No matter the industry, mission or location, nearly every organization in the world is focused on innovation in some way, shape or form. Innovation is the #1 priority for 2013 cited by CEOs. Leaders have spent millions of dollars and thousands of hours implementing and analyzing systems, methodologies and technologies to help squeeze more value out of their assets, enhance productivity and continuously improve business operations.
Ironically, despite this rigorous process few organizations have directed their attention toward applying a more analytical approach to studying and investing in the people who make up their workforce. Yet it is your employees that are ultimately the people responsible for spearheading innovation and change. I recently read an article in ERE.net titled, “How Google became the #3 Most Valuable Firm by Using People Analytics to Reinvent HR,” and several things really struck me as significant.
It’s no secret that Google is one of, if not the most, sought after companies to work for, but the question is – how did they get there? Google reinvented the way they manage people and the employee programs they invest in by shifting their focus toward people analytics or data-based decision-making.
The idea behind data-based decision-making is the following: “you can’t produce superior business results unless your managers are making accurate people management decisions.” Rather than relying on the traditional methodologies of HR decision-making, Google makes every HR decision based on fact.
Using the people analytics approach Google was able to:
- Identify key characteristics among top managers
- Develop a retention algorithm to predict and prevent retention and satisfaction issues
- Conduct what-if analysis to uncover problems and opportunities
- Reduce time-to-hire by honing in on potential candidates based on well-established and deeply evaluated criteria
- Foster deeper collaboration and innovation by listening to what employees want and comparing it to what works
In today’s fast-paced, highly dynamic global business environment, the ultimate key to success lies in being more innovative and agile than your competition.
You don’t have to be Google to implement data-based decision-making – you just need to change your mindset. Contact ZeroedIn today, and we can show you how to tap into the information you already have, map those metrics to business strategy and get a workforce analytics program up and running faster than you think.