People's definition of success

why does other people's success bother me and other people's success makes me sad
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MiaJordon,United States,Researcher
Published Date:06-08-2017
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Give me six hours to chop down a tree and I will spend the first four hours sharpening the axe. —Abraham Lincoln hile no one is chopping down a tree, Lincoln’s quote accu- rately captures the important role that preparation plays Win People Analytics. Some leading companies have been applying the same critical assessment and rigorous discipline to workforce management as they do to other aspects of their busi- ness—and they’re leveraging People Analytics to gain insight and optimize outcomes. Investing the time in performing due dili- gence with data analytics will not only save organizations time and money, but it will also result in a more satisfied workforce who will drive business performance and help build and maintain a com- petitive edge. In this chapter, we’ll take a look at the core pillars needed to build a successful People Analytics framework. But first, let’s quickly recap how we got here. In the two previous chapters, we introduced People Analytics. By now, you should have a better understanding of how the Internet has changed the workforce equation and revolutionized the overall talent sourcing process while moving from a print base to a web base. It also enhanced the word-of-mouth aspect of social networks and social hir- ing channels. Additionally, Internet sourcing enabled the explosion of digital talent data and metrics, changing how this information could be captured, stored, processed, analyzed, and managed. This resulted in a better understanding of specific workforces and improved sup- port through human capital analytics. Having online sourcing also helped to increase the base of potential candidates and perpetuated the talent war. 68T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 69 We also discussed the worldwide workforce status and the global employment conditions. We covered the distribution of global talent and skill sets. You are probably aware of the challenges and oppor- tunities associated with the aging population in Western countries, baby boomers who are poised for massive retirement, the millennials’ impact, the labor shortage in some sectors such as science, technology, 1 engineering, and mathematics fields, the global talent and skills gap, the Big Data impact, and the unbalanced supply-and-demand equa- tion challenge. We also covered how to migrate from business analytics to People Analytics by leveraging the approaches and fundamentals of tradi- tional analytics techniques. We explained how People Analytics, also called talent analytics or workforce analytics, is simply another type of analytics that can be achieved by replacing the word customer (from customer analytics) with the word talent or employee. We discussed how the same analytics principles of understanding past behavior, explain- ing present behavior, and predicting future behavior could be applied to talent management, leading to what is called workforce analytics, talent analytics, or People Analytics. A workforce represents both the most invaluable asset and the largest expense line item for any business. Understanding its dynamic and associated trends is paramount for any business poised to lead and succeed. According to some studies, the total human capital cost 2 accounts for 60 to 70 percent of all companies’ expenses. This most valuable asset requires a similar approach to that used in traditional business to drive performance. This means organizations should take the guesswork out of their talent management cycle by leveraging analytics, and analytics insights could be applied at every stage of tal- ent life cycle management to optimize outcomes. Today’s explosion of digital information (internal and external), called Big Data, is propelled by the proliferation of tools, software, and infrastructures. It has enabled new possibilities to capture, store, pro- cess, analyze, and manage employee data (from a variety of sources, including social media, job boards, offline data, and macroeconomic data from the Bureau of Labor Statistics) to drive business performance leveraging analytics. Similar analytics approaches from customer 70 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a life cycle management analytics can be applied to the talent life cycle management to drive performance from a company’s workforce. Analytics allow the talent management life cycle to be an actionable combination of art (intuition and experience) and science (data intel- ligence) for human capital management. Now that we have covered these fundamentals, in this chap- ter we will discuss the framework that will help your organization to successfully navigate talent life cycle management and the talent data, and quickly put People Analytics to work for your company. We will outline and propose a conceptual framework for successfully implementing talent analytics in any organization so that your talent management initiatives will flourish and bring a positive return on investment. Our ultimate goal in this book is to share practical exam- ples and solutions that have been proven to work for some of the top companies around. Before we elaborate more on the People Analytics framework, let’s provide some background on how we created this framework. Based on our more than 44 years of combined experience building and implementing business analytics teams and solutions, and enriched by conferences, panel discussions, and