Organizations are tapping into a new source of growth – Data sets that have the possibility of unlocking the true potential of employees. Interpreting the data the right way leads to higher levels of performance in your people, as well as improved productivity, engagement, and innovation.
More than 80% of business leaders state that by understanding workplace data, they can grow revenues. However, collecting data presents some risks in the process.
The misuse or mishandling of data results in an increased risk of compromising privacy or personal rights. Unethical data collection also results in bad decision-making, the misapplication of skills, as well as a loss of employee trust in the company.
The Problem with Data
Research shows that over 60% of companies are utilizing technology and workplace data extensively. However, only 30% of all business leaders are confident that their company is using the data they collect responsibly.
Employees do state they have concerns with companies collecting data. However, they state that it’s not a factor if the company presents an ethical and transparent approach that benefits both employees and the company while maintaining customer privacy.
The costs associated with decoding organizational data are high. However, for those companies that do implement a successful digital strategy for collecting and using data, find that the difference in growth rates between earning and losing employee trust is as high as 12.5%, or as much as $3.1-trillion in global terms.
Risks are Unilateral
In response to employees raising concerns over the ethical use of workplace data, companies are leaving some value on the table when collecting workplace data. Some are taking the risk of financial loss by not putting safeguards in place before pursuing data collection strategies.
More than 35% of organizations state that they’re holding back from investing in data collection technology. Concerns raised by employees over the collection strategy are the primary driver in this case.
Some 49% of all business leaders state that, without the guidance of legislation, they expect to push ahead with utilizing new tech to collect workforce data, without implementing additional security and privacy measures.
The Pursuit of Employee Trust
If companies adopt the strategy of building trust in the workplace, they won’t encounter so many roadblocks when executing a data collection strategy for the workforce. Instead, they create value, both for the organization and the employee.
Providing a Framework for Responsible Workplace Data Collection
Here are some key takeaways to consider before organizations go ahead with implementing a workforce data collection strategy.
- Give control to your employees to gain their trust
- Empower your people with more control over their data
- Share the responsibility and benefits associated with workforce data collection
- Involve your people in the design of your systems, and make sure that competent and ethical managers run the process
- Use your workforce data collection to elevate your people, and always use your technology responsibly
Follow these guidelines, and you’ll find less resistance from employees regarding your data collection strategy in the workplace. Use the data responsibly to improve your employee experience, and watch your revenues soar.