Evaluating SHRM at the Royal Bank of Canada

Gathering data

The Royal Bank of Canada (RBC) came up with people analytics division within its HR department to converge personnel, customer feedback and management data to inform the orientate strategy. The people analytics division’s primary objective was the optimization of data-driven managerial decision making processes. 

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The glut of data means that the people analytics team at RBC had to discriminate on what data was actionable and in what context (Schifrin & Shaw, 2017). An abundance of data, critics observe, does not automatically translate to effective strategizing. Actionable strategies are a result of isolating data and determining the contexts in which it can be most effectively deployed (Rasmussen & Ulrich, 2015). 

HRM-related analytics also collect external information that includes industry competitors, emerging trends in HR practices such as workplace diversity, legal and regulatory variables impacting labor practices and so forth (e Silva & da Silva Lima, 2017). 

Evaluating data

The RBC’s people analytics team commenced with evaluating diverse data sets that included sales reports, customer and employee evaluations and opinion surveys (Schifrin & Shaw, 2017). Human Resource Information Systems (HRIS) are a primary component of people analytics. HRIS enabled the people analytics team to identify and act large data volumes in real time. Further, HRIS reduce the time it takes to analyze and process data for further action (e Silva & da Silva Lima, 2017). 

Methods of evaluation and impact on HR.

People analytics at the RBC involves the utilization of various data points such as sales and employee performance, customer experience and employee opinion feedback. Other data points included recruitment practices, work plans and incentives for productivity and excellence among employees. 

The sharing of knowledge between departments as well as vertically along managerial levels has enabled the generation of more accurate data points for the people analytics team. The finalization of readily actionable reports is crucial in the data-driven SHRM. Senior managers report that timeliness in finalizing reports and data quality as some of the gaps undermining data-driven decision making (NGA HR, 2018). 

While other departments such as finance and IT have long established analytics as a major component in their operations, HR has only lately commenced using analytics to enhance the employees’ contribution to strategic objectives. Of importance is that managers, employees as well as other HR practitioners consume the RBS people analytics team’s findings, emphasizing the importance of adopting readily understandable reporting formats.

References

e Silva, M. S. A., & da Silva Lima, C. G. (2017). The Role of Information Systems in Human Resource Management. In Management of Information Systems – IntechOpen. Retrieved from: https://www.intechopen.com/books/management-of-information-systems/the-role-of-information-systems-in-human-resource-management

NGA Human Resources (2018) HR data: Great power, great responsibility Retrieved from https://www.hranalytics.org.uk/app/download/15113810/HR+Data+Great+power%2C+great+responsibility.pdf 

Rasmussen, T. and Ulrich, D. (2015) Learning from practice: How HR analytics avoids
being a management fad. Organizational Dynamics, 44(3), 236-242.Schifrin, D., & Shaw, K. (2017) Royal Bank of Canada: Using people strategy and analytics
to drive employee performance (A). Retrieved from: https://hbsp.harvard.edu/tu/1ce9d847

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