Data may now be the most important driving force of all industries. This is just as true for human resources as it is for the more obvious jobs, like information technology. But what does data provide for HR professionals? Did you know you can use business analytics to help reward the difference between performance and talent on your team? Let’s take a closer look at how data can influence how to recognize your employees.
Salary and performance as a reward
In the past, HR really sat at the fringes of business and acted as process administrators. They enforced rules, completed paperwork, and set promotions and financial rewards into action. But that is changing with the use of Big Data and HR is becoming more strategic. The most important aspect of this is to use analytics to determine salaries and performance rewards. Rather than tying the pay rate to past jobs or even strict budgets, it’s more important than ever to provide quality compensation from the start and use these metrics to determine enhancements or bonuses over time.
The risk of turnover
The use of the annual performance review shouldn’t be the only indicator of value for an employee, nor should it be the only way to assess salary increases. Instead, HR should use data to determine if valuable employees are considering leaving the company for other opportunities. Turnover can happy for any reason, but new analytics gives HR managers an opportunity to see trends before they become problems. You can address that risk and provide the right kinds of incentives to keep top talent engaged.
Most valuable talent on your roster
If you find yourself asking “who on your roster is the most valuable member of your team,” and your answer isn’t “everyone,” it’s time to make alternate decisions. Each year, you need to use the data your company has gathered to determine who on your team is going to help the company achieve the annual goals. Analytics helps you build not just any team but the right team to target your company’s deliverables each quarter and each year.
Utilizing talent across the spectrum
You should also be able to tell by using data this way if your employees are happy, engaged, and fulfilled in their job. If they are not, it’s time to offer additional challenges to them that won’t just help with office morale but also your bottom line. There will always be additional responsibilities in your company, and before you hire again can you utilize some of your current top employees to fill those gaps without increasing their stress levels?
Work With CornerStone Staffing to Find the Best Jobs in Dallas TX
Do you want to know more about using analytics to drive employee success? Contact CornerStone Staffing Agencies in Dallas to learn more today.