Spreadsheets filled with columns and rows can track all types of data, from sales figures to grades to baseball card collections. Share of the power of spreadsheets and databases is that their data is structured. In turn, structured data can be quantified, a process by which the numbers are aggregated, crunched, added, averaged and reported.
For HR, structured data is far less frequent. A great deal of information is trapped in resumes, cover letters, CVs, performance evaluations and performance improvement plans. This narrative information is unstructured, making it more difficult to quantify.
Quantified HR data is crucial in providing the most comprehensive details of departmental performance. To do so, requires establishing clear metrics that measure each aspect of the enterprise, including talent sourcing, on-boarding, performance management, leadership development, training, retention and employee satisfaction. Having these metrics provides hard evidences, which in turn provides many advantages discussed below.
Sharing metrics broadly, particularly ranked metrics gives employees a visible comparison of their existing and developing skills. Particularly for high-performing, committed employees, shared metrics can be a considerable motivator and a reference guide for succession planning.
Measuring the ratio of employee costs to total revenue is a proxy to assess the impact of hiring, training and supporting costs.
Metrics allow HR to show the financial impact of their actions, such as average days open for jobs, revenue per employee and turnover reduction efforts.
Better Understanding with Evidence-based Data
Metrics enable HR to advice the top management regarding investments, future planning and talent culture with evidential data. They are able to better illustrate their work and its importance to the organization.
HR is by nature a strategic function simply because it deals with people who are at the center. Investing in people is an expensive area for many businesses, therefore it is imperative for HR to demonstrate its value. Focusing on metrics related to productivity, retention and employee relations can add tangibility in decision-making for leaders and decision-makers.
Now, imagine that in addition to all the quantified and analytical metrics of textual data, you can add ‘contextual flavour’ to it! Spire’s contextual intelligence platform has the unique capability to extract the ‘context’ or ‘relevance’ of any type of HR data to the organization it belongs to. Due to this, it makes talent analytics highly reliable and accurate. This process works exactly like a human mind.
With Contextual Search and Match, recruiters can quickly shortlist the most relevant resumes from any database against job descriptions in a matter of few hours. In-depth skill analytics of available candidate pool and submitted applications can be presented as metrics. Performance evaluations can be mined to determine key employee skills and their scope to further strengthen areas where broader exploration of performance is needed.
Spire’s Contextual Search outperforms industry norms. Today, 90% of talent data is unstructured. Spire’s contextual search has a 95% accuracy rate in parsing even the most complex structures of unstructured data. The technology has an 80% success rate in matching resumes to job descriptions. It also does this bi-directionally to sharpen and hone ‘context’.
Before HR migrates to the digital, it is imperative for the organization to be able to quantify their data more than ever. Data cannot just rest but has to be sorted, broken down, quantified, analysed, understood and interpreted in the ‘context’ of the organization. And the right tool for this is Contextual technology. It provides the necessary support for quantification and application of HR data and brings true credibility to the HR vertical by demonstrating in the form of analytics and valuable insights for broader and strategic management of human capital supply chain in alignment with corporate goals.