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Risk management should be handled with care

Risk management should be handled with care | HR Analytics and Big Data @ Work | Scoop.it
In the wake of the credit crisis, the teaching of risk management has become hugely controversial. Many blame the crisis on the failure of the mathematical modelling of market risk.

Via Kenneth Mikkelsen
Tony Brugman (Bright & Company)'s insight:

Important Lessons for HR Leaders in respect to the usage of more Risk Management principles within the area of Evidence-Based HR and Human Capital Management!

 

"Advanced financial econometrics involves an understanding not only of advanced statistical techniques but also of finance and, most importantly, experience. It takes at least four years of research and applied modelling to develop competence in this subject and fully understand the limitations and potential pitfalls of applying a methodology to data."

"Mathematical modelling needs to be better applied and better understood. These models are a powerful tool for reducing the guesswork in market risk, but only in the right hands."

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Tony Brugman (Bright & Company)'s curator insight, February 4, 2013 12:48 PM

Important Lessons for HR Leaders in respect to the usage of more Risk Management principles within the area of Evidence-Based HR and Human Capital Management!

 

"Advanced financial econometrics involves an understanding not only of advanced statistical techniques but also of finance and, most importantly, experience. It takes at least four years of research and applied modelling to develop competence in this subject and fully understand the limitations and potential pitfalls of applying a methodology to data."

"Mathematical modelling needs to be better applied and better understood. These models are a powerful tool for reducing the guesswork in market risk, but only in the right hands."

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HR Analytics and Big Data @ Work
Articles, research and reports on HR Analytics, Big Data and related topics
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When Health Care Gets a Healthy Dose of Data | MIT Sloan Management Review

When Health Care Gets a Healthy Dose of Data | MIT Sloan Management Review | HR Analytics and Big Data @ Work | Scoop.it
American health care is undergoing a data-driven transformation — and Utah’s Intermountain Healthcare is leading the way.
Tony Brugman (Bright & Company)'s insight:

Extensive MIT Sloan Management Review case study article of a major healthcare organisation that worked on building a data and analytics culture throughout the organisation. Not without results: "Data-driven decision making has improved patient outcomes in (its') cardiovascular medicine, endocrinology, surgery, obstetrics and care processes — while saving millions of dollars in procurement and in its the supply chain."

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Debunking Five Predictive HR Analytics Myths

Debunking Five Predictive HR Analytics Myths | HR Analytics and Big Data @ Work | Scoop.it
What prevents companies from using predictive analytics for purposes of managing human capital? The big hang-ups are around five interrelated myths.
Tony Brugman (Bright & Company)'s insight:

Good reflection from HR Analytics practitioners on suggested HR Analytics myths in an article at CFO.com. 

 

In reply to the CFO.com article, HR Analytics experts iNostix asked two HR Analytics practitioners (Patrick Coolen from ABN-Amro, Esther Bongenaar from Shell) their opinion on the proposed ‘Five Myths about Predicting Workforce Behaviours’ (http://ww2.cfo.com/people/2013/03/five-myths-about-predicting-workforce-behaviors/)

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Real examples of HR analytics in action - and data scientists in HR

Real examples of HR analytics in action - and data scientists in HR | HR Analytics and Big Data @ Work | Scoop.it

"Can you give us some concrete examples of how companies can make better decisions by manipulating and using data and insight? What metrics are they using?"


Via David Green
Tony Brugman (Bright & Company)'s insight:

Brought to you by Workforce Analytics vendor Visier, some 'real examples' of HR Analytics. In his examples, the author (Visier's director) mentions several success factors when performing HR Analytics:

 

1) "It is not the standalone metrics that brings the insight, but the ability to quickly build comparisons, identify trends and find outliers that makes the difference."


2) "Turning critical questions into a single number allows for powerful insight (and comparison) across the organization."


3) "The opportunities to add value through HR practices come more from stopping the wrong outcome from happening, than from reporting on what has happened."


4 "Instead of using the old indicators (/ usual suspects) to estimate behavior modern analytics technology applies algorithms that take into account many additional factors to refine the prediction of expected behavior."

