In this article, we will be talking about the skillset that the future CHROs need to acquire, heading forward into their career. People analytics, or popularly regarded as ‘hr analytics’, is an industry practice, being exercised globally, off late, to achieve optimal business productivity, and levels of employee engagement.
The said practice involves recording and collecting of employees’ data at work, and later, analyzing it with the help of hr tech tools (AI-powered) to identify the performance lags, and roadblocks to productivity. Trends and patterns in the working of each employee in the organization, are observed microscopically, and the related data is collected to dissect later.
CHROs and Workforce Data - What’s Expected?
As per a Harvard Business Review study that focused on the usage and benefits of collecting workforce data, and how the C-level executives (CEOs and CHROs) leverage it to business advantage, it was found that a majority of large firms do collect workforce data. But, a large percentage of CEOs at such organizations are currently, not leveraging it to their advantage. They are not focusing much on the utilization of human capital metrics while taking decisions on business strategy.
Source: New Talent Management Network
What’s happening at the moment is, CEOs are not asking for workforce-related metrics, and therefore, hr leadership too, is avoiding delivery of the same. Besides that, even a small percentage of CHROs are not leveraging people metrics optimally, to empower business strategy with a synchronized people strategy.
Prospective Role of CHROs in the Deployment of People Analytics
In the current era, firms across industries are realizing the importance of hr leader roles, and hence, are rushing to find a competent hr leadership in the C-level roles. The reason behind this extensive search being launched, off late, by some of the largest corporations in the world, is the availability of workforce data in abundance, and the related smart tools that collect and store employee data in real-time.
With the availability of employee data, gradually soaring across the world, powered by easy access to data-capturing software tools, businesses are fast realizing the potential business benefits from the same.
Contributions, CHROs Can Make, to Ensuring Success with HR Analytics
CHROs are mostly, the decision-makers when it comes to organizational purchase for hr analytics software tools. Other professionals within the organization, in the hr leadership roles, like HRBP Managers, and People Analytics Leaders, usually are found involved in managing the daily operational, and strategic activities.
They are basically responsible for efficiently implementing the valuable outcomes gained from the analysis. But, their work is completely dependent on the instructions passed on, by the CHROs. And hence, eventually, it’s the CHROs that are held responsible for the success, or failure, of the people strategy.
CHRO Duties - Data Governance, and Gauging ROI of the Chosen HR Analytics Tool
The best HR leaders in the C-suite, at any organization, are the ones that understand data governance and take control of it. They are constantly monitoring data privacy, and the potential possibilities of data breaches, and attacks by anonymous hackers. Further, C-level hr leadership is also made responsible for bringing in a positive ROI on the deployment of hr analytics tools and associated frameworks.
An ideal CHRO ought to be a champion at making people decisions based on captured data so that the decisions made, must conform to the facts, and no prejudices. He must possess this skill of clearly communicating to the hr leaders, the significance of data, and the related insights. He must emphasize the usage of people analytics to help identify employee issues.
A CHRO must be able to sort out the top issues within the organization, affecting the workforce, based on collation of data, and act accordingly, to eventually refine hr, as well as the business verdict.