Has Human Resources Finally Earned Its Place At The Executive Table?
The short answer is a resounding yes.
At a time when every penny counts in business and every decision needs to be strategic and well informed, Human Resources (HR) has never before had access to more analytics. No more excuses or inferiority complexes, HR! Armed with game-changing analytics and tools, you can now take your rightful place at the executive table. You are no longer just an administrative function.
But to get there, HR needs to educate itself as to what’s out there in the marketplace— and align itself with a vendor known for delivering quality, cost-effective solutions.
HR executives can now walk into executive team meetings armed with data and feeling 100 percent confident in the accuracy of their findings. They can pitch that new idea or initiative, recommend closing down a cost-prohibitive program, suggest a change in strategy or champion the need for new technology, knowing they have the concrete data and analysis to support their business case or recommendations. The ability to corroborate your opinions, ideas and suggestions with solid data creates value for the business and provides a direct impact on business operations and objectives. In presentations, business cases and discussions, you can now tell a compelling story complete with analytics, dashboards and reports.
And you don’t need to do it alone. As a SuccessFactors implementation consultant, I have experienced how the Workforce Planning (WFP) and Workforce Analytics (WFA) solutions offered from SuccessFactors provide an ideal solution to support better use and analysis of HR and business data. Coupled with SuccessFactors’powerful suite of BizX (Business Execution) products, WFP and WFA catapult HR into the business contribution and executive credibility stratosphere.
So just what are these two products and how can they revolutionize your business?
Assessing the impact of workforce decisions.
The first, Workforce Planning (WFP), enables organizations to measure the impact of business decisions before they are put into motion, thus minimizing risks and maximizing results. For example, WFP can be used to:
• Model and plan for specific global skill shortages and the aging workforce population.
• Demonstrate the real impact of hiring, development and retention practices.
• Report on skill gap analysis across critical job roles (current and future).
• Create a profile of your future workforce – shape, size, demographics and costs.
Powerful reporting and analytics.
The second, Workforce Analytics (WFA) provides powerful reporting and analytics capabilities that ensure effective insights by using multiple data streams that include ERP, CRM, financial, survey results and others. For example, WFA helps you:
• Know your profit per employee and how it compares to your competitors and industry leaders.
• Know which of your business regions have the highest goal achievement percentages then measure that against the region’s profitability and/or the latest initiatives.
• Back your findings with powerful dashboards, including stunning meaningful graphics that offer drill-down capabilities and publishing in PDF, Word, Excel or PowerPoint.
Putting them together gives you a winning combination that adds business value and gets business problems solved.
Steps to adopting these kinds of data-driven insights.
• Develop a company culture around analytics and measurements. Think holistically across the entire business, and use a common language for discussions.
• Educate yourself on the best tools to meet your strategic short-term and long-term objectives. Look for tools with powerful graphics that will enable you to plan as well as turn current data into insights for better decision making.
• Shop the marketplace for the top three products that say they can deliver.
• Have the vendors demo their products using some of your data and scenarios, if possible.
• Look for products that offer the following:
o Pre-packaged metrics and measures
o Seamless integration that can extend your data
o Ease of use
o Access to a user community
o Ongoing training and access to industry experts
o (Most importantly) A short implementation timeline
HR has always been the heartbeat of the organization. But now there’s no excuse for it not taking a lead position in driving better workforce and business performance.
With SuccessFactors WFP and WFA products, you’ll earn your “executive stripes” and effectively contribute to workforce decisions that affect your company’s bottom line.
- Chris Bennett