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C-level and HR leaders must embrace evidence-based HR or risk losing ground: KPMG International report

C-level and HR leaders must embrace evidence-based HR or risk losing ground: KPMG International report | HR Analytics and Big Data @ Work | Scoop.it
Report reveals 82 percent of organizations expect to begin or increase use of analytics in the people function in the next three years, modest increase over 2012 but doubts remain about HR’s strategic value.
Tony Brugman (Bright & Company)'s insight:

New survey on data-driven HR by KPMG and The Economist Intelligence called 'Evidence-Based HR: The Bridge Between your People and Delivering Business Strategy'. Main outcome of the survey is that "Evidence-based HR (is) still at embryonic, pioneering stage".


Other main outcomes are:

 

- 55 percent remains skeptical about the potential of Big Data and advanced analytics to make a real difference to the HR function


- 82 percent expects their organization to either begin or increase the use of Big Data and advanced analytics over the next three years


- Corporate culture is cited as the single largest obstacle to the use of evidence in people management (32 percent), followed by lack of skills and resources (30 percent) and the quality of the data (29 percent)

 

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Should Your Voice Determine Whether You Get Hired?

Should Your Voice Determine Whether You Get Hired? | HR Analytics and Big Data @ Work | Scoop.it
Voice profiling is a promising, but tricky, new technology.
Tony Brugman (Bright & Company)'s insight:

Cool HBR piece on HR Technology innovation: using voice profiling to recruit new employees (e.g. for sales and customer service). "The use of computer-based algorithms to predict job fit based on an analysis of a candidate’s voice."

 

Further scientific research is needed to improve accuracy of the technology. Also, the authors/researcher say "we should think carefully about the ethical implications of adopting this method". 

 

"Until we are able to understand precisely how a person’s voice may contribute to organizational effectiveness, and whether it does so better than alternative attributes that a candidate can control, we should regard voice profiling only as an interesting experiment.

 

Also read:

http://www.npr.org/sections/alltechconsidered/2015/03/23/394827451/now-algorithms-are-deciding-whom-to-hire-based-on-voice

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Why Not Turning HR Metrics Into Predictive HR Analytics?

Why Not Turning HR Metrics Into Predictive HR Analytics? | HR Analytics and Big Data @ Work | Scoop.it
For a recent project iNostix has developed a shortlist of Talent Metrics and turned them into a corresponding list of Predictive HR Analytics to learn from.
Tony Brugman (Bright & Company)'s insight:

Nice overview from HR Analytics experts of iNostix. Clear-cut and simple!


"Believe it or not but for any descriptive HR Metric (looking at the past) several predictive questions (looking at the future) can be developed. It’s not that difficult, it’s a matter of a different perspective."

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The Talent Dividend | MIT Sloan Management Review

The Talent Dividend | MIT Sloan Management Review | HR Analytics and Big Data @ Work | Scoop.it

The 2015 Data & Analytics Report by MIT Sloan Management Review and SAS finds that talent management is critical to realizing analytics benefits.


Via David Green
Tony Brugman (Bright & Company)'s insight:

Updated report by MIT SMR and SAS focuses on the recruitment and management of analytics talent, because talent management matters when it comes to analytics: "The study finds that organizations achieving the greatest benefits from analytics are also much more likely to have a plan for building their talent bench."


Another interesting finding from the study is that despite the increase in data, it does not lead to more insights per se. "Access to useful data has steadily risen, but companies are less effective at applying insights to strategy."

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How Analytics is Changing People Management

How Analytics is Changing People Management | HR Analytics and Big Data @ Work | Scoop.it
Google has regularly been voted the best company in America to work for – its staff get free meals, generous paid holidays, access to “nap pods” for power-napping during the business day, and are even encouraged to grow their own fruit and vegetables at work.And, despite their old “don’t be evil” motto, Google top brass hasn’t set things up this way simply because they are lovely people. Like everything they do, their decisions were based squarely on data – and in this case the data showed that

Via David Green
Tony Brugman (Bright & Company)'s insight:

Good Linkedin blog (from February) by Analytics expert Bernard Marr on the rise and dangers of 'people analytics'. Despite the fact that it is not that difficult to implement and perform, Marr has serious concerns about the possible outcomes.

 

Marr sums it up like this:

"(..) In the age of Big Data analysis, measuring the efficiency of staff, and identifying the factors that may be affecting it, is a relatively simple process. (..) However if implemented in a sloppy or discriminatory fashion, (it) could also lead to serious problems with staff trust, and the level of intrusion into their private lives that they feel."

