3COO2- Principles of Analytics Assessment Answer

Task 1

1. Evidence based practice (AC1.1)

The term "evidence-based practise" refers to the process of making choices in light of empirical facts, organisational information, expert opinion, and the needs of those affected. While it's true that all managers use evidence when making decisions, not all of them give much thought to the veracity of that evidence. The core assumption behind this approach is that the highest quality judgements may be built on a combination of accessible data and analytical rigour. This leads to a lack of insight into what goes wrong and therefore to subpar results and ill-advised choices. As a result, people end up making poor choices based on rumours, hearsay, and the latest management fads. The goal of evidence-based practise is to improve the selection process (Smith, 2021).

Human resources is primarily responsible for making judgements based on information gleaned from things like internet data, issues and values, expert judgement as well as practical experience, research results and empirically tested, and so on. Evidence and data from inside an organisation may guide principle-led decision making and results by highlighting problem areas. This method replaces the prior practise of HR management on the basis of biases, trends, and the stories of fast foxes who made it big. Concerns from stakeholders about a department or division's operations or management may be heard and addressed by human resources. Further, data from stakeholders may guide HR in making these assessments by revealing where certain people have concerns and what adjustments they would want to see made within the business. Human resources may utilise this data to make informed choices and adjustments.

2. Importance of using data (1.2)

The prospective structural performance as well as durability of a company's materials and assets in harsh environments can't be predicted without data for evaluation, verification, validity, characterisation of models, as well as calibration. For a precise structural persistence framework, a repository of several important resource system pedigrees with a consistent collection of data representing various test conditions and numerous applications are required. Several models would be useless without enough data to evaluate and validate those (Ghasemaghaei et al., 2018). As a consequence, HR is better equipped to make decisions across the board since the company's business operations are based on accurate data. When it comes to data quality, accuracy is usually the most important factor for a business.

This includes a variety of activities, including as planning, budgeting smarts, and forecasting company results. Because of inaccurate information, HR makes inaccurate predictions. Any time, money, or effort that is not used to achieve the desired objectives in the prediction is squandered. There is no use in trying to anticipate business results, budget, get business intelligence, or plan for a firm if the data is inaccurate. With more reliable information at their disposal, HR departments are better able to save expenses, boost marketing and operational efficiency, and increase productivity. For instance, when a business makes inaccurate forecasts regarding the market as well as quality of a product, it may end up losing time and money.

3. Types of data measurements (AC 1.3)

An organization's workforce may be estimated via the use of workforce analysis. Human resources data, on the other hand, have shown to be invaluable in making management-related choices and painting a more complete picture of when, how, as well as why employees act in certain ways. People's choices are influenced in many ways by a company's profitability. Quantitative information consists of numeric data that can be counted and analysed. Quantitative and qualitative data, both, are used in workforce analyses. Age, number of years in the profession, retention rate, compensation, and extra hours worked are all examples of information that human resources collects. If numerical data are currently being collected, then collecting more of them are a breeze. There are a lot of numbers that may be simply obtained in workforce analysis software and examined statistically (Mihas, 2019).

The most well-known category of this information is demographic data, which includes questions about a person's age, gender, ethnicity, as well as education. Qualitative data, in contrast side, include observable behaviours and activities rather than estimations. Depending on who is doing the recording, different kinds of information may be captured. No calculations are made, and no numbers are used. This suggests that there is some subjectivity in the data. A few examples of this kind of information include reasons for employee turnover or retention, the importance of collaboration to business success, the quality of office amenities, the leadership style of a manager, and the worth of a retirement plan. Using qualitative data has several benefits, chief among them the generation of in-depth statistics. Observation, case study analysis, debates, interviews, and surveys are all good places to get this information. Therefore, HR decision-makers must prioritise collecting and analysing relevant data, as it provides answers to the "where, why, what, how, as well as when" questions that arise from such choices.

4. Policies and Procedures (1.6)

Human resources (HR) processes and regulations provide guidance on a variety of issues that managers, employees, and those responsible for others face in the workplace. Human Resources is where find these procedures and guidelines. In addition to strengthening the psychological contract as well as establishing a positive business culture, they give workers and managers with clarity and uniformity. They are crucial to the company's capacity to put its HR strategy into practical effect (CIPD 2022).

