Myth 2: HR & Payroll data doesn’t impact business strategies
The reality… Nearly all CEOs (94%) consult HR before making business decisions.
While consultation is one thing, influence is another, so to retain the strategic business partner role which HR has, high-quality HR and payroll data around people is increasingly essential. Data has never been more important to business performance.
Data analytics is a rapidly growing area and HR stands to benefit greatly in reputation from understanding the numbers. HR and payroll data, when collected and analysed thoroughly, helps businesses to gain efficiencies and develop new strategies.
Getting the data right though is key – as Glenn Coleman, International Benefits Manager at Worldpay, puts it: “Data has to be accurate and you need good payroll people who can understand what it is saying. If you have that, data has never been more important for business strategy.”
Data, as Glenn points out: “Data is also increasingly being requested from every part of the business on a daily basis. It has the potential to impact massively on business strategy”.
Absence data, for example, can quickly show impacts on health and well-being and point towards the right HR strategy required to retain a fit and well-motivated workforce. So, HR and payroll data can impact on business strategies. It can even highlight previously unseen promotion or development opportunities and become central to the way internal talent is managed for the benefit of the business.