The adage from your mother about everybody else jumping off a bridge simply doesn’t apply here. The other functions in your organization (marketing, operations, finance, and others) leverage their data and advances in analytics to make more intelligent, strategic decisions. Every time you scan your customer loyalty card at the supermarket, you’re exchanging valuable information about your shopping habits in exchange for that buy-one-get-one deal on Cheez-its. Marketers analyze patterns in the immense amount of data they collect to figure out how to get you to spend a little more on your next trip. This is predictive analytics.
Think about supply chain management. An automotive manufacturer bleeds cash for every minute their assembly line shuts down because they’ve run out of a car part. Using analytics, they manage their inventory to assure this doesn’t happen, while simultaneously avoiding an overstock on a costly component. This, too, is predictive analytics. Imagine having a piece of traditional capital in a manufacturing facility and not realizing its full potential; this is what we do with our talent. The point is, these functions have figured out how to harness the power of analytics to help them work smarter.
Why not apply that same methods and science to the organization’s most valuable asset—its people?
By applying analytics to investments in people development, HR leaders know that they are deploying programs that work. They can fine-tune investments to their population’s needs. Employees appreciate programs that give them what they need and want on the job. When people are given the skills, tools, and knowledge they need to perform at their best, it’s a win for everybody involved. Companies are rewarded because they are maximizing their investments in human capital. Employees are engaged because they are successful on the job. And customers are satisfied because companies that run like a well-oiled machine can fulfill their needs and exceed their expectations. The company is growing because its satisfied customers drive an increase in revenue. And the cycle continues, ad infinitum.