Talent Management

Talent management is now an essential management practice; it is a science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to achieve their goals. Everything done by recruit employee, retain, develop, reward and make employee performance forms a part of talent management as well as strategic workforce planning. This field increased in popularity after McKinsey’s 1997 research and his written book on this field “The War for Talent” 2001. This talent management context does not refer to the management of entertainers.

Researchers have seen that the value of talent management consistently gives benefits in these critically economic areas: revenue, customer satisfaction, quality, productivity, cost, cycle time, and market capitalization. An HR mindset is not only to hire the most qualified and valuable employees but also to put a strong emphasis on retention.

Employee’s evaluation is a very important concept in talent management. There are two major factors to measure an employee’s talent: Performance and Potential. In a specific job a performance of an employee has always been a standard evaluation measurement tool of the profitability of an employee. However, talent management also seeks to focus on an employee’s potential, future performance of an employee with proper development of skills and increased responsibility.

Talent management is usually associated with Competency-based management. The competency set includes knowledge, skills, experiences, and personal traits (different behaviours). In new competency involve creating competency architecture for an organization that includes a competency dictionary to hold the competencies in order to create job description.

Within an organization Talent marketplace is an employee training and development strategy, it’s beneficial for a company where the productive employees can pick or choose a project and assignments that are ideal for the specific employee.

In current economic conditions wise, many companies need to cut expenses. This is the ideal environment to execute the talent management system, optimizing the performance of each and every employee in an organization. Job analysis and assessment validation help the predictive power of selection process. However, many companies have just begun to develop the concept of human capital management. Where more companies are in the process of deepening their global footprints, but very few of then this kind of leadership structure that will get success in their globalization process. In fact, only 5% organization says they have a clear talent management strategy and operational programs in place of today. 

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Making HR Analytics a Reality: 5 proven path to Success

Using analytics in HR to show business impact and predict future performance is the next trend in our profession. Many organizations want to achieve success using this approach, but are unsure how to get there. Unfortunately, HR analytics has gotten off to rough start because it hasn’t been well-defined. True analytics that drive the business and show a real return-on-investment is about linking HR data, using cause-effect statistics, to actual business outcomes

We often hear from organizations that a key challenge in adopting an analytics-based approach to HR is "getting all of our systems (i.e. HRIS) in one place so that they can talk to each other.”  

Although system integration is important, it is not the key to successfully implementing analytics as part of your HR strategy.

Here are five practical paths that organizations can take to achieve the goal of creating an HR strategy based on analytics.

·        Big Analytics Behind-the-Scenes

    Data collected at organizations are typically housed in different places (i.e., on different servers/platforms). When data are housed in this manner, analytics can be conducted behind-the-scenes by gathering the relevant data – including business outcome data - from the disparate platforms. The process is not sexy, but executives don’t need to know how the sausage gets made.

·        Big Analytics and Big Integration

    The integration of multiple HR platforms can be a huge undertaking for big companies. Organizations in this position can put together a comprehensive approach in which the analytics (and impact!) begin immediately while an IT transition plan is executed in tandem. The key here is to do the real cause-effect analytics work behind the scenes and expose the leaders to the outputs of the analytics – make them want more.  This is an approach that is quite effective because getting executives excited about analytics now, but spending multiple months/years to integrate data will reduce that excitement very quickly.

·        Start Small—Generate Interest

    Many organizations think that they have to examine all of their HR data at the same time to conduct rigorous analyses and have a meaningful impact. Not true. Start with one HR process or piece of talent management data and show how it impacts an important business outcome. A great one to start with is your employee opinion survey. Using cause-effect analytics, you can show which specific attitudes have a direct impact on important business outcomes (e.g. profit, productivity, safety, turnover). Use this initial analysis to get leaders bought into the process of HR analytics.

·        For Small Business—Start Strong

    Small businesses often have a distinct advantage when it comes to integrating their HR data and conducting analytics—they don’t have old legacy technology platforms or vast quantities of data….yet. Strong analytics can be done within small businesses in much the same way as in large businesses. The focus is typically on individual performance, so having a strong performance-based culture and performance management tools are keys to analytics success.

·        Have Integration, Need Strong Analytics

    It is scary to think that putting all of this data in one place and paying a company to house it all will actually increase costs for your organization. Warehousing your HR data in one place is a good thing, but the critical next step is to pull together the business outcomes from other functions to show how HR has a cause-effect relationship with those business outcomes and calculate an ROI.

