The HR Scorecard Relies on Data
The HR Scorecard is a data and metrics-driven tool that relies heavily on the collection of such data and metrics. Thus, it can be said that the HR Scorecard thrives on data and metrics. While data can be collected manually which is a time-consuming procedure, it can also be collected with the astute use of technology.
For instance, if metrics related to hiring and retention of resources needs to be collected, technology can certainly help in this aspect by both speeding up the process as well as through more targeted and accurate collection of such metrics.
Indeed, using technology such as Big Data Analytics and Artificial Intelligence powered tools, the metrics can be made more granular meaning that there can be more targeted and relevant as well as accurate collection.
Technology can Make Data Collection More Efficient and Granular
The key point to note is that technology helps in targeted collection of metrics such as fine-grained data related to how many candidates were interviewed and which profiles were shortlisted as well as how much there was a match between such aspects and the eventual candidates selected.
For instance, using Big Data and AI, metrics can be made more fine or accurate wherein data related to recruitment and retention of the resources can be made more granular. Indeed, both Big Data and AI help the collection of data related to how well the profiles of the candidates interviewed and eventually hired match with each other.
This can help subsequent iterations of the recruitment process by ensuring that the gap between “needs” and “fulfillment” is narrowed.
Real World Examples
For instance, there can be a requirement for Project Managers who are also People Managers and for this, the HR Function might release better ads and more targeted ones wherein the information that has been collected earlier can be used to enhance the quality of the subsequent rounds of recruitment.
Indeed, technology helps the HR Function to “continuously evolve” and optimize wherein each round of the process helps in learning for the future and subsequent rounds. Further, Big Data and AI can also help in reducing the time it takes to collect data and metrics.
For instance, using technology, the data collection process can be speeded up and indeed, made real the process need not have “lags” between the recruitment step and the data collection step.
Apart from this, data and metrics related to employee retention strategies can be collected wherein each part of the retention value chain such as hiring, on the job performance, the value derived from training and people empowerment, and the longevity of the employees in the organization can all be made more efficient.
To take an example, if ten employees were recruited for a particular position and then trained on value adding skills apart from being monitored for their performance, depending on how many of them were still with the organization, the data about each of these steps can be collected and measured in a more efficient manner.
Data is the New Oil and Technology Helps the Data Transformation into Information
In addition, technology can help in the HR Scorecard objectives of aligning the HR function with the organizational goals and strategies. For instance, data related to the “bottom line” imperatives of the organization can be matched with the data related to the HR Scorecard parameters and then, can be matched with each other thereby revealing how well these are aligned to each other.
Indeed, using Big Data and AI, such matching can be made more efficient by accurately reporting on the exact misses and hits between the organizational goals and the HR process outcomes. In other words, using technology, not only can data be collected better but the use of such data can be made more efficient and productive.
Because the HR Scorecard is aimed at data-driven measures, it is indeed the case that technology that thrives on data can help the objectives and goals behind the same. Further, in an age where “Data is the New Oil” or in other words, data is precious and valuable, technology can definitely help in ensuring that datasets that are rich on information are collected.
Apart from this, the transformation of data into usable information that is not only relevant but also more accurate can be made better using technology since any technology typically is about raw data collection as well as making it more usable and relevant.
Indeed, Big Data and AI can help in this transformation of data into information and knowledge by algorithmic driven matching of the datasets with the needed information by the organizational stakeholders.
Example of Siri
To take an example, iPhone and other Smartphone users are aware of the AI Driven Voice Assistants such as Siri that take commands from the users and retrieve and display relevant information.
In the same manner, technology can help the HR Executives and the Senior Leadership in organizations to have a “Bird’s Eye View” of the HR Scorecard by feeding in the requirements and then using the information retrieved to make better decisions about which aspects of the HR Scorecard have met the objectives and which aspects need improvement.