Written by: Prachi Chhabria- Co-founder
Edited by: Team Lotss
In a little over a decade, the term ‘data’ has taken on many forms within our professional lives. Currently, companies are adopting a data-driven approach wherein activities are induced through gathered data. To them, data is pivotal for its insights. From this information, they go on to construct strategies.
Recently, I came across a video from Thomas Dubaere, COO Hotel Services for Accor UK and Ireland, where he credits being a data driven company to anticipate and fulfill their customer needs. Using this strategy, they developed technology to help them forecast their customer’s preferences and needs, and fulfill them prior to customer requests. Many companies are now adapting this approach and proving successful; so, it could be time to shift the data paradigm towards your employees.
A data driven approach can also help address a key problem in the industry – employee turnover. This is certainly expensive for companies to undergo but can be avoided using the right tools, measures and precautions. And while employers are ultimately responsible for turnover and there are clear solutions to reduce it and they can be predicted using employee data. To be able to gather all this information, companies must adapt new technologies towards their staff and allow them the freedom to use this technology in order to analyze their behavior at work, without constant managerial supervision. John Challenger, CEO of outplacement consultancy Challenger, Gray & Christmas, Inc. says, “Every company is somewhere in process toward using data to get a better handle on who their top performers are and to understand where people stand.” Companies, regardless of size should move towards this approach to attain frequent feedback rather than have an annual survey, since the world is evolving at a constant pace. Through such surveys, companies can gather feedback on work/life balance, their tasks, and their environment or company culture for instance, and analyze different metrics, whether certain departments rate it differently and why. Such data can be accumulated and analyzed to understand the whole picture rather than a single metric to better equip the staff to perform at higher levels and increase productivity.
However, data can be gathered in other ways than feedback too. For instance, using the Lotss ‘checklist’ function, managers can track when their employees are completing tasks, if one task is taking longer than the other, or if some are unable to complete a task. Even tech giants such as Amazon and Google are quickly adopting data analytics for staff and the key to optimal use of such a method is frequent monitoring and evaluation. This data can help them set realistic KPI’s, see where their teams lie, what their strengths are, and how to increase performance levels.