It’s time to get ready for ‘BIG’ Data in HR functions!
Big Data has truly evolved into one of the most prominent technological trends of these times, and the HR function is one particular wing that is on the cusp of a complete overhaul due to the rise of this trend
Big data feels quite profound, and this is mainly due to the impact the word “BIG” has on the following word, i.e. Data. For many of us, this term would be rather unfamiliar, but for people who are graduating currently, Big Data has become the new norm. That’s right – the new generation of the workforce is what I call ‘digital natives.’ They have been brought up in the age of digital gadgets, and ‘data’ is pretty much like currency to them. I told my six-year-old niece that I am going to speak at CNBC – the Guild’s HR Futures conference, and – to my surprise – she never asked what it means. Instead, she just quietly Googled the term and showed me my picture on their website. To add the icing on the cake, she remarked that “You should probably share a better picture”.
Now, I’m guessing many of you are thinking – why am I stressing on the terms Big Data, Digital Natives, and Millennials?they are all connected since they form a core part of our future workforce.
HR departments across a vast number of organizations have started a digital race, which has been enabled by the explosion of technology’s exponential value generation. Big Data is becoming a prominent aspect of HR functions. Like, for instance, in the earlier days engagement surveys used to happen through the use of paper and pencil. Now, it has moved to an online survey format, and yet data analytics is still reliant on good old Excel and standard templates.
Now suddenly, in the last 2-3 years, engagement has started occurring in real-time. The technology of AI and machine learning, data generation on a day-today basis through sentiment analysis software, Organizational Network Analysis (ONA) tools, and culture analysis tools and products – among other technological developments – have been administered to more than millions of employees in an organization. This has helped a large number of HR teams identify what challenges people face in a firm, the mood of employees, and organization health and culture shifts. Analysis of this data helps a particular company improve the overall atmosphere of the organization by providing employees with the enablers they want. The data also provides valuable insights on the current issues when it comes to office culture, behaviour and a host of other common problems.
Big data also helps the HR function to conduct a predictive analysis of talent attrition that can help an organisation identify the possible talent pool who may not be with the firm in the future.
This is made possible by analysing multiple data points, such as performance analysis, demographic analysis, capability analysis and behaviour analysis. At EY, we support clients who provide financial services, struggling with attrition at the bottom rung of the pyramid by creating a framework for Big Data analytics to predict good and bad attrition. This has helped firms when it comes to real-time workforce planning, and identifying parameters that cause attrition.
Big Data analysis is not a shortterm intervention but a ‘journey’; it’s about facilitating a continuous cycle of discovery and then re-discovery, that ultimately leads to continual improvement.
For the HR function, Big Data is pretty new as a service. However, the exponential change in the way we work, the need of talent, and other organizational factors are indicating that HR along with many industries will need to leverage Big Data to survive. It’s a ‘DVUCAD’ world, as Professor Ian C. Woodward from INSEAD beautifully puts it. Its VUCA – disrupted by technology and other aspects along with challenges posed by diversity, is our new world of today, and HR needs to be agile and adapt to this with ease. To enable HR counter, these disruptions and assist organizations to adapt fast, learn faster and build an organizational culture based on the Agile methodology. This is the reason why Big Data will become an essential form of currency.
Real-time analytics, natural language processing, text analytics and narrative analytics are being applied continuously in talent management nowadays. The essential factor for HR is not just run up to the market and pick up any system, but to understand the business needs accurately, leverage the right technology and partner efficiently to create a competitive advantage for your business. This indicates a shift from a ‘plain automation’ to a ‘productivity tracking’ mindset, and this is just not possible without HR being able to embrace Big Data. So, HR needs to move away from the cost center image and try creating avenues to become a profit center. For this to happen, HR needs to be more collaborative, embrace advanced technology and prepare the organization to transit from one state to the other in a smooth fashion. Read the full story here:https:// learning.shine.com/talenteconomy/human-resources/hr-itstime-to-gear-up-for-big-data/ Challenges vary from medium to medium. However, the first challenge that every marketer faces is to get his communication right. What to communicate, How to communicate and Where to communicate with the desired customer to get the maximum mileage for the Brand and help reach the sales targets.
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