Managing a staff could get trickier over the next few years, but approaches are in place to help executives deal with rapid and constant changes in personnel, workplace environment and outside forces.
In their book “People Analytics in the Era of Big Data,” Jean Paul Isson and Jesse S. Harriott emphasize the importance of data that can be transformed into actionable insights.
They identified six major categories of data critical for workplace planning analytics.
* Talent data: Includes data from HR enterprise resource planning (ERP), as well as from recruitment, turnover and retention, engagement, training, performance, preferences and attitudes, employee satisfaction and succession planning and retirement;
* Market data: Refers to information such as social media, competitive intelligence, and voice-of-candidate data;
* Business data: Includes key performance metrics such as revenue, retention rate, payroll, budget compensation and benefits and finance ERP data;
* Economic and industry data: Refers to industry benchmark data and macroeconomic data such as gross domestic product (GDP) and consumer price index (CPI);
* Labor statistics data: Includes labor force, employment, job openings, unemployment rates, payroll wages, quits and layoffs, population growth and forecast data; and,
* University graduation data; refers to graduation by discipline with a focus on hard-to-fill positions such as those in STEM fields.