You’re hearing a lot about analytics these days.  Just what can you do with them to improve operations?  There is more to analytics that statistics.  There is an underlying logic that sets up the right questions which statistics can answer.  Here are 3 ways we have used them.

1.  If you need to design a workforce plan that will yield the capabilities that you will need tomorrow analytic logic will put you on the right path.  Properly applied your capability system is more agile than standard workforce plans.  It flexes quickly as the market demands shift because you are focused on skill and knowledge requirements not on filling an org chart.
2. Do you know how much your people costs truly are at either the corporate or job group level on either a static or moving basis?  Analytics can be used to find the true hidden people costs resulting from any event.  Whether it is an external force that hits, such as a recession or its recovery. or an internal policy change, analytic logic and statistics can uncover the true cost.  Often it can also predict performance levels.
3. Analytics are very helpful for turning expensive processes such as hiring or training into value adding assets. Analytics look at the interaction of inputs and throughputs in terms of a given desired output.  For example, what combination of sources, selection methods and onboarding yield the best hires (performance, potential, flexibility, retention)?

More often than not people who manage based on past experience fail.  It is because their memory is flawed by uncertainty, misinterpretation and bias. In addition, the tomorrow’s market is certainly not a duplicate of yesterday’s.  Tying analytics with financial analysis takes human capital management to a totally different and more powerful level.  There are many ways to use analytics.  These are just three examples.  If you want to know more, just ask.

Dr Jac

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