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Where HR Data Makes a Difference

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Where HR Data Makes a Difference

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A recent study found that the profit margins of organizations that are more advanced in HR analytics (also known as people analytics) are 56 percent higher than those of less advanced organizations. With the data and analytical systems available today, HR can have a bigger positive impact on critical business issues than ever before. HR analytics can help organizations reap benefits across a number of domains, from hiring the right people to onboarding effectively to reducing attrition of high-value employees.

Yet even though HR departments are generating more data than ever before, they often struggle to turn their data into valuable insights. Recent research from BambooHR found that while 58 percent of HR professionals believe HR analytics are very important, only 16 percent viewed themselves as an expert in using HR data.

In this webinar, HR experts from PayScale and BambooHR will dive into how HR leaders can become proficient in using data to drive change in every area that matters, including recruiting, talent management, productivity, and retention.

A recent study found that the profit margins of organizations that are more advanced in HR analytics (also known as people analytics) are 56 percent higher than those of less advanced organizations. With the data and analytical systems available today, HR can have a bigger positive impact on critical business issues than ever before. HR analytics can help organizations reap benefits across a number of domains, from hiring the right people to onboarding effectively to reducing attrition of high-value employees.

Yet even though HR departments are generating more data than ever before, they often struggle to turn their data into valuable insights. Recent research from BambooHR found that while 58 percent of HR professionals believe HR analytics are very important, only 16 percent viewed themselves as an expert in using HR data.

In this webinar, HR experts from PayScale and BambooHR will dive into how HR leaders can become proficient in using data to drive change in every area that matters, including recruiting, talent management, productivity, and retention.

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Where HR Data Makes a Difference

