. Identifying the most important aspects where Big Data and analytics can be employed is an emergent task of the digital native HR. Creating specific metrics that reflect your company’s goals and the level of efficiency it entails has always been a part of the job. But with the advent of Big Data, we are now in the era where we can continuously assess, analyze, and adjust our targets in an employee-focused manner.
Dataconomy notes that Google has been consistently voted as the best company employees want to work for. One of the key tenets of Big Data applications is predictive analytics. With Big Data, Google listens to its employees’ self-reported satisfaction and employee engagement.
Big Data can also help align companies’ human resources goals with employee satisfaction. By identifying pain points and key events where productivity plummets or slows down, companies can make data-driven strategic decisions.
Retaining and winning key employees over is crucial in streamlining any organization. While many employees are interchangeable and fluid, some vital roles are fundamental for growth. Talent retention means achieving the right relationship between compensation, performance, and loyalty.
Aon Hewitt’s Laine Thomas Conway asserts that we should use data to drive compensation decisions especially in this era of layered remuneration schemes. Industries benefit from automating and gaining insights from payroll data in relation to performance and talent retention. In the fleet management industry, Verizon Connect highlights that automating payroll with GPS data not only helps in accurately compensating workers, but also cuts down the time spent on matching up timesheets. Payroll data often reveal a direct and positive correlation between compensation and productivity.
Big Data aids employees in visualizing the correlation of their daily performances and the company’s progress. This increases the capacity of workers to self-motivate – the most efficient kind of motivation. On the management side, performance analytics allow top managers to find the least engaged or productive employees, which will give them leeway to address and mentor them better.
A University at Buffalo study reports that companies in the supply chain management industry use Big Data to improve planning and management functions. A company’s future is hinged on management positions and decision-makers. Performance analytics provides a clear way to review and manage top talents according to their strengths and potentials. This Big Data application also enables top managers to create individualized career development plans for their talents. This way, growth and engagement efforts are more targeted and will have a greater impact on the talents involved.
By leveraging on Big Data and analytics, plans and programs of businesses will be data-driven, employee-focused, precise, and targeted. Data-informed strategies to help increase employee engagement are vital in attaining a comparative advantage and a clear path to success.
Post exclusively written for TetraNoodle
By Justi Bevis