keynote speeches and Q&A sessions delivered across the world over the past 10 years, and by listening to people and gathering their most pressing challenges, we realized that there was an opportunity to apply traditional business analytics techniques to workforce and human capital challenges. We then spoke to industry leaders and conducted research with more than 340 industry leaders and experts in talent acquisition and talent reten- tion, talent development, human resources (HR), staffing, and busi- ness partners to learn about their most important business priorities and challenges. Four major challenges emerged from our research and interviews with these leaders and experts: Challenge 1—Silos and disconnected data and tools: Nearly every individual we’ve spoken with has wrestled or is wrestling with massive amounts of internal and external siloed data, and different tools that don’t talk to each other.T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 71 Challenge 2—Lack of optimization: Although the data exists, there is a pressing need to cull the right information in order to optimize the stages of the talent management life cycle. Challenge 3—Analytics expertise: Beyond reporting, most businesses do not have the qualified resources needed to create and translate the data story into business outcomes. Challenge 4—Predictive insights: There is a lack of insight, despite the deluge of data, when it comes to determining trends that can anticipate future workforce behavior and organizational needs. DATA AnD Tool S ChAllenge The common business challenge we heard was data: “We have lots of disconnected data and tools.” HR leaders are inundated with lots of data residing in multiple silos, and tools and systems that do not talk to each other and that generate countless reports. These teams are not getting enough understanding and insights from that data, and they are looking for actionable analytics from the trove of data so they can optimize their talent life cycle management to drive better business performance. They would like to become more proactive in leveraging predictive analytics to anticipate talent behavior. They also feel the pressure from the Big Data wave, which has increased the complexity of intelligence they need to distill. The influx of information has caused them to feel confused, perplexed, lost, inse- cure, unclear, disoriented, and scared. However, they are all convinced that there is an untapped value and intelligence to be captured from that data. They believe that in this new era of a data intelligence rev- olution the old approach of “spray and pray” or “post and pray” is outdated, and worry that experience plus intuition no longer works. And the majority truly believe that the human resources workforce and the entire human capital management function will undergo a tremendous change thanks to Big Data analytics. They believe that an analytics revolution similar to the one that invaded marketing in 3 the late 1990s is coming into the talent management/human capital 72 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a world, and they need to be ready to embrace the revolution to avoid being left behind and having to either play catch-up, join the laggards, or simply go out of business—and data intelligence will be a key driver of their talent management cycle optimization. Talent l ife Cycle optimization Challenge Industry leaders also shared with us several stages of their talent life cycle management that they would like to optimize by leveraging the power of Big Data analytics and drive business performance. The fol- lowing are the seven most important talent management stages that the leaders we spoke with consider critical when it comes to creating business value from their talent data: 1. Workforce planning 2. Sourcing 3. Acquisition/hiring 4. Onboarding, culture fit, and engagement 5. Employee churn and retention 6. Performance assessment and development and employee life- time value 7. Employee wellness, health, and safety Qualified Analytics Resources Challenge HR teams are not known to be analytics-driven people or data crunch- ers. The third business challenge they expressed was the lack of resources and skills to harness different sources of data they have. They don’t have the skill sets required to create business value from their vast trove of data; they don’t have resources to tell the data story and speak the business language. While some lack the analytical resources needed to help them move beyond traditional reporting, others wrestle with capturing the right key performance indicators. They are looking for resources to help them create predictive insights and drive business performance, but they don’t know how or where to start.T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 73 Predictive Insights Challenge Experts and industry leaders we spoke with also mentioned that they lacked insights needed to create business value and gain a bet- ter understanding of their talent and human capital data. The vast majority of those leaders would like to anticipate their workforce’s behavior by leveraging predictive analytics at every stage of the talent life cycle. They all agree that the aforementioned stages are invaluable and are looking for resources and solutions to access the untapped opportunity potential of talent insights to drive business performance. While some teams don’t know where to start, others are still strug- gling to move beyond ad hoc reports and siloed tools. They want pre- dictive insights and user-friendly tools that could also help them to address workforce questions such as: ■ What staff would