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.
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).
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.
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
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more