Human resources are an essential department within every company setting. They assist with the hiring and training of employees, as well as a wide range of other administrative tasks. Never underestimate their value when it comes to the success of daily operations.
The good news is that as technology is advanced, and is continuing to do so, there has been an expansion in the accumulation of data, and its respective programs. It is thanks to data that businesses can better understand both their employees and customers, thus enabling them to make the best possible decisions in the future.
Data can even impact the financial knowledge of a company, as keeping track of employee productivity can correlate to whether or not profit is being made as a result of strong work ethic on a daily basis. The acquisition of business in the future, then, can be reliant on whether or not you feel that your company has been performing well up until this point. Remember, the data doesn’t lie.
The accumulation and analysis of key data can impact HR departments in a number of ways, and thus further progress companies towards meeting their goals. This point will be analyzed in the upcoming sections in greater detail.
Training related data
Data plays a huge role in everyday business operations, and HR is among one of the departments that benefit from its use.
Take the example of training employees, a task that is the responsibility of the human resource department. It is thanks to the successful training of these people that everyday operations are efficient and thus run smoothly.
So, where does data play a role? People now have the possibility to access an indefinite amount of information, and any question that a worker may have will have an answer that they can quickly search. The sharing of this information within the company setting has made it easier for people to collaborate with one another, and most importantly, learn new things.
Employee productivity or lake thereof will, once again, affects the success of an organization. Thereby, it’s only natural that business leaders want people to be motivated, and the HR department is often left in charge of ensuring the wellbeing of the employees. These professionals must check in with them, offer constructive feedback, and furthermore help them reach a point where they are knowledgeable and successful throughout the day to day.
There are certain software programs that HR can use in order to track and report the data they collect based on the employee mood and behavior that they witness. This, of course, will benefit the workers in the long-term as it can be easier to detect what areas people need to improve in, and human resources can offer assistance in this regard.
Then, there’s the matter of receiving adequate compensation, something that will always attract employees to work for a certain business.
Given that HR is responsible for payroll, it must also be notified and keep on file the various financial acquisitions of a company. Will the business go after a new company acquisition, and what this means for the current employees working there? Will their salaries be raised? Will some people have the opportunity to be promoted? Were acquisition loans required in order for the company to expand its reach?
Thanks to the data collected on employee performance and their achievements, and by also understanding the financial state of the organization, HR can recommend raises. If it’s possible, why not sustain strong relations with existing workers, and thereby demonstrate that they are valued, rather than constantly hiring new staff?
Social media data
Social media is one of the biggest sources of data accumulation, and it can teach HR professionals a wide number of things.
Of course, you can easily tell who has engaged with the content on your social media platforms, and whether or not people are interested in the products or services you offer. This isn’t only beneficial for customers and making sales, but for encouraging prospective employees to apply for a job at the company as well.
When it comes to recruitment, social media can be used by the HR department in order to further spread the word about hiring initiatives.
The marketing department is often tasked with ensuring that engagement levels are high, while the human resource department can use this data to their advantage for recruitment outreach.
A company must always keep their finances organized, and it is not only the accounting department that must be knowledgeable about the internal monetary flow but HR as well.
In order to make better decisions, especially in recruitment, HR professionals must be made aware about the profitability of the company. Are there interest rates on business loans accumulated? What does this mean for the wellbeing of everyday employees?
There are programs that can be used in order to efficiently track the money both going in and leaving the company, and the data, at the end, is clear about whether or not growth is in the company’s long-term or short-term future.
Making business decisions
The type of strategy and decisions that are made for the success of the company can be tied back to data analytics across different sectors, and especially the data accumulation related to employee productivity and work quality.
Technology and the future of HR
Technology is only continuing to grow, and as a result, the software programs and tools that people can collect data with is expanding as well, thereby improving the everyday work capabilities of HR professionals. Tim Berners-Lee, the inventor of the Worldwide Web, has said:
Without human resources, a company would not be as profitable as it ought to be. Keep in mind that they are the reason the best possible employees are hired, and the type of data that they can collect, through the use of various programs, can play a big role in day to day company performance.
HR professionals can learn from they collected, whether it is recruitment related, in reference to training, financial and much more, and apply all of that to ensure that workers are satisfied and that large-scale goals are met.
Even by simply ensuring that the business finances are properly tracked and kept in order, such as for the purchase of any equipment loans, will allow company leaders to properly file their taxes and assess the profitability that they have made through the span of the year.
Keep in mind that there are tools and programs available to easily analyze the growth or decline in money, and it will help owners decide whether or not they will expand their current business plan. At the end of the day, data is essential, and it plays a big part in everyday operations, for large and small businesses alike.
In addition to writing about the financial markets, Mr. Kelly writes extensively about digital marketing and SEO.
Mr. Kelly attended Boston College where he studied English Literature and Economics, and also attended the University of Siena, Italy where he studied studio art.
Mr. Kelly has been a decades-long community volunteer in his hometown of Long Island where he established the community assistance foundation, Kelly's Heroes. He has also been a coach of Youth Lacrosse for over 10 years. Prior to volunteering in youth sports, Mr. Kelly was involved in the Inner City Scholarship program administered by the Archdiocese of New York.
Before creating ForexTV, Mr, Kelly was Sr. VP Global Marketing for Bridge Information Systems, the world’s second largest financial market data vendor. Prior to Bridge, Mr. Kelly was a team leader of Media at Bloomberg Financial Markets, where he created Bloomberg Personal Magazine.
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