they need to hire in the next 6, 9, 24, and 60 months? ■ Where, when, and how should they source new talent? ■ What area(s) of their talent-sourcing pipeline will become weak in the future? ■ How should they find candidates: Online only? Offline only? Social media? ■ How can they measure the candidate’s experience? ■ Does the candidate’s experience affect her or his loyalty? ■ Does the candidate’s experience impact performance? ■ Does a candidate’s interview performance indicate performance at the job? ■ Who should they hire by leveraging analytics? ■ Who are the high performers at risk of leaving and why? ■ How should they engage with their talent? ■ How do they measure the quality of a hire? ■ What is the impact of employee engagement on turnover? ■ What is the impact of employee satisfaction on customer satis- faction and business performance?74 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a ■ What should be the value of the referral program? ■ Should companies hire more millennials? And, if so, what is the best way to attract them? ■ What is the breakeven point of a new employee? What is the lifetime value of the talent? ■ Should they keep only the high performers on their team? ■ How can they keep, protect, and engage high performers? ■ What is the dream team to mine talent data? ■ What is the right mix of talent to achieve business objectives? ■ Did the quality of hire increase or decrease in your organiza- tion? ■ How to measure new hires’ contributions: Have they helped to increase company revenue and profitability? 4 ■ Who are the top talent who should be retained? ■ How can a company predict and reduce voluntary turnover? ■ How is employee lifetime value calculated? ■ What is the cost of a bad hire? ■ Who are the employees more likely to be injured? ■ What is the impact of well-being, health, and safety on talent performance? ■ What is the impact of well-being, health, and safety on a com- pany’s bottom-line performance? With those critical human capital business challenges in mind, we gathered research and listened to industry leaders, experts, and busi- ness partners, only to realize that the data challenge and the aforemen- tioned talent stages could be addressed by leveraging advanced business analytics. We noticed that the same approach and methodology used in traditional business could be applied to talent life cycle manage- ment. And, more important, there are critical success factors between companies that are leveraging talent data analytics and those that are not. Leading companies like Google, CISCO, Johnson & Johnson, Xerox, Hewlett-Packard, Bullhorn, Bloomberg, Microsoft, Deloitte, T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 75 Accenture, SAS Institute, Pz fi er, Sysco, Dow Chemical, and Harrah’s invested in People Analytics to optimize their human capital to create business value and drive performance, and some of them have even been named a Best Place to Work multiple times. Looking at this data, we realized that we could apply predictive analytics to the entire talent life cycle management data to help drive business value for organiza- tions leveraging the IMPACT Cycle. As discussed in Chapter 2, the IMPACT Cycle provides a power- ful guide for creating actionable insights at every stage of the talent management cycle. To review, the IMPACT Cycle is made up of the following steps: 1. Identify the questions: In a nonintrusive way, help your business partner identify the critical business question(s) he or she needs help in answering. Then set a clear expectation of the time and the work involved to get answers. 2. Master the data: This is the analyst’s sweet spot—assembling, analyzing, and synthesizing all available information that will help in answering the critical business question. Create simple and clear visual presentations (charts, graphs, tables, interactive data environments, etc.) of that data that are easy to comprehend. 3. Provide the meaning: Articulate clear and concise interpre- tations of the data and visuals in the context of the critical busi- ness questions that were identified. 4. Actionable recommendations: Provide thoughtful business recommendations based on your interpretation of the data. Even if they are off base, it’s easier to react to a suggestion that to generate one. Where possible, tie a rough dollar figure to any revenue improvements or cost savings associated with your recommendations. 5. Communicate insights: Focus on a multipronged commu- nication strategy that will get your insights into the organiza- tion as far and as wide as possible. Maybe it’s in the form of an interactive tool that others can use, a recorded WebEx of your insights, a lunch and learn, or even just a thoughtful executive memo that can be passed around. www.allitebooks.com76 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a 6. Track outcomes: Set up a way to track the impact of your insights. Make sure there is future follow-up with your busi- ness partners on the outcomes of any actions. What was done, what was the impact, and what are the new critical questions that need your help as a result? Applying the IMPACT Cycle to the seven stages of the talent life cycle management process to create business value is what we called the “Seven Pillars of People Analytics Success,” which is the frame- work for People Analytics success. The framework outlined in the following pages can be used to derive actionable insights from data to predict and optimize outcomes. And these pillars will serve as the basic principles discussed through- out the rest of this book. The Seven P Ill ARS of P eoPle AnAly TICS SuCCeSS The framework (Figure 