HR analytics has indicators that can provide critical insights and produce compelling benefits for businesses. In HR, big data is essentially people analytics, which collects metrics from KPIs as well as current and prospective employees. It is believed that people analytics is crucial for an enterprise, providing a competitive advantage in analysing personnel indicators.
On the same lines, CHRO–APAC & MEA, Nokia Phones, Gaurav Saini explained that he divides any data or analytics into four parts. “First is operational data, the second is advanced which deals with a strategy, third is also advanced which is basically used for achieving any objective like recruitment or sub-function of HR and lastly, fourth is predictive analytics which is very niche as of now because of low input data,” Saini added.
But at the same time, the Head of Learning and Development, Jakson Group, Deepan Mukherjee warns the HR community not to get swayed away which is what everybody seems to be doing with big data.
Mukherjee said that we need to understand the relevance of that data and analytics with the concerned organisation and not find solutions to something which is very very obvious.
But, when big data is an elephant in the room, it is obvious that people will talk about data privacy, Prem Singh, President – Group HR, JK Organisation emphasised that we don’t have laws as strong as Europe but it will come up at that level of granularity. “We need to balance between the privacy of the people and the need for data for the organisation”, Singh said while speaking at the BW People HR Excellence Summit & Awards 2023.
Singh also highlighted that the market of big data analytics in India is worth around USD 2 billion now and expected to be USD 3 billion in the next three years.
Whereas, Director – People Experience, Industrial Region, ISEA, SKF India, Gautam Kumar believes that big data and artificial intelligence have to be purpose-driven.