Talent Management ROI: Closing the HR Loop through Workforce Analytics
by Lois Melbourne
Many years ago the CRM (customer relationship management) industry exploded. Organizations realized that if they kept better track of their customers and prospects and their relationship building exercises with those contacts, they could improve their processes and replicate their successes. Suddenly, the rolodex and the single sales guys copy of “ACT!” was not enough. Companies invested in integrating their information, and suddenly, they had TONS of information. The marketing department started demanding access to the data that helped them watch the tie between their activities and the process of the sales department. Amazing things happened to increase the sales and relationships companies had with their customers. There is so much more about this evolution that had an impact. One of the biggest wins was the fact that now many managers could see and measure the success of the initiatives they were doing – where it counted – the deal pipeline.
We are really at the early stage of another powerful industry explosion. The Talent Management processes are being taken more seriously than ever. Yes, there have been processes, employee development programs, etc., for as long as companies have had employees. However, the heat is rising in the real attention the processes are getting. Organizations are understanding that it is critical to track and manage the development of their employees. A lot of activity and dollars are being spent on these initiatives. These projects and systems are generating a LOT of data. Everybody loves data. I am sure your favorite item in your inbox is the huge spreadsheet with the reams of data in rows and columns, and occasionally, a pie chart or bar chart helps make the data consumable. But what does it mean????
Aquire is addressing this problem of the burgeoning heaps of data. Aquire InSight is making the measurement of talent management and all of the ancillary workforce projects possible. By watching trends of anything related to the employees divisible and visible by any portion of the organization, the data springs to life. When you can finally understand your success at moving people into, around, up through and out of the company, you can tell if your workforce investments are providing the ROI you were looking for. You can tweak and make better decisions. You can asses leaders for the ability to embrace the critical employee development projects. Analyze the data from every ERP HCM system, any performance review system, on-boarding technology, or employee survey brought together to compare the trends of workforce actions. Annotate the impact decisions are having on the employees choices in aggregate. THEN, you and any leader in the organization can start seeing the value of your employee initiatives.
It is a VERY exciting time for workforce relationships and I am glad to be a part of it!
Cheers,
Lois
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Thank you Lois for such clarifying article. We knew all departments in the company had to get data from each other but it was really difficult to achieve. Now, implementing a data exchange procedure helped us achieve great results to find out the real talents in the company and re-define their roles in terms of what they did best.