How to Secure Funding for Your Talent Analytics Business Case?

Show Me the Money

money-1604921_960_720Last week, inFeedo was in the news in Indian market by securing USD150K of Angel funding. In Q1’16, HR tech saw roughly $600M invested across 106 deals, which is higher in count and investment too compared to Q1’15. HR is on the disruption path, and the market is responding proactively. I wrote my 3rd weekly skinny on How Venture Capitalists Are Changing HR Tech Landscape. There are 3 key stakeholders in this growth story i.e. The service providers – HR Tech companies, the Sponsors – CHROs or Head of HRs, and the champions of the change – Head of HR Analytics.

The champion usually does the heavy lifting work i.e. building the right business case for sponsorship to set up the HR Analytics competency and implement enabling technologies. A Research report by Bersin by Deloitte on Show Me the Money – How to Secure Funding for Your Talent Analytics Business Case details the know-how of the process.

Source: bersin.com/

Sometimes Smaller is Better: Starting an HR Analytics Program

Setting up HR Analytics competency doesn’t need to be a large program to get started quickly. Sometimes Smaller is Better, especially while starting an HR Analytics Program – As per Tim Bowden, Executive Director for Consulting Delivery for the People and Performance Consulting division at Management Concepts.

Source: managementconcepts.com/

 

5 Ways You Can Give Your Plan A Fighting Chance

However, irrespective of the size of the program, all you get is limited chance in front of your boss, the Executive Committee, or whatever group will decide your proposal’s fate. Amy Gallo, an editor at HBR, emphasizes on five ways you can give your plan a fighting chance – know your audience, Socialize it early, talk business outcome, keep it simple, anticipate questions to be prepared to answer confidently.

Source: hbr.org

7 Deadly Sins That Sets The Stage For Failure At Inception

What can go wrong? Read this article from Mark Berry, CHRO of CGB Enterprises, Inc, on seven dynamics that can surely make HR analytics initiatives more difficult (or set the stage for failure at inception).

Source: Linkedin.com

Where to Start?

HR analytics should not start with data or a preconceived approach to business problems, but with a business challenge. Dave Ulrich, an HR Guru, calls this approach as Outside-in and emphasizes to focus on 4-5 strategic priorities only as explained in below (Figure 1).

Microsoft Word - 9 OD 44 3 2015 Rasmussen, etd

Source: Sciencedirect.com

Once identified, the prioritization of projects can be done using the four quadrant framework (Figure 2) conceptualized by Nigel Guenole, Sheri Feinzig, Jonathan Ferrar and Joanne Allden, IBM Smarter Workforce with forward by Jeremy Shapiro in his article Starting the workforce analytics journey – The first 100 days.

prioritization-framework

Source: hrleadershipsummit.com

Success Stories of HR Analytics Journey

Luk Smeyers, CEO of Inostix by Deloitte interviewed successful HR Analytics teams at Shell, Maersk Drilling, Sears, and ABN-AMRO and summarized the findings in the below posts – start small but with business important problem statements, find a sponsor, get right capabilities in the team and deliver quick wins.

The HR Analytics Journey at Shell, interview with Esther Bongenaar

The HR analytics journey at Maersk: interview with Peter Hartmann

The HR Analytics Journey at Sears Holdings: interview with Ian O’Keefe

The HR analytics journey at ABN-AMRO: interview with Patrick Coolen

Source: Inostix.com

Another unique success story of Coca- Cola Enterprises, a large-scale global organization. A global team was needed which was able to provide a centralized HR reporting and analytics service to the business. This led to the formation of an HR analytics team serving eight countries. As a new team, they had the opportunity to work closely with the HR function to understand their needs and build a team not only capable of delivering those requirements but also challenge the status quo.

Source: valuingyourtalent.com
Source of featured image: pixabay.com

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About Manoj Kumar 76 Articles
A senior management consulting professional and an entrepreneur by heart, Manoj has led global change programs for fortune 500 companies like HSBC, Fidelity Investments, and GE. His expertise lies in functional strategy development, operating model building, process analysis, operational improvement, and simplification including global implementation of BI technologies. In 2014, he was recognized as one of the Top 72 HR Analytics Influencers worldwide. He is currently working as the Vice President, HR Analytics, HSBC. He is also very active in the Entrepreneurial community in India. His entrepreneurial stints include – India’s first online Toy Rental Company “Rentoys” (http://www.rentoys.in), featured in Outlook Money, ET, DARE, UTV Pitch, ET Now, BangaloreMirror, Indian Express, DNA) and an online marketplace for Indian voiceover artists – VoiceHired.com (1000+ artist community)