I’ve emphasised before that one key reason to use BI and Analytics in HR is that it is integrative, taking multiple sources of data and making it visual – easy to quickly assimilate.
Talent information is no different. In fact, it is one of the most effective uses of highly visual data.
The visual below is a favourite because it combines information any company has (or can create) into a picture that will immediately identify talent concerns. It’s an image that will get a reaction in any boardroom. In one image we combine:
- Rand earnings;
- Each employee’s own compa-ratio against their role / grade in the market (analytics makes looking every individual up against their own market fast and simple);
- A performance rating;
- A potential (or succession) rating;
- Race (key in local Equal Pay for Equal Work terms).
Have a look how simply these five factors are integrated and how quickly outliers can be seen. And if they’re not seen, we’re not aware of the risk, and we can’t act to retain employees.
The second visual is similar, but uses two other factors that can quickly be added to data.
- Likelihood of Loss (what I call “How likely is their phone to ring?”);
- Impact of Loss (succession, key projects, specific skills).
If we then combine these ratings into a single score, using something like this table (or any weightings you choose):
We’ve managed to combined all of the following factors into the single visual below.
- Rand earnings (TGP);
- Compa-Ratio for Role;
- Performance Rating;
- Potential Rating;
- Likelihood of Loss;
- Impact of Loss;
We also (visually) add company quartiles of our compa-ratios for each talent level so we can see not only individuals, but organisation trends.
This is the power and usefulness of a visual analytics approach to Reward. We’ve taken many sources of information in a simple integrated picture into a boardroom, to influence or change decisions. And we can do it again fast, next time, with fresh data.
You might also be interested in reading my articles about why Analytics will ensure the survival of the Reward function or why so few HR leaders have adopted analytics.
I’m an accredited Master Reward Specialist with a passion for Business Intelligence, Analytics and the benefits that this combination brings to Reward. Feel free to get in touch with me to talk about this, or to have me talk to your leadership team.