Data is the new natural resource

“Data is the new natural resource.” What an interesting way of looking at the reams of information we generate and collect – a resource: pure gold – just sitting there for the taking. Okay, I’ve had a look at it and it’s not all that pure, but with a little refining, I think I can pull out something useful. Had you heard – HR is the last function to integrate analytics into its decision making. That’s a startling statement. It sounds like we are completely behind and have to play catch up and fast. So all we need to do is follow the work of other functions. Sounds easy. It’s not. We have very soft data, while others work with hard data. Surprising, there are still companies for which an analytical approach to HR data is not even a priority. Gasp!

What have I learned at four HR analytics outings?

I have invested a lot of time in learning about what others are doing, what vendors are building, and what our company needs to be successful.

• I have discovered that a ton of effort goes into developing just one big insight that has direct impact on the business. Some of these improvements are small, baby steps, but heralded as successes and taken on the conference tour to show off to their peers.

• I have learned that there are many ways to approach HR analytics – some companies lead and shape the HR direction with insights while others act as partners offering a service. I prefer a blend of both, but it may depend on where we stand along the journey.

• Similar to other large organizations, we suffer from too much complexity. Some have found it insurmountable and fail, while others keep pressing forward – unable to achieve as much as they would like. I believe that we will succeed – we have a great team and a relentlessly optimistic leader.

Get out there!

I encourage you to join webinars, meetings, and summits. Vendor-hosted events are great because they are free – and yes, they can be a bit salesy. Keep in mind, a vendor works with many companies and therefore knows all sorts of secrets that you can learn. I recommend you go alone to an event so that you talk to people rather than clutching desperately to your friend. The idea is to expand your horizons, which means you need to put yourself at risk of encountering new ideas.

Resources

All of these events were free.

• IBM Smarter Workforce Summit on HR analytics (http://www-01.ibm.com/software/collaboration/smarterworkforce/

• Breakfast meeting of HR analytics practitioners (or aspiring) hosted by http://www.peopleinsight.com/

• The Top 10 HR Stories to Tell With Data: Templates That Wow Business Leaders webinar hosted by Visier and http://www.workforce.com/events

• I met Leah Eichler – who has launched Rally – a knowledge finder application that helps people find colleagues to answer questions, innovate, and share knowledge. What better way to bridge global silos? http://rallyyourgoals.com/datasheet/rally-brochure2508.pdf