How Data can be the Growth activator in your Organization

The COVID-19 outbreak has led organizations to an uncertain business environment driven by economic upheaval. Since the ongoing pandemic has accelerated the rate of transformation to a greater extent, the knowledge, experience, and skill set of your workforce are more important than ever today.

Therefore, human resource leaders will require data as an instrument in successfully formulating change across the business network and deliver against future business objectives.

How can data be utilized in a better way?

In the last year, more than 80% of Human Resource Leaders, including 84% in the UK and 87% in the US, have been making decisions based on gut instinct instead of data.

-Research by Vanson Bourne

The reason behind this statistic is quite reasonable due to the unprecedented nature of COVID-19 and the way it impacted the global workforce. But that doesn’t change the fact that data is extremely valuable to the business world especially now when remote working is so prevalent.

Let’s understand how data can be better utilized in these moments of crisis and how HR leaders can get over gut instinct by using data.

The Need For Informed And Accurate Decision Making

Whether it is workforce planning, development, and cost, or digital transformation, HR leaders undoubtedly have many decisions to make. Further, the new technology has accelerated the pace and HR professionals are now expected to respond more immediately and accurately.

To stay at the front foot, faster decision-making is highly important. Organizations that are led under effective HR leadership tend to make well-informed and impactful decisions in one go by utilizing the required data. But due to the COVID-19 crisis, getting quick access to accurate data and research to make informed and imminent decisions has been a daunting task for many leaders. At such times, HR must utilize data more strategically to plan what happens next.

Data Unlocks The Future Opportunities

The HR department must utilize the workforce data treasure that they’ve acquired on information about employees, their skills and capabilities, their opinions, and the competencies they see themselves needing in the future. Future planning against the unpredictable situations raised by COVID-19 is highly required for an organization to thrive and stand out. Challenges like long-term remote working, changing work culture and reduced productivity, dispersed workforce, moving into a new market segment must be addressed through an unrivaled and long-term growth approach. This step will also lead HR leaders towards reinforced decision-making and accountability.

Integrating Data With Business Outcomes

Along with using data to roadmap new ways of working by modeling different scenarios the other important question for HR leaders to consider is how can data help deliver ideal business outcomes and add real value to an organization?

A thoughtful and effective business strategy is critical to success in almost every business endeavor. But another approach to success is by creating a data culture or a set of practices that brings together data, talent tools, and decision making in a way that data becomes default support for company operations.

Employees that made use of data in decision-making are 1.5 times more likely to report revenue growth of at least 10% in the past three years.

-A McKinsey & Company Survey 2019

The future of work

This year put HR leaders in the spotlight where they had to take control to change the working model of organizations to make it compatible with the new remote business environment. Stepping into valuable workforce data and using it to model for the future can guide HR professionals on the way to a flexible and healthy future of work. In addition to that HR data analytics will help leaders to drive well-informed quicker and valuable business outcomes.

 

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