Understanding the importance of factors by the help of which it is possible to improve the employee performance in a company is very much essential in the current competitive market of the global scenario. In this critical analysis, the case study of Royal Bank of Canada will be taken into account. The process by the help of which the bank utilized people strategy as well as Data Analytics in order to enhance employee performance is going to be identified in this critical analysis and the various factors that are associated with the implementation of the process will be taken into account and the advantages and disadvantages that are associated with the identified process will also be stated in this critical analysis paper. The critical analysis will also be taking into account different theories that can be utilized for conducting proper analysis of the research process that was undertaken by the company and the different steps that was taken by the human resource management of the bank in order to fulfill the goal that was identified by the vice president of Royal Bank of Canada of human resources, Per Scott. In terms of market capitalization, the Royal Bank of Canada is the largest bank in Canada and it is a multinational company that provides Financial Services to wide number of customers that are associated with it (Thecanadianencyclopedia.ca 2022). Excellent customer service as well as online banking in a efficient way is provided by the bank to the customers that are associated with it.
New agenda was instituted by the vice president of human resources of the Royal Bank of Canada in the year 2015 which is to collect and analyze a wide range of data about the employees of the bank and the customers that are associated with it in order to help the company achieve the identified strategic goals. The idea was initially spearheaded during the year 2012 when the senior director of the workforce management Robert Carlyle was introduced in the workplace. The work of the senior director of the workforce management was to build up of a team that is associated with people that are going to conduct proper analysis in the workplace. Ivy Chiu was also hired as the director of the people strategy in the company and it was our responsibility to utilize our excellent knowledge about the corporate strategy associated with the human resources department and bring change in the data analysis method of the company. Director of the people strategy was provided with the work to build up the bridge between the gaps that was associated with the business strategy of the bank and the initiatives that were undertaken by the human resource management of the bank. The bank initially collected data from a wide range of sources including baffles figure of the company, performance of the branch, evaluations conducted by the customer, evaluation conducted by the employee is associated with the bank and the opinion service of the employee associated with the company. The people analytics team that was instituted in 2012 in the company, utilized the data about the employees including their tenure and performance in the company. The initial goals that were associated with the work of Scott, Carlyle and Chi where are utilized by the company to improve the existing operational process of the company as well as performance of the employee by determining the improvement that needs to be implemented in the managerial effectiveness of the bank and identify the individuals that are going to promoted by the bank in the future. Another goal that was provided to the above stated supervisor of the bank is to hire the right employees for the company.
The idea about the utilization of data analysis by the Human Resource Department of a company is very much innovative in nature and the steps that was undertaken by the company is very much efficient in nature. By looking at the above stated criteria about the strategic goals of the company, it can clearly be identified that the company is capable of identifying the change management that needs to be implemented in the workplace and also utilize the opportunity that are available in front of the company in order to become effective in nature and also to ensure the fact that there are wide range of opportunities for the company in terms of improving the efficiency of the employees and also identify the strategic changes that need to be implemented in the workplace in order to become competitive in nature and also to ensure that the service that is being provided to the customers are optimum in nature.
The following steps has been followed by the company as stated in Table 1. Each and every step that was undertaken by the company is in accordance to the current strategic management process that are undertaken by the company and the various changes that needs to be implemented in the existing workplace strategies of the human resource department of the company. The supervisors that were hired by the company in order to implement the change were conducted by taking into account the background of the supervisors and their area of expertise in order to implement change in the utilisation of data analysis by the human resource management of the company. The hiring of the company was in accordance to the strategic expectations of the company which clearly identifies the fact that the human resource management of the company is capable of meeting the expectations of the company (Stone, Cox and Gavin 2020). The human resource management that has been identified in the case study as well of other successful companies are capable of contributing positively towards the performance of the company and they are capable of improving an providing new strategic directions to the company (Boon Den Hartog and Lepak 2019). The case study is capable of exemplifying the factor that the human resource management of a company is a very important asset that is capable of improving the overall performance of a company effectively (Pak et al. 2019).
