Data analytics has found its way into many aspects of society—and human resources (HR) is no exception. HR leaders are using analytics to track turnover, performance, development, engagement, salaries, and more.
“It’s important to start expanding HR data analytics,” stated Kathy Menditto, vice president of human resources at Buckeye State Credit Union in Akron, Ohio. Menditto was speaking at America’s Credit Unions’ 2024 HR & Organizational Development Council Conference in St. Pete Beach, Fla. She emphasized the significance of data analytics, noting that "Your C-Suite loves numbers, anything that shows how much they’re spending or how much they could save."
Menditto highlighted the three main questions that credit union leaders ask of HR: Can we fill roles fast enough? Can we find good people? And how much will it cost to recruit and hire them?
To address these questions, Menditto proposed a four-step approach:
1. Prepare by forming a business plan and setting expectations and time frames.
2. Collect the necessary data, ensuring its accuracy and relevance.
3. Analyze the data by compiling quantitative and qualitative information, cleaning inaccuracies, and looking for patterns.
4. Tell the story by presenting findings to the right people who can implement change.
Menditto emphasized the importance of data analytics in transforming HR departments from cost centers to strategic partners. She believes that by utilizing data analytics, HR can improve talent acquisition, employee engagement, training and development, employee values and performance, turnover tracking, and more. According to Menditto, there is a growing demand for deeper insights in HR analytics: “People want a greater depth in HR analytics and data insights,” she said, “And there is so much data you can track.”