- Steps to Create Value for business:
- Data Collection from different sources and compiling it.
- Report the compiled data.
- Analysing the data and applying Analytics
- Predicting for the future
- Thinking beyond Boundaries
We’ll always be a subset of business decision if we don’t have a holistic view.
For e.g. – If we really want to grow our business, as an HR there is no harm in partnering with the Sales department if we can add some extra Value to the business.
- Showcasing Business Impact by Reporting and Presentation of Data:
- While focusing on profits we should look at the levers available in the Pyramid of Hierarchy in the business Organisation.
- We should pay attention to the Geographical Mix in the organisation.
- People Churn vs Customer Churn
Churn rate in its broadest sense, is a measure of the number of individuals or items moving out of a collective group over a specific period of time. It’s sometimes also called the attrition rate. It determines the steady-state level of customers a business will support.
- Headcount and Cost Trends (Insight and Impact)
While doing Structure analysis we should always keep the cost constant. We should never take the impact of compensation of employees to see whether the pyramid is leaner or heavier.
- Span of Control (Insight and Impact)
When the pyramid is too lean it’s hurting the business. Likewise too heavy a pyramid has a negative impact on the productivity.
- Elements of People Dimension
- Time spent in current role
- Career Path
- Customer feedback through delivery
- Engagement Score
- People Scorecard/ Talent Scorecard (Presentation of Data)
- How to achieve
Start from Business’s problem Statement. Then find the root cause of the problem. Apply analytics according to the situation. And then complete the process with your own insights and suggestions.
- Don’t present just data. Present a story board along with futuristic insight.
- As an HR, the value add comes from knowing- Business and Market. Study the market well and research about the business before any conclusions.
- Try and explore multiple solutions of the same problem. Along with multiple options present your own recommendations to the business leader.
So don’t leave it at the problem statement. You are the partner of the business and it’s your duty to provide insights and impact on the business.
Analytics is just a tool- a facilitator of this ‘value add journey’.
“Be the change that you’d like see”. – Mahatma Gandhi.