The good news is that any of these paths can be taken quickly and effectively, and all will lead you to being a business partner by showing the impact of HR on real business outcomes.

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Crosswords-HR Analytics

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HR Analytics in Corporate World

With the advent of information technology, data has become available at ease and readily accessible. Especially in the last few years, technology has been responsible to make or break companies. An upcoming expertise that uses this technology to a company’s advantage is Analytics and many companies are smart in realising the edge that analytics can provide.  Amongst the advantages that Analytics has brought are: it has helped reduce crime, detect fraud, reduce customer churn rates. In respect to human resources, keeping in mind the automation of many HR Transactions, HR Analytics could play a very important role in the recruitment and retention of employees as well as strategy analysis.  HR analytics is about the total quality of talent, knowledge and expertise to move an organisation forward and stay ahead of competition. It deals with measurement of return on human capital investment as well as measuring the impact of the HR managers in driving employee performance, productivity and in turn the profitability of the company. HR Analytics is an emerging discipline which has the capability of fulfilling a promise of becoming a great strategic partner. The most important aspect of HR Analytics is that HR professionals need to differentiate which measures matter for analysis. Another challenge for HR would be to understand when and how to apply each type of analysis. Today’s HR analytics tools not only enable managers to gain insights on current workforce performance, costs and services, but to also model “what if” scenarios to anticipate changes in business. But, firms need to follow some basic steps and emerging best practices to take full advantage of this next generation of HR tools. As per Boudreau and Ramstad, 2004 ; “HR Analytics include statistics and research design, but it goes beyond them, to include identifying and articulating  meaningful questions, gathering and using appropriate data from within and outside the HR function, setting the appropriate standards for rigor and relevance, and enhancing the analytic competencies of HR throughout the organisation”. The good news for HR Analytics is that the behavioural modelling tools needed to do the casual analysis are very well established. The people who know how to use these tools are not usually in HR is the bad news.  First, before looking at any BI or analytic tools, HR management and IT need to have a conversation on “What information do we need to run our business and make better decisions that we don’t have today?”  In addition, they must discuss, “What are the business processes, workflows and data definitions we need to put in place to generate that information?” This step is much more of a business discussion than a technology discussion.

In their “Trends 2009: Human Resource Management” report, Forrester analysts Paul Hamerman and Zach Thomas identified several trends relating to HR becoming more business focused, e.g. that core HR systems strategies will focus on master data, and that analytics will help HR become more strategic. A November 2009 paper on “HR Analytics: Driving Return on Human Capital Investment,”by CedarCrestone’s Lexy Martin identified similar trends, and laid out six steps to maximize success in deploying HR analytics:

1. Invest in Data Cleansing
2. Focus data and analytics on business results
3. Start with the end in mind
4. Plan for incremental deployment
5. Use data-driven business case
6. Manage Change

The future of HR Analytics looks bright but it depends on companies how they can take advantage. They will need to invest in the right people and tools to create a long term association with HR Analytics. 

Article by-

Sarthak Daing

2014-16 Batch

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Crosswords

\Across

1.     Use of advanced analytics tools and programs to look at vast amounts of employee, customer, and transaction data

5.     13. A decision support database that is maintained separately from the organization’s operational database is called Data ________

7.     ________ Analytics automatically synthesizes big data, mathematical sciences, business rules, and machine learning to make predictions and then suggests decision options to take advantage of the predictions

8.     Predictive analytics is the branch of data _________

13.   Father of Data Analytics

14.   Business ________ is the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes

15.   It contain business unit analyses to permit managers to drill down to examine analytics on several levels of the organization

Down

2.     The systematic computational analysis of data or statistics

3.     SPSS's latest version is Twenty _______.0

4.     ________ Analytics describes a range of analytical and statistical techniques used for developing models that may be used to predict future events or behaviors

6.     ________ Analytics looks at data and analyzes past events for insight as to how to approach the future

9.     Software or online solution that is used for data entry, data tracking and the data information requirements of an organization's HR, payroll and bookkeeping operations is called Human Resource ________ System

10.   ________ Analytics refers to all the methods and techniques that are used by an organization to measure performance

11.   Different perspectives to data are called dimensions

12.   Data Cube is the ________ dimensional data set

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