|
Steps implemented |
People associated |
|
Ø Connecting the Human Resource of the company with the identified data analysis strategy. |
Ivy Chiu, Director of People Strategy. |
|
Ø Building up the people analytics team. |
Robert Carlyle, Senior Director of the Workforce Management. |
|
Ø Innovation in the acquisition of the data. |
The team of People Analytics. |
|
Ø Utilising people analytics in order to achieve the identified gains in performance. |
Collaboration between the team of People Analytics, Client Experience Design Unit and the Insights Group. |
Table 1: Steps taken by the company
Source: (made by author)
The initial step that was undertaken by the company is to recognize the importance of data analysis strategy and the passes by the help of which it can be utilized effectively by the human resource management of the company variant the initial recognition was conducted about the development of a performance strategy around the current unit of business of the company and the different functions that are associated with it. In order to connect the human resource management to the existing strategy of the company the data analysis method was conducted on the workforce planning of the company, engagement of the employees in the company, recruitment of the company and the existing culture in the workplace of the company. The exploratory data analysis theory can be taken into account in order to understand the current perspective of the strategies that was being undertaken by the company. With the help of exploratory design theory, it can clearly be identified that utilization of different small factors that are associated with a company identifies the bigger meaning that is associated with the work place of the company (Todorov, Fournier and Gerber 2018). The small departments that were undertaken by the company in order to gather data help the company to identify the bigger picture and also understand the different ways by the help of which data analysis can be associated with Human Resource Department of the company.
One important step that should have been undertaken by the company during the analysis is to identify the satisfaction level of the employees in the workplace and the flow of communication between the supervisor and the employees of the company. The theory of job satisfaction states that the satisfaction of a job is associated with employees who are associated with the workplace in which job outcomes are matched with the expectations that are desired by the employees of the company (Amin 2021). Under this context with the help of analyzing this data it would have been possible for the company to identify the strategic change that need to be implemented in order to enhance the existing culture of the workplace of the company. By following the theories of communication, it can be stated that with a proper perceive environment communication is capable of identifying the different thought process that are existing among individuals and it also provides a clear picture about the existing culture of the company (QUIROGA 2021).
The following are the people that were associated with the people analytics team of the company as stated in Table 2. The collaboration between the different people from different background in the analytics team of the company helped in generating more ideas and create a strong dependable team. The hypothesis of cognitive diversity theory can be implemented in this scenario in order to identify the fact that people of multiple perspectives are capable of implementing creative ideas for problem solving methods and implement innovation in the workplace (Younis 2019). The company was in need of the identified aspects that has been stated in the theory and the work that has provided to the team members included support the existing change process in the company and improve the current business practices that are being undertaken by the company. The three main questions were identified to be answered by the company as stated in Table 3.
|
Scientists |
|
Programmers |
|
Data analysts |
|
An actuary |
|
People with different HR experience |
Table 2: People associated with the data analytics team of the company
Source: (Made by Author)
|
What management routines need to be identified and adopted in order to make better consistent decisions by the utilisation of data? |
|
What are the data analytics that needs to be utilised in order to support the undertaken decisions in the above stated process? |
|
What are the data as well as technology that needs to be implemented in order to underpin all the decisions undertaken by the company? |
Table 3: Identified questions to be solved by the data analytics team
Source: (Made by Author)
A lot of innovative methods were utilised by the company in order to gather data effectively. The different types of data analytics method that were used by the human resource management of the company are combined effectively and they are analysed in order to identify the process by the help of which they can be used effectively towards the better management of the company as stated in Figure 1. Employee demographics, performance evaluations of the employees, work history of the employees and the employee opinion survey of the employees were taken into account in order to collect data by the analytics team of the company. The above stated process that has been implemented by the company are very much essential for the company in order to understand the current operations of the company and also to understand the current operations that needs to be changed in the workplace of the company.
There is one aspect that needs to be implemented by the company which is to identify the satisfaction rate of the customers that are associated with the company. This data was very much important for the company in terms of looking at the innovative methods that have been implemented by the company and the process by the help of which it is possible for the company to enhance the current operations. The Customer Satisfaction theory is a key performance indicator that could have been used by the company in terms of improving the overall performance of the company and also looking at the current efficiency level of the employees that are associated with the company (Huarng and Yu 2019). The theory also states that by the indications of the satisfaction it is possible for the company to understand the current efficiently level of the customer representatives that are associated with the company.
