As the value of having real-time data at your fingertips becomes increasingly important, the use of people analytics has evolved from mere project-based initiatives to a more proactive integrated strategy that drives work forward. Instead of operating in data silos, departments across an organization should focus on collaboration – pulling data sources together to create a data-driven culture. This type of real business integration is what CEOs dream about! But how can we make that a reality? The first step is to create a dashboard that tracks metrics important to your business.
When it comes to your HR function, what type of metrics could you track to ensure they speak to the big picture? Here is a hint… there is not a “one-size-fits-all” approach. The key to any successful dashboard is ensuring you are tracking the metrics that matter most to your organization. Tailoring a dashboard to your specific culture, needs, and business is critical. Here are a few factors to consider:
Link HR Metrics to Business Success
What is the key to driving your business forward? Is it creating a best in class work environment where employees thrive? Is it executing top-notch engagement and retention strategies to keep your best and brightest? Is it having a pipeline full of talent ready to get in the game? Or is it all of the above? Whatever fuels your business should be your focus.
Don’t Overdo It
Go online and you’ll find countless HR-related metrics you can track. At first glance, it can be a bit overwhelming to determine what metrics will prove the most valuable. But great news…you don’t have to track them all to be successful! In fact, best practice points to having no more than 7-10 key HR metrics on your dashboard.
Automate, Automate, Automate
Where people analytic efforts often fail is in the reporting. Our to do lists are overflowing – adding more manual processes like pulling data, manually calculating numbers or having to dig through system after system will kill your dashboard before you even get started. The key is automation. As you determine the metrics you want to track, make sure you ask the right questions from a logistics standpoint…”Where and how do we get this data? Can we pull multiple data points from the same system?” Understanding where and how your metrics will come from and reducing as many manual processes as possible will set you up for success.
As Maya Angelou wrote, “You can’t really know where you are going until you know where you have been.” This wisdom applies to many facets of life – even business metrics! Metrics show us where we have been and where we are in real time – giving us insight into the changes we need to make to get where we want to go.
Need assistance creating an HR and business dashboard for your organization? Contact us or give us a call at 703-587-5615. We partner with our clients to help them achieve their business goals. We’d love to do the same for you.