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Bright & Company partner Strategic Workforce Planning & Talent Analytics Seminar 2015

Bright & Company partner Strategic Workforce Planning & Talent Analytics Seminar 2015 | HR Analytics and Big Data @ Work | Scoop.it

For the second year in a row, Bright & Company | HR Strategy will be support partner of the “2nd Annual Strategic Workforce Planning & Talent Analytics Seminar” in Brussels (Belgium), organised by Icon Group in cooperation with Hay Group and Mercer.

Tony Brugman (Bright & Company)'s insight:

During the 2-day event on 28th and 29th of May 2015, top speakers and leading minds from across Europe and the U.S. will inspire you with the latest insights and their experiences on strategic workforce planning and HR analytics.

 

This year’s speakers includes representatives from leading companies such as Deutsche Bahn, Maersk Oil, Pfizer, SAP, and  Unilever. The event is a must-visit for VPs, directors and managers on HR, workforce planning, talent management, recruitment, organisational development and other related areas.

 

Interested? See the article and attached PDF for more information.

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The Quantified Workplace: Despite the Hype, Not All That Useful Yet

The Quantified Workplace: Despite the Hype, Not All That Useful Yet | HR Analytics and Big Data @ Work | Scoop.it

"Big Data promises to predict employee behavior. But as it turns out, humans aren't particularly predictable."


Via Alexander Crépin
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The Future Of Predictive Analytics – The Next Generation of Talent Metrics to Consider (Part 1 of 2) - ERE.net

The Future Of Predictive Analytics – The Next Generation of Talent Metrics to Consider (Part 1 of 2) - ERE.net | HR Analytics and Big Data @ Work | Scoop.it
A comprehensive list of current and future predictive talent metrics
Tony Brugman (Bright & Company)'s insight:

Great stuff by John Sullivan, giving us a (respectively) top 3 and top 18 list of what he calls first and second generation of predictive analytics/metrics. Excellent resource!

 

Disclaimer and advise by Sullivan: "Although these second-generation predictive analytics are more difficult to develop, it’s hard to argue against the potential business impacts that these predictive metrics will eventually provide."

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People data everywhere: Bringing the outside in

People data everywhere: Bringing the outside in | HR Analytics and Big Data @ Work | Scoop.it
The time has arrived for HR to leverage the valuable insights people data can yield—from both internal and external sources.
Tony Brugman (Bright & Company)'s insight:
Interesting new section in the Deloitte Global Human Capital Trends 2015 report on the use of People Data from both inside and outside your organisation. The highlights are:
1. HR and talent organizations are expanding their HR data strategies by harnessing and integrating external data from social media platforms and other external sources.
2. This trend is accelerating as more employee data appears online. Thirty-nine percent of surveyed companies are now leveraging social data to support efforts around recruiting, engagement, and understanding employment brand.
3. While analytics programs based on internal data can be tremendously valuable, the most powerful solutions will leverage external as well as internal data to inform critical talent decisions.
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Bosses Don't Bother With Talent Data - raconteur.net

Bosses Don't Bother With Talent Data - raconteur.net | HR Analytics and Big Data @ Work | Scoop.it
Data analysis is being used in virtually ever business function, but we are yet to see a large-scale take up of data analysis for talent management.
Tony Brugman (Bright & Company)'s insight:

Interesting analysis in Raconteur (appendix of The Times and Sunday Times) on "why talent analytics is still underused and undervalued?" The article includes contributions of Peter Cheese of CIPD and Eugene Burke of CEB.

 

Some reasons mentioned in the article:

- Lack of believe among business leaders more analytics lead to better decision making

- Analytics is viewed as a high-cost investment instead of a money-maker when proper implemented

- Quality and integrity of workforce data are too weak

- HR professionals have still a skills gap when it comes to data and analytics tools

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HR Analytics - 10 years behind

HR Analytics - 10 years behind | HR Analytics and Big Data @ Work | Scoop.it
HR analytics are 10 years behind - how did we let the situation come this far?

