Using HR Scorecard with Analytics to Actualize Next Generation Performance

How the Combination of the HR Scorecard and Analytics can be a Game Changer

Analytics of all types is the wave of the future. Right from Data Analytics that uses advanced forms of data analysis using large datasets and other pools of data to find patterns in the same to the Business Analytics tools that use trends and other indicators to arrive at forecasts for the future, Analytics is indeed something that represents Next Generation business practices.

Also, the HR (Human Resources) scorecard represents how the performance of employees and the HR Function, as well as the larger organization, can be optimized and be made more efficient through data-driven measures of performance and analysis using advanced forms of forecasting and analysis.

Thus, the combination of Analytics and HR Scorecard can indeed be a game changer for organizations seeking to leverage their human resources and make them more efficient in addition to tying them to the broader organizational performance.

Specific Examples of How Such Tools can be Used

For instance, the HR Scorecard typically is used to generate ROI or Return on Investment of Human Resources wherein financial and operational measures are gathered and reported related to specific employee performance and how well such measures fit in with the broader organizational imperatives.

Analytics, on the other hand, can be used in any organizational function to derive the CBA or the Cost Benefit Analysis of various organizational initiatives. Further, Data and Business Analytic tools can be used to arrive at prognostications about the future using large datasets and trends.

Taken together, Analytics tools can be used with the HR Scorecard to actualize truly Next Generation Measures of organizational performance as well as to actualize advanced forms of forecasting and measuring performance.

Indeed, both the HR Scorecard and Analytics represent the marriage of advanced forms of data and trend analysis with the scorekeeping and reporting of measures and indicators in a format based manner.

To see how this works in practice, we can take the example of the HR Scorecard measures of employee performance and how specific employees have justified the costs incurred on them with the derived benefits from their performance.

Thus, it is indeed the case that specific employees and their performance can be quantified and reported on the HR Scorecard using financial and operational measures.

In this context, Analytics using Big Data and Artificial Intelligence can be used to arrive at granular methods of data and business analytics. In other words, while the HR Scorecard can be used to generate and report the financial and operational measures, the Data and Business Analytics can be used in such reporting of measures by preparing the necessary measures of performance in a highly granular and sophisticated manner.

Indeed, the coming together of Analytics and the HR Scorecard represents a truly next-generation method of gathering, analyzing, and reporting performance measures that can be financial and operational in nature.

Business at the Speed of Thought

Contemporary organizations need advanced measures of measurement and reporting of measures as well as need to have the ability to discern larger patterns in the datasets available to them.

In times when business trends and events change in real time and where speed and accuracy are of the essence to enable Next Generation Business Strategies, the combination of Business Analytics and the HR Scorecard represent truly revolutionary and game-changing approaches to the way in which organizations perform.

Indeed, when the current “Business at the Speed of Thought” paradigm demands accuracy and speed at the same time in any measures of organizational performance.

Thus, in this context, the HR Scorecard represents a novel and innovative approach to making human resources count in the overall organizational universe.

On the other hand, Data and Business Analytics represent methods that can aid organizations in arriving at macro and micro measures of performance from complex trends and events that can made as granular as possible for the micro part and as Big Picture Analysis as possible for the macro part.

Next Generation Reporting and Forecasting

Apart from this, the fact that contemporary organizations, especially in the Services Sector, count their employees as the main asset means that they need to get the best out of their employees as well as understand how well such employees are contributing to the organization. The HR Scorecard is especially useful in such imperatives whereas Analytics is useful in measuring such indicators.

Thus, while the HR Scorecard is a reporting tool, the Analytics tool is a data gathering and analysis tool that can be used to discern trends and the Big Picture. This means that when used in conjunction, the HR Scorecard and the Data and Business Analytics tools can be used to both report and forecast measures of employee performance and broader organizational performance.

Indeed, the fact that the former reports measures and the latter finds patterns in such reports means that taken together, they represent a powerful combination.

Conclusion

Lastly, when used together, the HR Scorecard and the Analytics tools can be used to actualize synergies and actualize efficiencies from the economies of scale.

Indeed, the fact that synergies accrue from the combination of reporting and analysis and which can drive efficiencies from scale since all employees can be covered means that Next Generation reporting and forecasting capabilities are within reach of organizations that use these tools.

In times when forecasts often fail the moment they are released, the power to measure and report with speed and accuracy is indeed an asset for organizations that seek to optimize their returns from their employees.

To conclude, using the HR Scorecard with Analytics represents a truly game-changing approach to business.


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Authorship/Referencing - About the Author(s)

The article is Written By “Prachi Juneja” and Reviewed By Management Study Guide Content Team. MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter Experts. To Know more, click on About Us. The use of this material is free for learning and education purpose. Please reference authorship of content used, including link(s) to ManagementStudyGuide.com and the content page url.


Human Resource Management