Figure 1: Data analytics used by HRM
Source: (AIHR 2022)
The data that was analyzed by the company was utilized towards customer related improvement in order to improve the performance that is associated with the company. The human resource management identified that the business partners of Human Resource Department will be collaborating with other leaders that are not associated with human resources profession in order to create a proper analysis for the existing business unit of the company. A complete description was implemented on the business leaders about their action and the improvement that is going to be implemented with the implementations of the actions in the workplace. The different process that was undertaken by the company includes improvement in the managerial effectiveness in the workplace by the utilization of employment opinion survey that was conducted by the company which consisted of categories like driving results, enabling high performance in the workplace and strengthening the existing partnerships as well as relationships associated with the company. Formal coaching, gathering feedback and formal training was also provided to the employees that are associated with the company. The above steps are very much important in terms of creating proper engagement with the employees of a company and also improve the efficiency of the employees of a comparative. The drivers behind the performance of retail branch were also diagnosed by the company and the projects that were going to be selected for the future purposes of the company were determined by taking into account the return on investment.
The following recommended steps can be provided to the company in terms of its data analysis process –
Conclusion
To conclude it can be stated that, the study provides a vivid analysis about the importance of Data Analytics in a company and the process by the help of which it can be integrated with the current operations of the human resource management of a company. The different states that have been identified in this case study implement a lot of strategic improvement in the existing operations of the company and it also creates a greater impact on the existing culture and the business performance of the company. The case study can be utilized by other companies that are looking forward to create a bridge between human Resource Management and data analysis.
Reference List
AIHR. 2022. What is HR Analytics? Human Resources Analytics [Updated 2021] | AIHR. [online] Available at: <https://www.aihr.com/blog/what-is-hr-analytics/> [Accessed 28 March 2022].
Amin, F.A.B.M., 2021. A Review Of The Job Satisfaction Theory For Special Education Perspective. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(11), pp.5224-5228.
Boon, C., Den Hartog, D.N. and Lepak, D.P., 2019. A systematic review of human resource management systems and their measurement. Journal of management, 45(6), pp.2498-2537.
Huarng, K.H. and Yu, M.F., 2019. Customer satisfaction and repurchase intention theory for the online sharing economy. Review of Managerial Science, 13(3), pp.635-647.
Kurdi, B., Alshurideh, M. and Alnaser, A., 2020. The impact of employee satisfaction on customer satisfaction: Theoretical and empirical underpinning. Management Science Letters, 10(15), pp.3561-3570.
Otto, A.S., Szymanski, D.M. and Varadarajan, R., 2020. Customer satisfaction and firm performance: insights from over a quarter century of empirical research. Journal of the Academy of Marketing Science, 48(3), pp.543-564.
Pak, K., Kooij, D.T., De Lange, A.H. and Van Veldhoven, M.J., 2019. Human Resource Management and the ability, motivation and opportunity to continue working: A review of quantitative studies. Human Resource Management Review, 29(3), pp.336-352.
QUIROGA, S., 2021. Robert Craig, Paradigms and Theories of Communication. PROCEEDINGS BOOK, p.69.
Stone, R.J., Cox, A. and Gavin, M., 2020. Human resource management. John Wiley & Sons.
Thecanadianencyclopedia.ca. 2022. Royal Bank of Canada (RBC) | The Canadian Encyclopedia. [online] Available at: <https://www.thecanadianencyclopedia.ca/en/article/royal-bank-of-canada> [Accessed 28 March 2022].
Todorov, H., Fournier, D. and Gerber, S., 2018. Principal components analysis: theory and application to gene expression data analysis. Genom. Comput. Biol, 4(2).
Younis, R., 2019. Cognitive diversity and creativity: the moderating effect of collaborative climate. International Journal of Business and Management, 14(1), pp.159-168.
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