Via David Green
Tony Brugman (Bright & Company)'s insight:

Nothing new here, but a wake-up call nevertheless for HR: "As an industry, HR is Analytically speaking… about ten years behind. (We have) been applying the analytical models ten years ago that most HR departments only now seem to have started working with.”


Interesting blog by HR Analytics guru Luk Smeyers (iNostix): "Oops"

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Steven Marshall geeft implementatietips HR Analytics

Steven Marshall geeft implementatietips HR Analytics | HR Analytics and Big Data @ Work | Scoop.it

HR Analytics is de laatste jaren een toverwoord geworden binnen het HR landschap. Ondanks de vele voordelen worstelen veel HR-managers om HR Analytics goed onder de knie te krijgen. Op Consultancy.nl doet Steven Marshall van Bright & Company uit de doeken hoe (HR) managers direct aan de slag kunnen gaan met HR Analytics.

Tony Brugman (Bright & Company)'s insight:

(In Dutch) Bijdrage op Consultancy.nl met colleqa Steven Marshall over praktische aanwijzingen om aan de slag te gaan met HR Analytics.

 

1. Link met de business2. Vervang intuïtie niet door cijfers, maar laat ze elkaar aanvullen!3. Vertaal resultaten naar concrete acties!4. Begin klein!5. Learning by doing6. Integreer in je HR-processen
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Tech Insights: The Importance of Data Scientists in HR Technology

Tech Insights: The Importance of Data Scientists in HR Technology | HR Analytics and Big Data @ Work | Scoop.it
Data scientists are becoming important in HR technology. I had thought the big thing about SimplyHired was that they were good at scouring the web for job openings and putting them in one …

Via Andrée Laforge
Tony Brugman (Bright & Company)'s insight:

Interesting point-of-view on the role of data scientists in HR Technology.  The claim: Hiring good data scientists is just as important as having programmers.


Why: 1) HR Technology vendors are getting far ahead of HR to understand what they are doing, 2) Big decisions often need deep insight into the data

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Andrée Laforge's curator insight, May 19, 3:44 PM

On a tous besoin d'un bon data scientist en RH...

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Beware Spurious Correlations - HBR

Beware Spurious Correlations - HBR | HR Analytics and Big Data @ Work | Scoop.it
Analytical sleight of hand can mislead managers.
Tony Brugman (Bright & Company)'s insight:

Good insights from this HBR article on the dangers of seeing correlations in data graphs and charts.

 

Beware: "When we see lines sloping together, bars rising together, or points on a scatterplot clustering, the data practically begs us to assign a reason. We want to believe one exists."


However, it often is more of a "visual parlor trick to imply a relation."

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Study: Businesses Embracing Big Data but Hurdles Remain for Success

Study: Businesses Embracing Big Data but Hurdles Remain for Success | HR Analytics and Big Data @ Work | Scoop.it

"While companies are racing toward implementing Big Data initiatives, a recent Xerox study says there are significant issues slowing the capture of value. Business executives said there are a wide range of challenges in implementing Big Data strategies, including data security, privacy and data quality."

Tony Brugman (Bright & Company)'s insight:

Results from a Xerox-Forrester study amongst top-level execs from Western European companies "paints a portrait of the Big Data business journey".


Overall "the large majority of companies are moving forward with big data technology (..) but there’s also a wide range of issues that keep executives up at night.”


The study cites three key trends:

- Big data > gut-feeling in decision-making: 61% say decisions made in 2015 are likely to be based more on data-driven intelligence than factors such as gut feeling, opinion or experience

 

- Inaccurate data = costly: 70% encounter inaccurate data, 46% believe it's has negative impact on business

 

- Data security and privacy = big challenge: 37% rate data security and privacy as one of their biggest challenges when implementing big data strategies

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Rise Of The Quants — Again

Rise Of The Quants — Again | HR Analytics and Big Data @ Work | Scoop.it

I graduated from Stanford in the late 1980s with a dual degree in engineering and economics, and, like so many others of my day, I was drawn to Wall Street.


Via David Green
Tony Brugman (Bright & Company)'s insight:

Back to the future... Nice story about the (re)invasion of algorithms and analytics in the financial sector.

