Big data and analytics are hot topics in HR, and for good reason. The right analytics program can allow you to capture and visualize the results of your talent management processes in a way that subjective judgments or “gut feelings” never could. Want to know your return on investment? You’ll need data. Want to see whether your updated selection system is leading to better retention? You’ll need data. Want to be able to demonstrate validity if you’re ever faced with an adverse impact lawsuit? You guessed it: you’ll need data!
To get the most out of their analytics, HR pros need to think beyond implementation. Creating an analytics program is a great step toward maximizing talent management, but the key to unlocking the benefits of your data is feedback. Think of your analytics program like a shiny new car: you can spend time and money finding the best option out there but if you skip regular maintenance, that perfect vehicle isn’t going to stay perfect for long.
Analytics feedback involves regularly examining the relationships between your predictors—assessment scores, interview scores, and so forth— and your outcomes and making calculated changes based on your findings. The following are five specific ways in which the data feedback process can be the key to talent management analytics success.
- Highlight your successes: Talent management processes require investment of time, money, and other precious resources. Being able to demonstrate that your efforts have improved productivity, boosted engagement, or resulted in other benefits lets you see that you made a smart investment. Feedback provides this evidence.
- Identify gaps: No talent management process is perfect. Perhaps you designed a development program to improve five aspects of servant leadership but notice that you are only consistently predicting three. This feedback is invaluable, as it allows you to refocus your efforts to fill these gaps.
- Streamline your process: Not only do talent management processes cost employers resources, but they cost participating applicants and incumbents significant time as well. Any part of the process that turns out to be ineffective or redundant is a waste of resources for both parties and could be removed.
- Maximize prediction: Perhaps the most compelling reason to engage in feedback is that it allows you to maximize the effectiveness of your predictions. You can use feedback to adjust your scoring algorithms, target new beneficial outcomes, or adapt your processes to be more effective.
- Strategically adapt: Having a focused, detailed understanding of your talent management processes gives you the capability to efficiently adapt those processes to fit strategic and environmental changes.
When practiced over time, this process of assessing and refining your system will result in successive improvements in your talent management efforts. If you want to know what you’re doing well and how to become even better, feedback really is the key.
Interested in learning more about this topic? Participate in this free webinar brought to you by HCI.