3.1) is an essential guide to help staffing man- agers, HR managers, business partners, or human capital managers to be competitive using People Analytics. It could be very helpful to organizations that have expressed an interest in harnessing their talent The Seven Pillars of People Analytics Success The Framework to Put People Analytics at Work f igure 3.1 t he Seven Pillars of People analytics Success Workforce Planning Analytics Sourcing Analytics Acquisition/ Hiring Analytics Onboarding, Culture Fit, and Engagement Performance Assessment and Development and Employee Lifetime Value Employee Churn and Retention Employee Wellness, Health, and SafetyT h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 77 data leveraging analytics across the entire cycle of talent management to drive better outcomes. This framework could be the ultimate guide for People Analytics experts/builders and People Analytics end users. It has been built to address key C-suite challenges, offering practical guidance for chief operation officers, chief financial officers, chief health officers, chief people officers, chief human resources officers, chief market- ing officers, chief talent officers, and heads of staffing. With Peo- ple Analytics, companies now have a blueprint to take their talent management to the next level. We hope this framework will inspire creativity in talent analytics as well as spark interesting and con- structive debates throughout your companies regarding the talent management cycle. Armed with the People Analytics framework, HR, staffing leaders, and business partners can definitively link their actions and activities to business outcomes by combining the art of the industry (their expe- rience, expertise, intuition, and storytelling), with science (data intel- ligence) to address major workforce business questions. l eveRAgIng The Peo Ple An Aly TICS fRA mewo Rk The ultimate goal of this framework is to focus your organization’s attention on those areas that are keys to talent analytics success and will lead to greatest return on investment (ROI). This chapter is an introduction to the elements of the framework. Practical examples are provided throughout the book as well as dedicated chapters to illus- trate concepts of the framework. People Analytics is at a very infant stage, and this framework should be used as a starting point for your organization. Because each company faces unique circumstances, we recommend you adjust it to meet your most pressing goals and priorities, and we welcome any stories and feedback regarding how the framework has helped you to create business value from your talent life cycle data to drive business performance. There is no specific order to follow with these pillars because the challenges each company faces will differ. For instance, one organiza-78 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a tion may have a great talent retention strategy but be really weak in talent acquisition. However, you will find that there are natural corre- lations between pillars within the framework, as well as their underly- ing analytics. Take the Acquisition/Hiring Analytics pillar, for example. A bad candidate selection could also lead to an increase in turnover rates or high retention costs, represented by the Employee Reten- tion pillar. Depending on the maturity of your company’s workforce analytics, each pillar could possibly be addressed separately without following a specific order. The framework could also be adjusted based on your company’s most pressing needs. It should help to master the talent management life cycle, propelling it with the power of analytics that could be: ■ Descriptive: What happened in the past? ■ Diagnostic: What is happening now and why? ■ Predictive: What will happen and why? ■ Prescriptive: What should you do knowing what will happen? Analytics used throughout this framework follow an approach similar to customer life cycle management, with the overall idea being a substitution of the word employee or talent (for People Analytics) for the word customer (from business analytics), and similar analytical techniques could be used. The framework contains seven pillars that are critical to any busi- ness eager to successfully implement analytics across its talent man- agement cycle and drive business performance. Optimizing every stage of the employee life cycle management by leveraging analytics is what really matters, as it could influence workforce planning, sourcing, hir- ing, engagement, termination, retention, promotion, and performance as well as the overall company business objective. In the next sections, we provide a short introduction to the seven pillars. Throughout the book, we also introduce dedicated chapters, examples, and case studies from companies that are already competing and winning with talent analytics. For each pillar, we will define the pillar, the underlying talent management stage, appropriate analytics, and some business questions that could be addressed using the analyt- ics IMPACT cycle.T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 79 The Seven Pillars of People Analytics Success are made up of the seven stages of the talent management cycle where business analytics’ impact is created from the talent data. This is by no means an exhaustive list of the stages of talent life cycle management, but based on our research it represents the most important pillars that industry leaders and experts we spoke with consider critical to successfully creating the best value from your human capital. w oRkfo RCe Pl Ann Ing An Aly TICS PIll AR You have probably seen countless definitions of