You must be good at measuring success, driving improvement, and inspiring innovation in your organization. How good is your approach to integrating data analytics into your performance management strategy?
greytHR spoke to Sulbha Rai, Chief People Officer, RenewBuy, to understand her thoughts on how an organization can use data analytics in performance management to optimize individual and organizational performance. She also shared four ways organizations can leverage data analytics for employee performance management. Scroll on, read on, and watch the webinar recording.
1. Elevating Productivity
What is your span of control? Is the work distributed fairly among your people? Are they prioritizing tasks properly and using their time productively? Data analytics helps find answers to these questions. There are multiple tools, with real-time dashboards, to track all these metrics related to time management, performance, and productivity among employees. You can also apply predictive analytics to forecast factors that impact productivity.
2. Enhancing Engagement
If you want to know the level of employee engagement, you must know how your employees are feeling, what's driving them, and what feedback they have. Analytics can help you gain insights into these aspects. As a result, you will know what initiatives are working for the organization and what needs improvement. Also, your L&D programs can say a lot about your employees' skill and performance gaps and their correlation with the rewards program. The bottom line: Insightful analytics can help elevate your overall employee engagement.
3. Expediting Recruitment
Do you face the challenge of finding the right candidate for the right job? That's understandable. Data analytics can give you an edge by adding greater predictability to your hiring efforts. Here's how: You can analyze the skills, background, and experience of your existing high performers in the organization. If you find a correlation, the insight can help in sourcing the right candidate by minimizing guesswork.
4. Raising Efficiency
You know the importance of a high CSAT score in your organization. Data analytics can reveal the level of customer satisfaction and the factors contributing to it. At an organizational level, analytics can also be used to identify opportunities for cost savings, efficiency enhancement, and sales improvement, to name a few.
These are just a few examples of the tangible benefits of applying analytics to performance management.
Do you want to hear it directly from the expert?
Watch the Webinar Recording
