The field of talent (people) analytics involves the use of data to create actionable insights to improve the way we do business. While reports can provide us with data, talent analytics takes a deeper dive, bypassing decision-making based on gut instinct and risk avoidance. Through talent analytics, disparate data points from both people and business combine to create consumable, meaningful insights that impact and ideally, ultimately improve the way we do business.
Before any analysis, we need to consider two essential issues: the ethical usage of data, and the collection, storage, and democratization of data.
Ethical Data Collection
Ethical data collection, storage, and analysis requires consideration of informed consent, transparency, security, privacy, bias, and objectivity. It requires us to delve deep into who might be disadvantaged by the use of a particular algorithm or data set. This process is a prerequisite for building customer trust and value.
Once ethical data usage is established, it is critical to provide thoughtful structure and access through data engineering. Data engineering is the method behind the systems utilized for the collection, storage, and democratization of data. Data engineering should be an active conversation and concern within your organization so valuable information does not end up lost or inaccessible.
Identify a Business Problem and Take Action
Once data is both ethical and accessible, organizations can utilize talent analytics in various ways, allowing examination of everything from hiring decisions to internal processes to customer concerns. After establishing a clear and concise business problem, experts can begin to unlock the power of the organization’s data.
For example, all organizations should be able to answer questions on internal diversity, equity, and inclusion. To answer these questions, demographics and identifiers can be combined with organizational information such as promotions, departments, titles, hiring, retention, performance, and turnover to create deeper understanding of the organization.
The information gleaned from talent analytics is invaluable. Talent analytics empowers organizations to plan strategically and effectively, be proactive, and customize employee experiences. It can lead to the creation of incentives, learning and development opportunities, improved retention and talent acquisition, and enhanced company culture. Ultimately, the practice of talent analytics can improve the organization and the bottom line.