HR DATA LABS - S01/EP23:
The Return on Investment of Data Science in People Analytics
Sometimes you have conversations with people where you can tell you are on the same pathways. You will hear in this episode that Abhishek Goel and I found common ground on the need to develop the ROI for Data Science in People Analytics processes, teams and efforts. Without having good goals and measurements for People Analytics, it is typically hard to justify the cost of data science efforts to senior leadership. I hope you have as much fun listening as we did in recording this episode.
While we may have matured our science, I wonder, have we really matured our way we see the art behind it? Today we’ll dive into this (and a bit of Indian Tea making) with Abhishek Goel, the Founder, CEO, and Chief Behavior Expert of Dasque. He is an expert in applying analytical, statistical modeling, stochastic and/or forecasting methods to improve business performance./p>
Let’s tap into Abhishek’s expertise and learn how to get to the Return on Investment in People Analytics.
[00:01 – 06:57] Opening Segment
- Introducing Abhishek Goel
- Abhishek shares about his unique background
[06:58 – 7:57] Introduction to the Importance of ROI
[07:58 – 15:25] Practical Data Science in People Analytics
- Abhishek shares his insights about AI’s ability to reveal bias
- The goal to add value to the organization
- The art and attitude behind data science
[15:43 – 24:19] Hiring and Utilizing a Data Scientist
- Abhishek gives practical steps on how to find and hire a data scientist
- The importance of clear goals and a strong stakeholder
- The responsibility of the data leader
[24:20 – 32:30] The Pros and Cons of Data Science in People Analytics
- The pros of data science
- The challenges of data science
- How to improve and optimize to solve for ROI
[32:31 – 34:37] Closing Segment
- Summary of our conversation
- Final Words
Resources:
- “We have matured our science so much, but unfortunately, we have not matured our way of thinking, we have not seen the art behind it; the dotted lines behind the science.” – Abhishek Goel
- “We cannot make a better past, what we should do is make a better future, and that is the purpose of the organization” – Abhishek Goel
- “If you follow simple, basic steps, you will get to the ROI. It’s about the framework, it’s not just about the outcome.” – Abhishek Goel
In this show we cover topics on Analytics, HR Processes, and Rewards with a focus on getting answers that organizations need by demystifying People Analytics.
