TM - April 2008 - (Page 30) recruitment & retention assessment & evaluation compensation & benefits performance management learning & development succession planning [assessment & evaluation] by Donna Neumann The Power of Anal ytics in Human Capital Management Whether it’s employee turnover, length of time to fill vacancies or cost per hire, virtually all of today’s HR departments use some form of metrics to evaluate results. Most agree this is a good practice, but few of those metrics truly impact the organization. R dashboards are heavily focused on measuring the efficiency and effectiveness of HR programs and practices. Instead, HR leaders should focus on measuring, analyzing and sharing information with organizational leaders to make better talent and business decisions. This approach extends the practice of measurement to one of greater insight and impact — analytics that ultimately can ensure HR leaders have a bigger say in overall strategic decision making and organizational direction. Analytics has been defined as the extensive use of data, statistical and quantitative analysis, explanatory and predictive models and fact-based management to drive decisions and actions. This definition implies crunching millions of numbers to yield results. But as long as HR is evaluating the right numbers, it will be the quality of data, not the quantity, that creates opportunities to drive better decisions and actions. In practical terms, analytics involves HR leaders strategically leveraging HR measurement and H 30 talent management magazine www.TalentMgt.com http://www.TalentMgt.com
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