What is the most important component of an HR strategy? Why?
Recruitment and retention is the most vital HR strategy, according to David Green. Since Human Resource analytics entails collecting, organizing, and analysis of data on aspects such as retention and recruitment by scientific means, concentration on employee recruitment and retention is ideal. The strategy will aid in better performance and positive growth of a company through a competent HR department.
What are two or three big challenges to fully building and leveraging a HR Analytics challenge?
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The need for 100% data accuracy is the first challenge. The failure to achieve efficiency will contribute to slow inclusion of data analytics. Also, the negative perception of data analytics aspects such as security, standards, and stewardship will lead to a halt in the introduction and continued use of the HR analytic program.
What are the implications of data privacy and ethical challenges associated with data analytics? What needs to happen to mitigate the risks associated with these challenges?
The employees might feel excluded from the company's business regardless of the effort they place to realize success. Employees might also feel they lack autonomy due to a lack of transparency. HR analytics must involve employees and apply transparency. The mitigation will lead to confidence among employees and high-level productivity and professionalism in handling data.
How can you employ data analytics to address the "flight risk" challenge?
Data analytics aid in the confirmation of the challenges and opinions of employees. The realization of the difficulties such as low salaries, the setting of an employee, transition in employee roles, and welfare of employees will contribute to the improvement of working conditions to avoid flight risks.
Nielson found that for every 1% decrease in employee attrition, they could avoid $5 million in business costs. Describe the process and findings shared in the example of applying analytics to achieve the attrition solution.
Analytics such as predictive aids in the foreseeing the challenges employees experience, the turnover rates, and the flight risk. A company will, therefore, introduce strategies to reduce the rate of attrition through cohesion, welfare, and an increase in wages to minimize losses. A 1% employee attrition reduction describes the positive outcomes due to the application of employee data to realize a perfect strategy, an ideal business plan. The reduction in the rates of attrition, therefore, reduces losses by business as in the case of a 5 million dollar savings.
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McKinsey: McKinsey - People analytics reveals three things HR may be getting wrong
Explain how "knowledge moves the curve" (3-4 key ideas).
The knowledge about recruitment strategies creates a transition in the approaches applied by the Human resource through the inclusion of data analytics. The knowledge about employees' data and recruitment methods will lead to high income and perfect organization structures that will move the curve in the right direction in ther business environment. Also, the application of the recruitment algorithm reduces bias in the applicants' screening process. It also reduces the costs of screening many job applications to obtain the right employee for the job. The process changes the curve by saving the company more expenses through the knowledge of automation. Finally, the collection of data on employees who are at risk and might increase the rates of attrition is vital. The retention of productive and competitive employees changes the curve in the right direction. Data analytics aids in that change.
What is one additional key takeaway that you learned from reading this article?
I have discovered that not all top universities are the source of employees with excellent business ideas and talents that lead to the success of a business. The challenges in the business environment can expose the recruitment perception by the HR department. All institutions can train business skills and apply data analytics to gauge the competence and qualities of employees that will, in turn, lead to reduced rates of employee attrition.
MIT Sloan - Redesigning Work for Human-Machine Collaboration
What is a "cyber-human learning loop," and what are the implications of this concept for the future of HR?
The cyber-human learning loop is the increased engagement of machines in business functions and training humans to join the technological cycle in business. It will aid HR to closely monitor actions by human employees and strategies on perfect business intervention depending on the data obtained by AI. It will also lead to a change in the organizational structure due to a decrease in human roles in firms.
2. According to the authors, AI tools will not replace humans, but what are likely to be some of the major impacts of AI on the workforce within the next 10 years?
Artificial Intelligence is challenging the recruitment strategy by indicating the best employee for a specific position. The process will lead to success in business due to competence and productivity. AI will lead to an increase in the number of employment opportunities since it aids in the invention of new jobs and the improvement of business outcomes. AI will also provide time for marketing by a company due to reduced routine roles.
What are the implications for managers of the shifting boundaries between what humans do and what machines do?
The shift in boundaries will prompt managers to analyze the effects of autonomous technologies on the process of staffing, and build robust systems that can adapt to the changes in business technology. Managers will defect from engaging employees in repetitive tasks that cannot effect change in an organization. Machines will aid in the process of identification of the trivial tasks.