workforce plan- ning, and we will have the opportunity to more thoroughly explore it in the next chapter. However, generally speaking, workforce planning refers to the process that helps identify what talent your organization will require to achieve its business goals and busi- ness objectives—from current needs to future needs and succession planning. Planning should start with a clear definition and understanding of your company mission, and the most pressing business goals and objectives. As with any large undertaking, it is important to be trans- parent and include all internal stakeholders and executives in the pro- cess to ensure full organization-wide support. They should understand from the get-go what their role is, how finding the right talent at the right cost will impact the company’s objectives, how HR functions and activities relate to business challenges, and what is the business ROI of the initiative. The Workforce Planning Analytics pillar is about leveraging ana- lytics to proactively plan for the right number of employees with the right skill sets, at the right place, at the right time, and at the optimal cost. It is one of the most important pillars of the talent management cycle because it is highly connected to the other pillars. For instance, turnover and retention insights will feed the workforce planning ana- lytics pillar. It is influenced by the quality and accuracy of the model used to predict churn or employee turnover, both voluntary and invol- untary, as well as talent acquisition and promotion models.80 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a This pillar is useful for gaining insights into: ■ The staffing needs your organization had in the past. ■ The current staffing requirements. ■ What staff will be needed 6, 9, 12, 60, or 120 months from now. Workforce planning analytics helps organizations to create eco- nomic value from their human capital data. When properly executed, this approach enables your organization to reduce labor costs (through acquisition, onboarding, retention, and cost per hire), increase produc- tivity, and drive business performance by providing organizations with the right knowledge and tools to be proactive in managing their most valuable asset: their employees. In a dedicated chapter later in the book, we will discuss how lead- ing companies like Dow Chemical, Bullhorn, Black Hills, and Société de Tansport de Montréal have leveraged this pillar. Sou RCIng An Aly TICS PIll AR Successfully searching for candidates in today’s global competitive talent market requires an approach that leverages the power of ana- lytics to identify and locate candidates, assess their potential, and engage with them. Talent sourcing analytics, or the Sourcing Ana- lytics pillar, is about harnessing all the data and talent information available to optimize your sourcing results, including how to deter- mine staffing resources and what channels will be most effective to engage potential candidates. We define talent sourcing as a talent management process that consists of proactively searching for can- didates to fill specific positions (clearly defined from your workforce plan), while leveraging job boards, employee referrals, staffing firms, and headhunters, as well as offline, online, and social media tools and resources. Once you’ve completed your workforce planning stage, you will have a solid plan of how you will help your organization achieve its business goals. At this stage, you will also start investigating how you will staff your plan, and what channels you can use to accomplish this. T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 81 Talent sourcing analytics is about harnessing all the data and talent information available to optimize your sourcing results: It is the pro- cess of applying the IMPACT Cycle to this talent management stage to create business value. The Sourcing Analytics pillar is also about understanding and cap- turing both the employer’s decision journey data and the candidate’s decision journey data to optimize your outcome. It can help a business address questions such as: ■ How can a business move a candidate from passive or visitor viewer to a job applicant? ■ What is the candidate decision journey? ■ What is the competitive employer decision journey? ■ What sourcing channels will optimize candidate search results? ■ Where are the best places to search for a specific niche of candi- dates with technical skills such as those in science, technology, engineering, and math fields? ■ When and where should an organization increase search activities? ■ What sourcing channel delivers the best return on investment? ■ How can a business best allocate searching spend and efforts? ■ Similar to traditional attribution, should a business assign the highest weight to the first visit or the last click? ■ What is the best attribution model when it comes to sourcing? ■ What is the impact of employee referrals, social networks, and job boards on sourcing results? ■ What is the ideal mix of resources, tools, and processes needed to optimize search efforts? ■ What is an organization’s dream team for sourcing? ■ Does an organization need a Boolean-search black belt expert, a sourcing professional, or an Internet search professional? ■ What is the impact of ofifl ne sourcing in this era of digitalization? ■ How to optimize your talent sourcing by harnessing publicly available talent data?82 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a Organizations should use the Sourcing Analytics pillar to gain insights that can be used to create targeted strategies that effectively use both internal and financial resources