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Question
Analyse the opportunities for drawing upon insights from customers and stakeholders in order to inform people practices within your organisation, or one that is familiar to you. Illustrate your answer with examples.
Solution
Since Riyad Bank operates in Banking sector, they have been working on establishing whether to reward their employees through a total reward approach or strategic rewards. As a specialist knowledge, CIPD (2023d) identify this as a people practice role which prioritise on entire financial provisions offered to employees. These include cash pay and the broader benefits package. Also, Fang et al. (2020) argue that the best practice entail broad provisions for staff with total rewards often being applied in encompassing the non-pay benefits including flexible working opportunities. Hence, this is not a decision to be made by the people management practice professionals but need to include the insights of customers and stakeholders. The relevance of the obtained insights were informed by the need for establishing whether Riyad Bank would be implementing either total reward or strategic rewards.
As evidenced in CIPD (2023c) which focus on evaluating the people analytics, insights from the customers and stakeholders for informing people practices in the organisation can follow descriptive, predictive and prescriptive analytics. From the report, it hypothesised that entities could leverage on the adoption of descriptive analytics with others opting for prescriptive analytics. According to El Morr et al. (2019), the outcome of this include expansion of the capability of what need to be analysed and automated successfully. However, this must be carefully pursued as the application of people analytics data is not an antecedent of increased value to the organisation. The opportunities which could be pursued include;
Descriptive Analytics– According to Barr-Pulliam et al. (2020), this is used in describing a specific timeline or historical trend in areas of employees turnover, lost time owing to absenteeism and also need for a review of the rewards strategy. For instance, considering Riyad Bank, this involved the application of descriptive analytics in monitoring and measuring organisation performance and progress. The key performance indicators (KPIs) were significantly tracked with total rewards being preferred over the strategic rewards. This is in terms of revenues generated, clients satisfaction level, retention and loyalty levels.
Predictive Analytics– This is a method for using the data in predicting the future best trends. For instance, in the Riyad Bank decision on rewards, the best practice entailed prioritising on the historical workforce data and labour market trends as guided by the customers and different stakeholders. Similar to Sambrook and Goslin (2015) findings, the customers and different stakeholders insights would need to be of immense quality and robustness for predictions for an increased reliability level.
The sourced insights from customers and stakeholders are similarly essential for identifying if one or more factors could be reliable in predicting a different aspect. For instance, in Riyad organisation ensuring that they implement total rewards is informed by their customers and stakeholders quantitative and/or qualitative data. In an event the findings are a prediction of different situations, it is evident on the existence of correlation and description of relations of the total rewards and employees performance. For instance, McCartney et al. (2021) argued on the quantitative data as inclusive of the employees and average pay when establishing the best rewards to be provided. This is in a quantifiable and objective manner with numbers being used. On the other hand, qualitative data include application of performance appraisals and exit interviews for identifying the qualities evidenced by an individuals and in a subjective manner. In providing total rewards in Riyad Bank, the issues of consideration include how the customers’ needs are effectively addressed with their level of satisfaction with the services offered contributing to an increased employees rewards.
Additionally, for the purpose of drawing insights from the stakeholders, the Mendelow Matrix analysis theory is applicable. According to Farshid et al. (2022)……
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