This article is brought to you by BIPO.
Conventionally used by large enterprises in predicting global trends, increasingly, data analytics is being used by SMEs and HR teams. Karen Lee, Managing Director, BIPO, speaks to HRO on how to capitalise on this wave.
As big data continues to dominate today's global business landscape, the push to convert data analytics to people analytics is escalating.
Conventionally used by large enterprises and MNCs in predicting global trends and consumer preferences, increasingly, data analytics is being used by SMEs and HR teams in compensation and benefits, managing attrition and retention, and employee engagement. The global trend points towards data analytics being used beyond pulse surveys to include employee touchpoints throughout the employee journey.
As a global payroll and people solutions provider, BIPO continues to lead and innovate in business intelligence (BI), data, and people analytics as part of its award-winning cloud-based HR management system (HRMS).
Karen Lee, BIPO's Managing Director who spearheads the group's Southeast Asia and Oceania operations, shared with HRO in an exclusive interview, "Organisations today need to combine the art of HR with the science of data analytics to deliver results aligned with business goals. Doing so is imperative in today's digitalised economy with vast amounts of data accessed across multiple countries."
She added, "Within the data set is a compelling narrative about your business, pain points, and opportunities to improve, grow your talent, and ultimately your business."
Drawing on her experience working with enterprises and SMEs across the region, Lee shared that since the pandemic, business leaders have used people analytics to support the decision-making process, leveraging historical data to draw actionable insights.
Noting that the concept of big data and data analytics is not new, there is a common misconception surrounding data, analytics, and BI tools. Such misconceptions generally stem from a lack of understanding and the impression that interpreting the data is challenging.
However, a lot has evolved since the days of legacy BI tools with limited functions. Next-gen BI tools and dashboards, like those provided by BIPO's cloud-based HRMS platform, offer customised reports and are highly sought after as a business enabler to solve short-term problems.
Lee shared that when attrition rates are consistently high, companies implement quick-fix solutions to increase salaries or hire more talents. However, data analysed over 12 months could paint a different narrative, suggesting underlying issues such as disengaged employees, a mismatch in leadership style, or a combination of factors. Often, supporting data could indicate that a mid to longer-term strategy is needed to ensure sustainable teams. Such plans could include coaching, mentoring, and succession planning rather than a salary increase or promotion.
Lee concluded that with remote and hybrid work arrangements likely to continue into the foreseeable future, people analytics would be a business staple – ensuring HR leaders pivot towards historical data rather than gut-feel instincts to make informed decisions aligned to their goals.
To learn more about how BIPO helps companies leverage people analytics, download your free e-book: Data-driven HR: People Analytics for the New World of Work.
At BIPO, our passion for technology and innovation empowers businesses across the globe with increased efficiency and convenience.
Our enterprise-ready HR management system (HRMS) platform automates HR processes, simplifies workflows, and delivers actionable insights to build the best employee experience. Complemented by our payroll outsourcing solutions and global PEO services, we support businesses to manage today's global workforce.
We are better connected to support your payroll and people solutions needs through a global network of 27+ offices, four R&D centres, and business partners across 100+ countries.
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