CXOs need real data to rest their decisions upon. They need trustworthy and reliable evidences worthy of considering as critical inputs for strategies and board level decisions.
"Level 4 companies spend almost twice per employee on HR than level 1 companies ($4,434 vs. $2,112 per employee) and they are getting much better business outcomes."
- Josh Bersin, 2015
(Level 4 refers to companies practising business-integrated HR while Level 1 refers to companies still following compliance-driven HR services)
It all begins with recruiting the right people who could be entrusted with the task of taking the organization forward.
For a long time, HR has been confined and limited to using basic legacy systems purely dealing with transactional errands, making updates and feeding in employee data. While these models are outdated today, not much has changed in HR technology.
People are at the center of any business. It is common sense to perceive the direct co-relation between people skills and outputs to business goals. Talent culture must reflect the sentiments of the company. All this is easier said than done since HR professionals continue to use obsolete automation systems which can no more support the plethora of HR data that is generated within and outside organizations.
On the other hand, companies are making huge investments to recruit and train people. But is all this resulting in increased business performance? What is the evidence?
"I feel this candidate is very ambitious and will surely bring the fire to job if we hire him."
Hiring decisions are typically based on gut-feeling, intuition and guesswork. Additionally, recruiters hardly have the time to scan each and every resume they receive. Existing automation systems are not intelligent enough to point at the rightly matching resumes since they perform only basic keyword searches and are bereft of the meaning of sentences in resumes/job descriptions.
What if people are hired in a scientific manner with real-time data? Let us not forget that HR domain is characterized by dynamism. Skills are ever evolving, markets are fast-moving and competitive, people accept and leave jobs... and so on.
Data means nothing unless it is understood and hence technology has a critical role to play, in making HR work smarter. This is because HR needs people-based evidences, skills and competency data that is converted into plausible information to proactively align performance to the unique needs of business, goals and strategy.
The ultimate purpose of any business is to generate profits. Employees are key stakeholders to this since their performance along with management decisions help drive profits. Thereby, companies need to hire right.
However, HR data (resumes, job descriptions, applications, skills) is mostly unstructured and incomprehensible by machines. How then can this data be explored and converted into information for decisions with speed and accuracy in today’s fast-paced competitive environment?
Spire’s contextual intelligence platform is based on two unique capabilities which can augment sound evidence-based HR practices. It comprehends any form of unstructured data and analyzes it by providing ready reckoner metrics and analytics. It uses advanced algorithms to search, match and map data. These analytics map employer-employee relationships, mine job applications and job descriptions to identify the best matches, track employee skill competencies and measure skill acquisition and professional development.
Contextual talent analytics provide a range of intelligence that could power a boring boardroom meeting with insightful talent analytics. With evidences, -based HR, it becomes possible for CHROs to spearhead business-relevant results and advise top management to take better data-based decisions.
Operational excellence: A lot of recruiter effort and time is saved freeing up HR professionals to perform more core functions. Subsequently, operational costs also reduce.
Contextual technology helps increase interview-to-offer conversions; reduce time-to-hire, agency and employer branding costs.
In-depth skill analytics of employees help design improved training, learning and development programs.
Using contextual technology has proven business outcomes – increase in revenue and reduction in costs.
Contextual technology empowers CHROs to convert HR into an indispensable strategic function, empowering CHROs with powerful talent insights enabling them to partake in organizational vision and goals.
Evidence-based practices go beyond the collection of data. Using evidences is about the judicious, conscientious, and explicit use of information gathered from different sources. This is possible only with contextual intelligent analytics.