How to Develop Talent with Data

How to Develop Talent with Data:

Today, an array of business needs is using analytics to solve its problems. From the C-Suite to the sales floor, teams and individuals are using data to find solutions. As Deloitte notes, 71 percent of companies see people analytics as a high priority in their organizations while 31 percent rate it very important.

However, Deloitte went on to note that only eight percent of the 71 percent have usable data.

Furthermore, only 15 percent had broadly deployed HR and talent scorecards for managers.  Today, a mixed bag of sentiments regarding the future runs through offices. With the HR role changing to become more involved in the development of business, here is how you can take an active part in shaping its future. 

How to Develop Talent with Key Performance Indicators (KPIs)

KPIs are a familiar term in offices of all varieties these days. Depending on the industry and job function, a myriad of KPIs could apply to a role. Regardless of the metrics, it’s clear that just about any position is capable of using data to enhance talent.  In truth, we could create an entire series dedicated to breaking down all the KPIs in the numerous roles of a team. However, Human Resources professionals and other company leaders tend to focus on primary KPIs that drive the business overall. People professionals are on the company’s frontline developing talent through the following metrics: 

Revenue

The bottom line will always be a factor in measuring success. Your role and department are responsible for generating profits. As the company’s people professional, you can do your part by highlighting hurdles in making profits. Understand the pain points for the executives, department heads, and its employees.  Then, you can assess where the business lacks and improve from there. You may find that a department needs another person to meet demand. Alternatively, you may need to find new training materials for an info session. Your findings could reveal some interesting avenues to produce profits. 

Customers

Whether it’s sales or customer experience, your role in HR is valuable to developing customer success. By aligning with sales, you get to understand their strategy and any upcoming plans that may require additional talent. Understand how each role works and audit if the team is ideally aligned for its success. From there, you and the sales manager can focus on setting the team up as it should be.  Then, take part in developing customer success by implementing strategies that align with department goals. Help the team focus on outcomes. Determine if the department needs additional motivation and training resources. If they do, demonstrate to them that you’re their person to turn to. Set a precedent 

Innovations

People professionals are critical to company innovation and its profitability. Without the needed talent on staff, even the greatest ideas are sure to falter.  But, how does HR help beyond making the right hires?  You can start by getting the conversation going. Talk to executives and employees about their goals and ideal projects. Champion ideas that can push the company forward. Foster an innovative spirit in the office until it becomes a culture supported by transparency and opportunities to grow.  Then, ensure that budgets are aligned with KPIs so that the company develops with attainable goals. With goals and budgets aligned, new ideas should flourish in the office. Expect employee satisfaction to rise as well. 

Regulations

Developments around PTO, retirement savings, OSHA and other safety measures make compliance a top priority for the entire company. As the Human Resources lead, you are the point person in informing the team with this information. This may include setting up corporate training for executives and training sessions for employees. Be sure to update employee handbooks, manuals and other areas that delve into employee rights and hiring practices. 

Do your best to make the information digestible and informative. Consider breaking info sessions into smaller portions to avoid bogging down your team with too much at once. Additionally, you can use the sessions to pinpoint emerging leadership candidates. Showing a keen interest in compliance is one indicator of a future leader that may benefit from more of your help.  Overall, the key is to know the business. People professionals must connect with executives and employees all the time. In doing so, they understand the people, as well as the KPIs, set for each of them. With that information in hand, Human Resources serves as the vital chain on the team’s link that we all know it is. 

Use the Right Tools to Develop Talent with Data

New and exciting tools have rapidly emerged on the scene in recent years. Since the tech boom, the wave of new products never seem to stop. This abundance of tech is great but can leave some wondering which is the right tools for their team.  The answer depends on your company and its goals.  An enterprise resource planning company may require analytics dashboards for CEOs to understand the gamut of its operations from hiring to seniors leadership assistance. Meanwhile, a hospital needs tools to understand its patients and how to improve their overall outcomes. From retail to medical to SaaS and beyond, each team requires its own custom set of tools. The metrics for each will almost always vary to some degree.  If you need advice on scaling your own suite of tools, be sure to consult with other people professionals in your space. 

Now, Make Data Work for Your Team

Lastly, using data to develop talent requires the right people in place. Whether it is you or another person, invest in a senior level analytics person to understand the company’s development and provide support when needed. From there, work with leadership to establish a list of priorities that you and the team can access. Having one in place keeps team goals in mind even during the most hectic days. Next, emphasize the importance of analytics as a team task. Success comes from a fully invested team.  With them on board, you should be able to forecast KPIs for months and years to come accurately. This clear vision should keep the entire team in the know on talent development, and what is needed to hit their KPIs. With all in place, hitting your goals while developing talent should come much easier.  Which KPIs is your business using? How are you using data to determine your metrics? Let me know in the comments!