to find top candidates from a variety of channels (online, job boards, social media, referrals, and headhunting services) and drive better business performance. In a dedicated chapter later in the book we will discuss frontline stories from companies such as CISCO, Microsoft, and Bloomberg. ACQuISITIon/ hIRIng An Aly TICS PIll AR Whether you have a small company or manage a large organization with thousands of employees, choosing the wrong candidates can have a lethal impact on your business. According to the Harvard Busi- ness Review, 80 percent of employee turnover is due to bad hiring deci- 5 sions. Additionally, the Society for Human Resource Management estimates that the cost of bad hiring decisions can add up to as much 6 as five times the annual salary of the hire. So ensuring that your orga- nization makes wise talent investments is critical to both long-term and short-term success. The Acquisition/Hiring Analytics pillar uses predictive analytics to score all job applicants and select only the best candidates with whom, as a hiring manager, you should meet with. Talent acquisition predic- tive models help you save resources, time, and money so that you only interview candidates who, if hired, will be loyal and perform well at work. Analytics also help to optimize the interview process, helping to determine the best ways to vet candidates, to set up interview ques- tions, and to create some tests that can be used to analyze the correla- tion between a candidate’s performance during the interview and his or her performance in a particular job function. Real-w orld example Google’s People Analytics team analyzed how many interviews should be conducted before an offer would be made to the candidate. They researched which types of questions helped them gain the best insight into how their applicants approached problem solving, and analytics T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 83 helped them to adjust their hiring and interview process accord- ingly. As a result, they ended up removing what they called “useless 7 brainteaser questions” and psychometrical relevancy tests, such as “How many golf balls can fit in an aircraft?” and “How many gas sta- tions are available in New York?” By applying the IMPACT Cycle to talent data and to the informa- tion generated through talent acquisition, advanced analytics can help businesses address talent acquisition questions, including: ■ What are the best sets of questions to ask during an interview? ■ Should we really still look at resumes today? ■ Should we care about the dates on a resume? ■ Should the interview be on-site or remote? ■ Is there a correlation between interview performance and job performance? ■ How many interviews should we conduct before hiring? ■ What is the impact of candidate experience and the interview outcome? ■ How many resources need to be involved in the candidate selec- tion process? ■ When should a business make the final offer? ■ When should an organization look to hire a specific skill set? ■ Do referred candidates tend to perform better than other candidates? ■ Is there a correlation between signing bonus interview ques- tions versus job performance questions? ■ What candidates should you hire? 8 Because of long-ranging consequences of a bad hire and the cost of missing a great candidate, analytics should be used to help employers optimize their practice of making talent acquisition a combination of art and science—a discipline that will help to drive their business value. In a dedicated chapter later in the book, we will explain how lead- ing companies have been leveraging the Acquisition/Hiring Analytics pillar along with frontline applications.84 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a onbo ARDIng, Cul TuRe fIT, AnD eng Agemen T PIll AR Talent onboarding and Culture f it Once the right candidates have been hired, they need to be prop- erly onboarded to ensure they are aligned with the primary business goals and the overall mission of the company. New hires need to have the best first impression of you as a manager and of your company. Depending on the role and position of your new hire, this should be accomplished within the first 6 to 12 months by assisting him or her with a list of resources and tools along with clear guidance on expecta- tions and goals. We define “talent onboarding” as an ongoing talent manage- ment process that consists of introducing, training, mentoring, coaching, and integrating a new hire to the core values, business vision, and overall culture of an organization in order to secure new employee loyalty and productivity. The Onboarding, Culture Fit, and Engagement pillar can be used to enhance a new hire’s first impression and create business value from your onboarding activi- ties and efforts. Taking the time to develop a robust onboarding program will increase employee satisfaction and loyalty, and will accelerate time to productivity through acclimation processes. Similar to the cus- tomer welcome program that some companies use to introduce new customers to their business, first impressions really do make a dif- ference, and new hire onboarding is a key component of the talent management process: This is your new employee’s introduction to your organization during the period when he or she is still think- ing about the decision he or she made to join your company; and, if done properly, this onboarding process can drastically improve ramp-up time. To accomplish this, however, requires the mastering of data intel- ligence, which will allow you to optimize the mentoring, learning, and reinforcement needed to drive new hire satisfaction. It