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What we learned about HR Analytics in 2014 - Part 2

What we learned about HR Analytics in 2014 - Part 2 | HR Analytics and Big Data @ Work | Scoop.it
Read about the most important HR Analytics lessons from 2014, collected by Luk Smeyers from iNostix, one of Europe's most sought after HR Analytics Experts.
Tony Brugman (Bright & Company)'s insight:

Excellent read! Part 2 of Lessons Learned by HR Analytics experts iNostix (Read Part 1 here: http://www.inostix.com/blog/en/14-hr-analytics-lessons-2014-part-1/)

 

Their lessons from 2014 include:

- Forget ‘big data’ at the start

- You can start tomorrow!

- Make HR analytics into a continuous process (instead of loose projects)

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Google is tackling the science of how to build excellent teams

Google is tackling the science of how to build excellent teams | HR Analytics and Big Data @ Work | Scoop.it
The next big people analytics project.
Tony Brugman (Bright & Company)'s insight:

We already read about Google's scientific approach to management (as part of Project Oxygen). Now, the company wants to study 'how do great teams work': "The way great teams function is much more poorly understood than how to lead people well."


So, more to expect from Google in the coming years!

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The Algorithm That Tells the Boss Who Might Quit

The Algorithm That Tells the Boss Who Might Quit | HR Analytics and Big Data @ Work | Scoop.it
Companies including Wal-Mart, Credit Suisse and Box are analyzing an array of data points to determine who is likely to leave. The idea is for managers to have early warning so they can take action before employees jump ship.
Tony Brugman (Bright & Company)'s insight:

Is it OK for an employer to predict whether an employee has a higher chance or risk to leave the company? Or does this mean a less 'human'-side in HR? This article from WSJ stirred up some debate (100+ comments).

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The Future of Predictive Analytics — the Next Generation of Talent Metrics to Consider (Part 2 of 2) - ERE.net

The Future of Predictive Analytics — the Next Generation of Talent Metrics to Consider (Part 2 of 2) - ERE.net | HR Analytics and Big Data @ Work | Scoop.it
A comprehensive list of future predictive talent metrics
Tony Brugman (Bright & Company)'s insight:

Part 2 of a great collection of predictive talent analytics and metrics by ERE.net's John Sullivan.

 

In part 1 he presented a list of current and near future predictive talent analytics and metrics which every companies should be able to implement now and in the near future. Next, he provides a list of future predictive metrics that should be developed during the third generation.

 

Giving the analytics developments in other industries and fields of management, Sullivan foresees that (when it comes to talent management and HR) "we can expect a wide array of sophisticated public and proprietary predictive metrics to be developed over the next five years". He compiled a list of 25 possible advanced predictive analytics for the world of talent management and HR.

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Dave Ulrich: 'HR Analytics? That's Peeling from the Outside!'

Dave Ulrich: 'HR Analytics? That's Peeling from the Outside!' | HR Analytics and Big Data @ Work | Scoop.it
Dave Ulrich & The RBL Group came up with great new HR Analytics & Metrics insights to answer the question: How to add value through HR metrics & analytics?
Tony Brugman (Bright & Company)'s insight:

Colleagues of iNostix made a full transcription of the RBL Group Slideshare presentation on 'HR Metrics & Analytics: Creating value through measuring and analyzing'.

 

RBL's takeaways to create value:

1. Start with building analytical acumen. This is how you can build your fluency

2. Know what metrics are important for your business

3. Understand which HR practices are important in order to build organisational capabilities

4. Improve your practices by measuring what matters and find meaningful patterns in the data

5. Provide value by measuring data to predict future issues like employee turnover

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HR and people analytics: Stuck in neutral

HR and people analytics: Stuck in neutral | HR Analytics and Big Data @ Work | Scoop.it
Still too few organizations are actively implementing HR analytics capabilities to address complex business and talent needs.
Tony Brugman (Bright & Company)'s insight:

New Deloitte Global Human Capital Trends 2015 report is out! The highlights of the HR Analytics section are:


- Too few organizations are actively implementing people analytics capabilities to address complex business and talent needs.


- Three in four surveyed companies (75 percent) believe that using people analytics is “important,” but just 8 percent believe their organization is “strong” in this area—almost exactly the same percentage as in 2014.


- Companies that build capabilities in people analytics outperform their peers in quality of hire, retention, and leadership capabilities, and are generally higher ranked in their employment brand.

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