Rules are meant to be broken! Not always isn’t it? However, rules can be bent. They can be tweaked and fine-tuned to suit circumstances. A rule which is suitable in a certain instance might be unsuitable for another.
Joe is your new Insights Manager with a designated team under him. Stella, who previously held this position had built this team and was accustomed to everyone’s abilities and downsides. Since she left, Joe has been made responsible for handling the team. You cannot assess Joe on the basis of Stella since they are two different people. What Joe can give your company and the team would be very different from what Stella did.
Skills, capabilities and knowledge are contextual to each individual. Performance-based appraisals should be based on individual merits rather than comparisons based on bias and pre-defined norms.
Human Resource (HR) professionals would agree that the overall available skills in their organizations are scattered and uneven. In order to measure and record such huge potential base, businesses should need intelligent and contextual tools.
Companies put a lot of effort in preparing elaborate sales analysis, financial reports, customer orders, etc. to capture business performance. Are these assessments enough? Something very important is missing here and that is talent analytics which influences all of the rest! For how will a company deliver and perform without its talent pool?
Employees are at the center of any organization and employee data is diverse. It comprises of skills, experiences, strengths, weaknesses, academic qualifications and much more. This ever-changing data stream is a gold mine of insights which remains unexplored and unutilized due to the lack of right technologies. What is worse, companies still do not recognize the urgent importance of exploring their talent data in a smart and scientific manner and leverage the findings for the mutual benefit of everyone.
1) 90% of HR Data is unstructured and unexplored
Human Resources deal with humungous volume of data which keeps increasing with time. All of this data cannot just stay there wasted. Companies receive thousands of resumes, generate hundreds of job descriptions, document employee appraisals every year and conduct L&D programs on a continuous basis. But how much of all this data is contextualized?
2) Lack of tools to capture the diversity of talent data
Employee data by its very nature is diverse. Resumes contain skills and experience information which are the prerequisites for performance. Yet, how well are skills understood and used? Are the rightly skilled employees fitted in the right jobs ? What about evolving skills? Can all these be quantified?
3) Empower critical business decisions
Decisions which CXOs take have ‘talent’ in the background - whether it is investing in a new facility; accepting a new project from a customer; or planning for the future. These decisions need talent analytics in real-time which give deeper insights. For example: Exactly what kind of skills and how many employees will be required to complete a project flawlessly and on time? Can a particular project team be transferred to another location smoothly? How much can a company afford to invest in a new facility based on the availability of skills?
Existing HR technologies are extremely limited in their comprehension of HR data. They require human intervention from time-to-time.
For example: Despite having ATS systems, recruiters still record job statuses and shortlisted resumes manually in the system. Recruiters cannot depend on automated systems to shortlist resumes since they perform only basic keyword searches. HR systems do not help in succession planning either as they are not designed to give in-depth skills or performance analytics.
Contextual Intelligence technology generates contextual meaning from any type of data of any format. This is an unavoidable necessity for HR data since it is unstructured by its very own nature. Talent data comes in various formats and sources. Docs, pdfs, ppts, txt, mpegs, audio, video, tweets, comments, likes and more.
HR technologies must be capable of comprehending meanings of words from any random text and quantify this context. Spire’s contextual intelligence platform breaks down unstructured talent data, quantifies it and gives contextual analytics of the same. It deep dives and gives in-depth analytics which contain insights of value.
CXOs get a wide range of talent analytics starting from sourcing, acquisition, planning, deployment and even predicting what-if scenarios related to organizational capacity planning. In short, contextual talent analytics help strategists make informed HR decisions.