will also help your organization address vital talent management questions, including: ■ How can a business improve time to performance? ■ Does your new employee fit with company culture?T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 85 ■ What are the key drivers of time to performance and productivity? ■ What is the impact of talent onboarding on employee commit- ment, productivity, and enthusiasm? ■ What is the impact of talent onboarding on employee satisfaction? ■ What is the impact of talent onboarding on an employee refer- ral program? ■ What is an appropriate talent onboarding budget? ■ What impact does talent onboarding have on employee turnover? ■ What is the impact of talent onboarding on employee loyalty? ■ How does company culture fit impact new hire satisfaction, engagement, and loyalty? In this diverse workforce demographic where multiple generations have to work together, cultural fit is critical for the successful integra- tion of your new hire; and employee and company value mismatches are one of the major reasons for early turnover. With talent retention as a focus, onboarding should be a great experience that provides new hires with all the information they will need for success. Onboarding analytics should help to quickly address the aforementioned questions, generate enthusiasm, and introduce new hires to the materials and resources needed to accelerate and optimize their time to performance, securing overall goodwill, com- mitment, and loyalty. Talent engagement To stay competitive, it is paramount to keep your employees fully engaged in order to meet and exceed your customers’ expectations and achieve your corporate goals. A key component to accomplishing this is monitoring the engagement level of your employee population. We define an engaged employee as happy, enthusiastic, and moti- vated, and as an individual who eagerly relishes the challenges of his or her job. Analytics helps to understand the various drivers of employee engagement that deliver happier, more productive work- ers, and decrease unplanned turnover. It can also help human capital management teams sift through data and talent information to better 86 ▸ P e o P l e a n a l y T i c S i n T h e e r a o f B i g D a T a understand employee engagement and help address some talent man- agement questions such as: ■ What are the key drivers of employee engagement? ■ How does employee engagement affect productivity and finan- cial bottom lines? ■ What are the main drivers of millennials’ engagement? ■ What are the main drivers of baby boomers’ engagement? ■ What are the main drivers of echo boomers’ engagement? ■ What is the impact of hard-to-fill positions or hard-to-find skill sets on employee engagement? ■ What is the impact of the Net Promoter Score and Engagement Index? ■ How do talent engagement elements, such as relationship with manager and confidence in leadership and company, affect 9 turnover? Talent engagement analytics can also provide insights on methods for increasing employee engagement via existing channels such as per- formance appraisals, the voice of the candidate, industry standards, and other metrics that can boost employee satisfaction and assist in paving career pathways. The Onboarding, Culture Fit, and Engagement pillar can also help organizations assess the correlation between engagement scores and employee performance in the past, present, and future— which is important information for reducing and mitigating the cost of bad hires and ultimately optimizing employees’ lifetime value. PeRfo RmAnCe ASSeSSmenT AnD Develo PmenT AnD emPloyee lI fe TIme vAlue P Ill AR Performance Analytics Performance analytics can help businesses develop performance and promotion strategies in order to determine how top performers should be rewarded, how to leverage career pathways to better assign resources, and how to optimize promotions that guarantee success. T h e S e v e n P i l l a r S o f P e o P l e a n a l y T i c S S u c c e S S ◂ 87 Performance analytics also help to address talent migration and devel- opment questions such as: ■ Who are the employees who should be promoted to a senior role? ■ Will they be successful if promoted? ■ What is the best distribution of merit increases and bonuses? ■ Should an organization promote internally or hire externally? ■ What is the impact of promotions on performance and employee productivity? ■ What is the impact of either internal or external promotion on performance and employee productivity? ■ What is the correlation between career pathways and employee network graphs? It also helps organizations address employee career-transition questions such as: ■ What position will an employee want to occupy five years from now? ■ What types of companies will employees be interested in work- ing for five years from now? ■ What are the next steps an employee should take to get to the next level in his or her career? ■ Recent people analytics findings have enabled some leading companies to enhance their traditional annual performance appraisal processes. Companies such as Accenture, General Electric, Starbucks, and Adobe have adopted the new approach that is based on a more frequent review and feedback of employee performance. Sun-setting their old annual perfor- mances that used to take place once or twice a year, those com- panies now track performance and provide employee feedback on a much regular basis. Analytics helped them to replace the cumbersome and lengthy performance paper form with an app that is more user-friendly and appeals much better to a work- force that is more tech savvy.

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