“Start with good people, lay out the rules, communicate with your employees, motivate and reward them. If you do all those things effectively, you can’t miss.” – Lee Iacocca
Gone are the days of overlooking human resources as a vital piece of the business success puzzle. Worker well-being, a blended workforce (AI, freelancers, contract workers), continued trainings, workplace experience, inclusivity — all trends that support the emergence of a people-first business world. At the end of the day, employees are a business’s most valued asset, and happy employees directly translate to happy customers and higher profits.
With growing HR initiatives, understanding the impact of data generated during employee life cycles is critical. And what we glean from that data can jumpstart company processes in terms of efficiency, effectiveness and overall results. Business Intelligence (BI) solutions offer a central hub where data from multiple sources can be grouped, analyzed and visualized for key insights. Not to mention predictive analytics and its applications for HR trends.
Retain Key Employees
It’s a well known fact that new hires cost more than retaining productive employees. Reasons for leaving or being let go are many, but oftentimes the source of such behavior goes uninvestigated. Extracting insights from data created by things like wellness programs, and employee productivity and fulfillment polls can help business leaders detect dissatisfaction, disinterest or worrisome behavior before it becomes a bigger problem. Competitor salary offerings can also be tracked to ensure you’re measuring up and keeping valued employees happy.
Potential vs Actual Productivity
Despite all the technology at our fingertips, it’s still extremely difficult to gauge productivity in the workplace. By setting Key Performance Indicators (KPIs), synching them up with your data collection process and then running it all through a BI solution, one can measure productivity and display it on an eye-catching performance dashboard. BI dashboards are also typically highly customizable and can display near real-time data to keep you on top of changes. No more waiting days or weeks for reports.
Having a continuously updated performance dashboard also means accountability — employees are less likely to slack off when they know productivity is being monitored. No person or department wants to be singled out as the one bringing down overall performance.
Continuity Between Departments & Softwares
BI allows for connectivity and synchronicity between project teams and departments. Data from multiple sources can be gathered, analyzed, visualized, and shared with all parties concerned. This alone boosts efficiency and effectiveness as everyone can stay on top of time-sensitive information. In fact, alerts and notifications can be automated to run on any number of data points. Both HR and upper management can, for example, stay up to date on absenteeism, turnover, and productivity without having to constantly monitor activity.
Hire and Train with Confidence
Analyze your hiring process by synching up your applicant and performance tracking softwares together with BI. By linking these two, you can now track how new hires measure up, if and how talent development works, and when the time comes, employee succession. This empowers decision-makers at all points of the employee lifecycle.
Give your HR team the power of informed decision making. Click here to try Dyntell BI today and start making your data work for you.