One of the recurrent themes of the last several months is reinvention – the way we are changing how we live, work, and interact. Same processes occur on the organisational level. Employers and employees are forced to reinvent the way they work, manage everyday processes, and communicate. HR professionals have to adapt to the new reality where they start to play one of the decisive roles in remote people & talent management, performance monitoring, and engagement and rewards measurements, and – what is most important – keeping people in the organisation physically and psychologically safe.
During the COVID-19 crisis people analytics has become one of the essential instruments for HR professionals – especially for C-level HRs responsible for strategic human resources development and people sustainability.
Data-driven and employee-centered approach becomes crucial in managing the current situation that asks for tailored solutions and innovative thinking. Wild guess, gut feeling, and “learning by doing” approach has been wiped off by the global pandemia.
Paradoxically, in many ways we should be thankful to COVID for creating the most profound disruption in the last decades – disruption, that made us profoundly rethink the way we are making decisions, build predictions and retranslate them in business strategies.
The ever-changing pandemics lead to the situation when a company that suddenly went remote may easily loose the sight on its employees, their needs, profound motivations, fears, and expectations.
The need to take data-driven and human-centered decisions has become viable not only for the efficiency of HR but for the overall business success in the turbulent COVID times. As SEB report claims, using analytical approach to HR decisions may lead to a 4% improvement in gross profit margin and $12.8 million in savings for every $1 billion in revenue.
With people analytics you can improve both recruitment and non-recruitment processes. Data-driven approach will allow you to shorten the talent acquisition curve and better predict a position fit, as well as to reduce your current employees turnover, increase satisfaction and engagement.
That said, don’t underestimate the value of precise HR metrics, data-based KPIs and individual OKRs rooted in carefully designed employee surveys and interviews. Knowing and, what is most important, understanding your people is the key competence that will allow organisation to survive the COVID crisis and become a better place for working and doing business.