  1. 1. bamboohr.com payscale.com Mart Withers Director of Product Marketing BambooHR Brian Webber Senior HR Business Partner PayScale
  2. 2. Administrative vs. Cultural Tasks 58% of HR professionals believe HR analytics are very important, but only 16% view themselves as an expert in using HR data. 16%
  3. 3. Administrative Tasks ● Payroll ● Benefits administration ● Time off management ● Company communication ● Compliance ● Signatures
  4. 4. Culture The summation of how people within an organization interact with each other and work together. bamboohr.com payscale.com
  5. 5. Cultural Tasks ● Long-term strategies ● Compensation strategy ● Employee satisfaction ● Talent management
  6. 6. Benefits of a Great Employee Experience ● 28x: Fast Company’s Most Innovative Companies ● 11.5x: Glassdoor Best Places to Work ● 2.1x: Forbes World’s Most Innovative Companies ● 4.4x: LinkedIn North America’s Most In-Demand Employers ● 2x: American Customer Satisfaction Index
  7. 7. Benefits of a Great Employee Experience ● 4x Profit ● 2x Average revenue ● 25 percent smaller
  8. 8. bamboohr.com payscale.com What’s important to measure? ● Retention ○ “bad” attrition (voluntary, high performers) ○ voluntary in first 18 months ● Employee Satisfaction ○ a measurement of an employee’s “happiness” with current role ○ it does not measure how much effort the employee is willing to expend ● Employee Engagement ○ a measurement of an employee’s emotional commitment to a company ● Recruiting ○ time to fill (speed matters) ○ quality of hire
  9. 9. Employee Satisfaction Responses: ● 10-9: Promoters ● 8-7: Neutrals ● 6-0: Detractors
  10. 10. (DETRACTORS/UNHAPPY) (NEUTRALS) (PROMOTERS/HAPPY) - eNPS SCORES CAN RANGE FROM -100 TO +100 - A SCORE OF ZERO WOULDMEAN YOU HAVEAS MANY DETRACTORSAS PROMOTERS WHAT IS eNPS®
  11. 11. Compensation is often a source of dissatisfaction for employees as well as why companies have a hard time with hiring.
  12. 12. How Compensation Data and Metrics Help You Make Competitive Offers
  13. 13. bamboohr.com payscale.com I need to hire a software engineer… How much should I pay?
  14. 14. bamboohr.com payscale.com Comparing Software Developers
  15. 15. bamboohr.com payscale.com Not all skills should be compensated Ask yourself: is this skill… ● Technical or non-technical? ● Essential, useful, assumed or irrelevant? Two ways to compensate skills: ● Include in market benchmark ● Reflect through range penetration Most critical jobs to benchmark with skills are those where technical skills provide important definition for the job beyond the job’s title.
  16. 16. bamboohr.com payscale.com Data Allows You to Lead With Your Best Offer
  17. 17. How compensation analysis helps you maintain fair pay for existing employees
  18. 18. bamboohr.com payscale.com What compensation data & metrics can do for your business ● Make sure you’re paying all employees fairly and you’re following your compensation strategy ● How does your comp plan compare to the market? ● Is it rewarding the behaviors you need to achieve to business objectives? ● Identify over / underpaid employees ● Uncover potential gender / racial pay disparities ● Help you clearly communicate your pay rationale to employees and managers, increasing employee satisfaction
  19. 19. bamboohr.com payscale.com Are we paying competitively? KEY METRIC Compa Ratio: Compare employee pay to the market values for a position to which they’re assigned at your target percentile 10.8 1.2 At market Above marketBelow market
  20. 20. bamboohr.com payscale.com Do we need to adjust our salary ranges? Key Metric: % Difference Between Range Midpoint vs. Avg. Market Value Software Engineers in Seattle Minimum 50th percentile Max Your Range 90,000 130,000 170,000 Market Data 140,000 Percent difference 7.7%
  21. 21. bamboohr.com payscale.com Pay Compression = To avoid pay compression, regularly benchmark your positions to the market. ● Define your “competitive” set (location, industry, org type and org size). ● Benchmark your jobs to other similar roles in the market to identify the “going rate” for a position. ● Align pay for all employees in the same or similar job to your market rate. Pay differentials that are too small to be considered equitable
  22. 22. bamboohr.com payscale.com Pay Equity Can Make (or Break Your Brand)
  23. 23. bamboohr.com payscale.com Conduct Pay Equity Analysis to Detect: ● Pay gaps hidden within certain job titles or departments ● Underpaid high performers and overpaid low performers ● Significant differences in promotion rates, raise frequencies/amounts, and/or bonus eligibility for similar employees doing similar work. ● Men and women who do similar work, but are not in the same job/level
  24. 24. bamboohr.com payscale.com
  25. 25. bamboohr.com payscale.com
  26. 26. bamboohr.com payscale.com Practical Advice & Considerations ● Make sure to involve legal counsel throughout the process ● Conduct your pay equity analysis ahead of budgeting season in order to create an “equity reserve” to make pay equity adjustments ● Determine your optimal communication strategy for leadership, employees and externally. Employment brand really matters in today’s tight talent market! ● Remember it isn’t only about pay – understand what potentially created the inequities and how to put strategic plans in place to avoid future problems
  27. 27. Performance Management
  28. 28. Four Issues with Annual Reviews ● They take too long: Managers can spend up to 210 hours per year doing performance reviews and employees can spend up to 40 hours. ● They’re subjective: The questions often reveal more about the manager than they do about the employee. ● They’re infrequent: It's hard to remember what happened at the beginning of the year when completing a review at the end of the year. ● Their purpose is unclear: Is the review to improve performance, to justify compensation decisions, or to punish mistakes?
  29. 29. Quick Recap
  30. 30. bamboohr.com payscale.com What’s important to measure? ● Retention ○ “bad” attrition (voluntary, high performers) ● Employee Satisfaction ○ a measurement of an employee’s “happiness” with current role ○ it does not measure how much effort the employee is willing to expend ● Employee Engagement ○ a measurement of an employee’s emotional commitment to a company ● Recruiting ○ time to fill (speed matters) ○ quality of hire
  31. 31. HR Platform: Removing Data Barriers
  32. 32. Barriers to Gathering HR Data ● People have day jobs: If they don’t have the time to calculate their PTO balance or include details in their time tracking, then they’ll choose to focus on their duties. ● Incorrect data entry: Does the data need to be in a specific format, especially when dealing with figures or dates? If there are requirements your employees don’t understand, someone will have to fix mistakes. ● Poorly connected systems: If employees have to transfer data by hand, there’s more opportunity for human error.
  33. 33. What is an HRIS vs HRMS vs HCM?
  34. 34. What to Look for in HR Software ● Delightful experience: How long does it take to access the software? To make changes? ● Employee self-service: Can employees learn quickly to DIY? Is it mobile friendly? ● Seamless integrations: Does the software integrate with other tools that you use in HR, such as payroll programs, compensation management platforms, performance management tools, ATS, time tracking, etc.? ● Support: How exceptional are people who can support and guide you to success in implementing, rolling out and using the platform you choose?
  35. 35. Takeaways For HR Data to be useful, it’s important to put it in the context of your values and objectives. ● Ongoing analysis helps keep your policies in alignment with what your employees value ● Compensation analysis helps ensure fair pay and helps you avoid salary compression ● An HR platform and satisfaction data help you spot trends in your long-term experience ● Regular performance management provides ground-level data and offers a chance to improve the employee experience.
  36. 36. bamboohr.com payscale.com Questions? Receive a free job posting on our ATS and full HRIS for one week. We will contact everyone within the next few days to set this up. BambooHR Check out our resources on compensation. payscale.com/compensation-today PayScale
  37. 37. bamboohr.com payscale.com Thank You! Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com/compensation-today

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