5 HR strategies for managing dynamic career trends with analytics
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Businesses today are witnessing ever-evolving work cultures and rapidly changing career trends due to global events. These trends are inevitable and considerably impact business performance, which is why it's important to learn how to navigate them effectively.
Business impact of career trends
Career trends can create new job profiles, demand specific skill?sets, shape employee expectations, change working methods, and much more.?The COVID-19 pandemic, for instance, initiated major trends, such as remote work, flexible schedules, and more, which businesses continue to adopt to remain competitive and retain top talent.
These trends often require business leaders to reevaluate investments and strategies. While this can be quite challenging, data and analytics helps businesses strategize better and seamlessly adapt to these trends.
HR strategies for success
That's why?we've put together these 5 HR strategies that use data and analytics to effectively mitigate dynamic career trends. These strategies can help businesses take control in these volatile times and establish an effective process to handle situations?from start to finish.
The 5 HR strategies are:
Let's delve deeper into these strategies by taking the example of a recent career trend businesses faced—the Great Resignation.
Adapting HR strategies for the Great Resignation
McKinsey & Company reported a 25% increase in the voluntary quit rate during the Great Resignation, and this high attrition rate had a significant impact on business costs and efforts.?
Let's go over the 5 HR strategies we mentioned above to handle this phenomena more seamlessly.
1. Change identification
Being the first strategy, change identification aims to understand any changes seen. Essentially, it's about identifying data anomalies and analyzing them.
In the context of the Great Resignation, the anomaly was the unusual increase in attrition rates. Understanding attrition rate trends can help business leaders evaluate the severity of the problem and define the time span of the particular career trends in their organization.
The report below showcases attrition and hiring trends over several months, to help businesses understand how they're dealing with resignations through new hires. With modern BI platforms, businesses can forecast future attrition rates and make informed decisions. Trendlines also reveal underlying trends for better decision-making.
2. Reasoning
Once the question of?"what" has been answered, it's important to understand the?"why" and reason out the data anomalies.
The report embedded below provides a breakdown of the various reasons that were given by former employees before they quit their jobs. This information can help businesses gain insights into the issues most commonly faced by employees and focus their efforts to prevent further resignations. By drilling down into the reasons by designation, businesses can gain even deeper insights and understand which segments of employees are most affected, allowing them to better address issues and plug workforce leaks.
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3. Impact analysis
An impact analysis provides insights into how career trends are impacting different aspects of the organization, such as departments, roles, salaries, and branch offices.
We've shown a report below to analyze the impact of the Great Resignation across different branch offices of a business. This helps businesses better analyze the attrition rates of employees—especially in their core markets—and allocate staffing resources accordingly
4. Tactical goals
The first three strategies provide a comprehensive understanding of the problem from different angles, while tactical goals focus on developing quick solutions to address career trends that require immediate action.
A good approach to take in the context of the Great Resignation, at this stage, would be to understand the pulse of the workforce.?In the following report, a company-wide survey report provides insights into the top issues faced by current employees. To gain deeper insights, a drill-down analysis can be done.
Typically, survey and HR data is stored in different applications and can be difficult to bring together for analysis. However, the BI platforms of today offer powerful native integrations with various business apps, and can easily bring data into the platform.
Note: Some BI platforms that have native integrations with popular business apps also offer an extensive list of prebuilt reports and dashboards, to give users a jumpstart on analytics. Check out Zoho Analytics' featured gallery for integration with survey and HR apps like SurveyMonkey, Zoho Survey, Zoho People, and many more.
5. Single source of truth
After identifying and analyzing the issues, implementing solutions is crucial, but the need to monitor business performance and solution effectiveness is often overlooked. For this, dashboards consolidate relevant data insights for easy monitoring and analysis in one place—forming a single source of truth.
We have shown a sample HR dashboard with important KPIs and data insights to monitor the Great Resignation. The insights are organized into relevant tabs for easy analysis, and provide a range of capabilities that enrich analysis on the dashboard.
Summary
Hockey star Wayne Gretzky once said, “I skate to where the puck is going, not where it has been.” That's precisely what businesses have to do to stay afloat in changing times. Career trends have always been there and are bound to happen in the future. It's important for business leaders to leverage HR analytics and unearth deep insights on their data, helping them take their organization forward.
Watch our complete webinar to learn, in more detail,?how to manage dynamic career trends with these 5 effective HR strategies.
You can also sign up for Zoho Analytics today, or schedule a free personalized demo with one of our experts!