Data. Many people think of it as numbers that someone rapidly types into a spreadsheet and then uses a complicated formula to calculate something.
But data comes in many forms. Including HR data. That is data that you can use practically in your business to tweak processes, increase staff morale and look after your people better.
We tend to think that if the Spice Girl’s management team had spent more time analysing their HR data, the band would not only still be together today, they would have a level of success to rival the Beatles…
Okay, maybe not. BUT they may have been able to stretch the gig out a little longer, keep their most talented members – ahem, yes, there were a couple! – from jumping ship early and had a much more positive team culture.
How are the Spice Girls relevant to your business? Well, HR is so much more than just crunching numbers, dealing with disputes and endless piles of paperwork. In fact, HR analysis is a rapidly growing field of expertise that modern, successful businesses are using to their advantage.
Let’s look into how you can use this data in your business.
What Is HR Data And How Can You Use It?
There is plenty of useful information in your HR functions if you know where to look for it. Using the data you collect from performance reviews, exit interviews, training information, staff satisfaction surveys, staff retention and even sick days, you can make smart decisions that add immense value to your business.
HR data collection is not a new thing, but utilising it effectively – if at all – is a relatively recent advancement. It is all well and good conducting exit interviews and monitoring sick days, but what is the point if you don’t use that information? It’s like buying a rack full of spices to improve your cooking and leaving them sitting in the back of the cupboard.
The key to using this information to drive success is knowing what to look for. Is there a specific issue or question you want an answer to? Do you want to know how to reduce absenteeism, evaluate staff training, or predict which new hires are going to stay the distance? HR professionals can nail down the questions, use the freshly gained or existing data to do all of these things and more.
Here are just three things your HR data will tell you if you know how to ask:
How To Retain Your Top Talent
Does your data suggest that once your employees become proficient at their jobs and reach a certain level, they will leave? Then it is time to dig a little deeper to find out WHY this happens. Then you come up with solutions to keep your top achievers on board, such as more opportunities and training, or a better work environment.
You will only find out the reason for their departure by asking them. We suggest conducting an exit interview with each team member that leaves the company. Not all will be leaving because of the happenings at your business, some will leave for personal reasons. But, you can find out a lot about the culture, processes, work environment and available resources by asking people their opinions.
How To Keep Your Employees Happy
Everyone knows that a happy employee is a productive, loyal employee. Do you really know if your top performers are satisfied with their work?
If not, find out. You can look at absentee rates between departments or individuals, assess who your most efficient team members are, then use those insights to make improvements. The bonus of a happy workforce is staff retention, which saves big money on recruitment and increases efficiency.
You can also ask your team to answer some survey questions. To find their true feelings, you can make it anonymous. You just need to ensure that you are asking the right questions to get the targeted data that you need.
Assess Performance
Did Posh Spice work harder than Baby Spice? Did Sporty bring in more money than Ginger?
They are important questions to ponder within your own team. If you know which employees work faster and produce a higher quality of work, you can aim to replicate that productivity across the board. A key thing to understand is, what is making them so much more efficient than the rest of the team?
Once you understand that, you can act accordingly. It might mean offering further training for underperformers, boosting staff morale, offering flexible working conditions, team building, or any number of other things.
If you would love to access the hidden gems in your HR data but you aren’t sure where to start, then give us a call here at Spice HR. We can help you sift through the information and boost business at your place. Get in touch today.