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Metrics and Analytics: The New Hot Topic
Just like the latest movie to hit the big screen, Metrics and Analytics are becoming increasingly popular among organisations around the world. However, the real question that should be thought about is: Is HR ready for the new hot topic?
Metrics and analytics involve offering insights on how an organisation can improve depending on its past and depending on how its future will be. However, it is more than just scorecards and reports. Metrics and analytics is much more involved and engaged and therefore, HR professionals should analyse their situation and see if they are open to welcoming it.
Firstly, the difference between analytics and reporting should be known. Reporting involves gathering data and presenting that data in a more meaningful form. It involves analyzing data from an organisation’s past and gives a backseat analysis of the organisation. Analytics is more or less based on how the future of the organisation would be. It involves using data to analyse and ask questions, draw up a strategic plan and creating steps as to how that plan will be executed. It is used to identify risks and opportunities, options and alternatives which contribute to building an effective HR strategy.
HR should analyse how they utilise metrics today. Using scorecards and reports to analyse what the organisation has been through is not enough, considering how evolved the business world is. Technology is here; it can do it for you. If an organsiation uses metrics and analytics to fine tune processes and build an effective HR strategy while contributing to making business decisions, then they have nothing to worry about.
Every organisation should be asked the following question; is it possible for anyone to produce your existing report? When you carefully think about it, the answer would boil down to a yes. Why? Creating a report can be done by anyone who has a basic understanding of business trends and forecasting, if they take a look at an organisation’s historical information. This adds to the fact that HR could be more effective when using metrics and analytics.
One of the issues that HR professionals face is that they are not strategic. Yes, HR is useful when managing resources but it is never the first choice when executives look for a strategic partner to make business decisions such as their finance and operations. One of the main reasons as to why this happens is because HR professionals fail to use metrics and analytics to acquire sufficient knowledge about making leadership and business decisions. Utitlising metrics and analytics effectively can help HR turn over a new leaf regarding their strategic ability.
