10 Astonishing Benefits of People Analytics No One is Talking About!
People Analytics is playing a vital role in how the pandemic affects the economy. Businesses struggle to understand where they can scale back and how their people are coping with remote work conditions. During a crisis, the flow of information is essential to survival. Many in HR are shifting to data in the form of people analytics efforts. Be it hiring, analyzing data, retaining the workforce, or reopening the workplace, people analytics gives HR teams the insights required to become efficient business partners.
According to LinkedIn Global Talent Trends 2020 report, 85% of talent experts recognized people analytics as critical to the future of recruiting and HR before COVID-19. As companies emerge from the crisis, people analytics will remain an area of growth and more investment. However, given the drastic changes the workforce grapples with, it’s vital to recognize how people analytics practices and priorities should unfold to support business demands in a post-coronavirus world.
What is People Analytics?
People analytics refers to a data-driven and goal-oriented system of analyzing all people’s processes, roles, challenges, and deliver sustainable business outcomes. Collecting and evaluating people analytics leads to better decision-making by implementing statistics and other data interpretation methods.
To deal with the fast-changing circumstances today, HR teams have to be agile, adaptable, and active in decision-making and communication. To meet these requirements, they need access to secure, reliable, and current employee data. Enter People Analytics!
BI and analytics go hand in hand. By leveraging big data, organizations have succeeded in creating more productive systems, developing a better customer experience, and building more opportunities to improve their bottom line. Businesses are coming around to the fact that skillful use of analytics can help their HR teams be more efficient in finding and onboarding talent.
10 Astonishing Benefits of People Analytics
1. Improves Talent Acquisition
Businesses often find it challenging to hire the right people who fit the specific job roles. As a result, they’re at risk of wasting a significant amount of capital when a new hire doesn’t work out.
With people analytics, you can look at all the information and experiences your applicants provide. Throughout the hiring process, match that with your company listing and draw up an impartial shortlist of the most skilled candidates using specific algorithms.
2. Improves Retention
Drawing the best employees is one thing but retaining them is another. People Analytics puts a sudden end to much of the guesswork. It has become a pivotal player in evaluating employees’ retention rates within a business and helping employers know why there is any decrease in those rates. It sheds light on those most likely to exit an organization in the future, pointing out any possible employee losses before they occur, providing employers the chance to turn it around.
3. Real-time Information
People Analytics uses machine learning to help employers with the data they require to maintain staff and efficiently operate their business. It looks for patterns related to employee behavior, performance, commute times, and other factors that may be tough to observe consistently, producing extensive reports for management to ponder on.
4. Enhances Employee Experience
Employee experience concentrates primarily on employees and how they think about their organization. It considers how employees look and feel about every phase of their employment through their last day at an organization. With people analytics, one can analyze an employee’s sense of belonging to the organization, where they best perform, and how they can improve. It facilitates a better working environment and enhances employee experience.
5. Identify Skill Gaps
With the amount of information that HR analytics software has access to, it can quickly conclude what skills your organization lacks and identify any knowledge gaps. People analytics can determine which employees are most fitted to upskill in a selective area successfully. It means that instead of recruiting new talent, organizations can first look inwards when attempting to fill any skills gaps.
6. Better Productivity
Productivity is on the rise as organizations can scale productivity, allowing employees to deliver their most solid performance to support business growth. All thanks to the abilities of people analytics. It provides insight into effective communications among employees and the collaboration between many divisions. It enables businesses to speculate and improve on future collaboration and employee productivity.
7. Provides Financial Insights
While they’re typically siloed, predictive analytics breaks the wall and guides HR and finance functions together under one umbrella. When an organization brings in software that streamlines data and updates it across all departments, it saves specific departments the headache of figuring out who has the right numbers. It enables both teams to deliver a uniform and compact view of metrics to business leaders.
8. Improves Process Efficiency
HR analytics is ideal for those companies that want to optimize their internal processes and streamline their employees’ workflows, making operations more effective. It provides crucial insights into the areas working and insights into the areas that require change within the business.
9. Boosts Performance
People Analytics empowers management to tailor employee experiences through regular feedback. It typically results in strategic planning that allows both employers and employees to grow. HR analytics enables organizations to be proactive in predicting the business’s future needs better and equipping them in advance.
10. Reduce Workplace Misconduct
People analytics software can recognize red flags specific to any misconduct. Employee behavioral data can hold the information needed to anticipate and fight issues like workplace harassment and bias. Key indicators can be analyzed and evaluated to predict trends and further tactical strategies to take preventative action across your company.
SplashHR allows you to eliminate the complexity of aggregating your data so you can start realizing the value of your people analytics from the get-go. Using our pre-built KPIs and visualizations means you can start tracking against your key metrics instantly with the flexibility to create any data output.
With SplashHR, both the data model and content are pre-built but with the flexibility to customize based on your needs. Also, there is no need to reinvent the wheel, and it will support your needs on an ongoing basis.
Let SplashHR help remove your information constraints and start scaling people analytics to drive your business forward.