HR Updates & News

Happy 2024!

As I look back at 2023, it was a breakthrough year. We implemented many lessons that we share in this newsletter. And that helped us get better results. It's not just a newsletter for us, it is a beacon that shows us the way forward.

I wish to express my gratitude to you, all our subscribers (now 60,000+), for liking this newsletter and sharing it with your community.

The prominent theme at Opportune for 2024 is Data Mindset:?How to make data the foundation for our decision-making and product development. And that's the theme of this newsletter!

If data is the new oil, you are already floating in it!

Data isn't just for big businesses. We are an HR automation company, so we know. The data generated by HR software itself is huge. Add to it purchase and sales data, marketing data, and social media data. There is more data than we can handle even today. Just run a search, many Excel sheets will fly out.?We just need to organise the data in useable formats. And then, make a choice to use it. That's what is required to kickstart the data game... And this is the opportune moment to begin.

Let's cultivate the data mindset!

Don't rush to enrol in a Python course! Let's leave that for nerds. What we need is a detective like mindset to dig deeper into what looks like routine facts and numbers. It's an attitude that says-- Some great insight is buried inside, if we go deep enough we will find it! Here are some competencies that we must learn and develop to get the best out of data treasures -

Measure everything:?Not everything can be measured in numbers. But data scientists use creativity to convert even intangibles into numbers.

• For example: A business owner felt something was missing in his family life. His data scientist friend suggested he measure the time spent with the family.

The business owner did that. And then increased the family time by 20%. But still the feeling remained. His data scientist friend asked, how much time do you spend collectively, and with your spouse?

This segmentation of data revealed he wasn't spending enough time alone with his wife. And that got the joy back in his life. Convert numbers into actionable insights:?

• For example:?The employee turn-Over ratio for the year might be the same, or a little lesser. But why a sudden surge in one department?? Ask penetrating questions. And seek answers. Insights might surprise you. Maybe your competitor is poaching your talent. In that case, you can take appropriate actions. Or, it might be due to a new manager. Then, he needs to be coached and mentored.

Insist on?data-based?evidence: When your team members ask for extra head counts, or allocation of extra funds, ask for supporting numbers. That will help you, as well as them, in making effective decisions.

Data mindset for better HR results!

Many experts feel HR is the most prominent area for data-driven decision-making. It may come as a surprise to you, but a Harvard Business Review article suggests, HR is even more data-rich than the finance department.

So, let's take data seriously. Here are some important HR-related KPIs which can impact the business results in a big way. Are you setting these in your organisation?

If not, let's make that happen in 2024!

Resources:

Video --

Real life examples from HR thought leaders, how they applied data in their organisations.

Managing people through data-driven insights

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Research And Survey Reports--

How to turn HR data into effective strategiesHBR:

Is HR the most AI driven function?

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Books:

Data analytics in Excel: Helps you develop analytics mindset

Don't trust your gut!

Do share your recommendations, insights and thoughts with us:

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