In a global business research conducted by Deloitte in 2016, people analytics was rated amongst the top 10 human capital trends of the year. 77% of the organizations surveyed rated HR analytics as either very important or important priority area for business. 92% companies rated organizational design as an important priority area while 86% firms followed suit for culture. 85% of them rated engagement as very important while 74% admitted to the rising importance of Digital HR.
It is clear that the trends cited above play an integral role in organizational strategy. Is there a unified system that can combine organizational design, people analytics, culture, engagement as well as digital HR and manage all of them as a part of the same program? The answer is yes. A strategically designed Rewards and Recognition (R&R) system cuts across all of these areas. With proper technological intervention in R&R, it can be ensured that employee recognition programs are managed as well as implemented in a streamlined manner. It can also be ascertained that these programs are impacting your employees’ morale in a favourable manner.
A 2012 study on organizations by IBM found 71% of the CEOs indicating human capital as the single biggest factor contributing to sustainable economic value for businesses. Moreover, a 2015 Economist Intelligence Unit survey found that 82% of organizations plan to either begin or increase their use of big data and analytics in HR over the next three years. These results suggest that organizations need to manage human capital with numbers in order to stay at par with the best industry practices.
As a part of Xoxoday Enterprise, our Rewards and Recognition platform, we provide rich people data and analytics features so that you can track and check the ROI of your rewards, loyalty, gifting, recognition and incentive programs. The platform comprises of real time MIS dashboards for you to track reward orders, payments, invoices, returns, etc. You can also draw relevant insights with a gamut of simple and rich graphical reports pertaining to your R&R program.
"Employees are a company’s greatest asset – they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission." – Anne M. Mulcahy