By following the agreed-upon rules and procedures, workers learn the ins and outs of their workplace, which helps them better grasp how the organization's culture defines appropriate behavior and how to make such behaviours a reality. Common HR issues are addressed, and the likelihood of obtaining frivolous complaints regarding workplace practises is reduced. The organization's rewards, culture, principles, goals, and norms will all be spelt out in an easy-to-understand way if a set of well-written procedures and policies has been implemented. By putting into action the procedures and guidelines that have been discussed and agreed upon by all parties, for instance, the HR manager will have the backing of all employees and will be able to make choices on the firm's management with ease and in a timely manner.

5. How HR can create value (AC 2.1)

Employees' input is a crucial component of the decision-making process, and tool in managing place a premium on this. Human resource professionals provide value for individuals, organisations, as well as stakeholders via their contributions to the development of a common goal and the empowerment of team members to express their own ideas and achieve their full potential (CIPD 2022).

For instance, professionals put the people they represent at the forefront of their work, and they encourage others to do the same by maintaining a balance between consideration, fairness, and compassion. They work hard to foster a culture of trust, personal development, and teamwork so that everyone can give their utmost on the job. To achieve this, they provide training, advice, and assistance to leaders and managers as they develop their people-management skills. They're crucial for making employees feel like they're working towards a common goal and giving them a chance to have their opinions on issues that affect the workplace heard and considered. They serve crucial roles in the system. Experts in human resources, for instance, may benefit the company's stakeholders by reducing the initial investment needed to launch a new venture, keeping the cost of capital low as the business grows, and so on.

6. Ways to customer focused & standards driven (AC 2.2)

In order to run a firm that is dedicated to the development of meaningful relationships with consumers and the satisfaction of their requirements, it is necessary to maintain a strict adherence to industry standards (Terninko, 2018). Perhaps the key to operating a profitable and successful business is to focus on the requirements of your clientele. Decisions must be made that are less concerned with sales or technical operations but more concerned with satisfying the needs and wants of consumers. Therefore, there are a variety of tools and strategies that may help any group become more customer-centric and standard-driven. Learn as much as you can about your target market if you want your business to evolve into one that values its customers and is driven by high ethical standards. Conducting market research is an excellent way for outlining the company's grand plan. To elaborate, knowing the consumers' personalities, their needs, and the means by which those needs may be addressed is essential for providing entire service to the clients and the organisation.

Getting direct feedback from customers is something a business can never do as well as an academic can. It's also important to look into the issues they're having and provide ways to fix them. For instance, rather than learning what level of quality a client expects, it is far more effective to hear it directly from the consumer (Bauer, 2018). One strategy for a company to gain a customer's trust and deepen their connection with them is to provide solutions to the problems they face. This may be accomplished in a number of different ways, including being abreast of developments in the industry, soliciting and acting on client feedback, creating a memorable service experience, and tying the client's identity into the company's brand. This is sound advice that may help any business prioritise their clients and adhere to industry norms. Winning over clients who are already fans of a company's brand is one way to go closer to the aim of having the brand correctly represent the customer base.

References

Bauer, H., 2018. The Digital Customer Journey in the Automobile Industry-A Quick-Check for the Retail Environment.

CIPD, 2022. People Analytics. [online] Available at: https://www.cipd.co.uk/knowledge/strategy/analytics/factsheet#gref [Accessed on 9^th January 2023]

Ghasemaghaei, M., Ebrahimi, S. and Hassanein, K., 2018. Data analytics competency for improving firm decision making performance.The Journal of Strategic Information Systems,27(1), pp.101-113.

Mihas, P., 2019. Qualitative data analysis. InOxford research encyclopedia of education.

Smith, A.L., 2021. Evidence-based practice training in nurse residency programs: enhancing confidence for practice implementation.Teaching and Learning in Nursing,16(4), pp.315-320.

Terninko, J., 2018.Step-by-step QFD: customer-driven product design. Routledge.

You Might Also Like

Human Resource Management Assignment Help
IJHRM5912 Human Resource Management Assignment Sample
Analyses of Human Resource Management Assignment Sample