Finding the Best People Analytics Software? [7 Ques to Ask]
With the pandemic disrupting every aspect of business, it has become essential for business leaders and HR leaders to make decisions based on data. Relying on guesswork or one-dimensional metrics does little to improve productivity and accuracy.
People analytics has been an urgent need for quite some time now. And, it is all the more crucial today. Organizations are making the shift towards data-driven decision-making, and people analytics solutions play an essential role in providing strategic value to the business. A renewed focus on the people analytics software is gaining momentum with the arrival of cloud-based analytics. HRs are putting data to good use and driving business value, improving hiring strategies, retention, growth, and diversity. Ultimately, driving powerful changes within the workforce by analyzing insights from data.
Similar to most business operations, people analytics software requires a direction to be rightly executable. How can an organization decide what insights are necessary for its strategic decision-making? And, if it has all the necessary foundational tools needed to support workforce planning and performance management?
Ask the right questions, when choosing a people analytics software –
1. Will it lead to more innovative recruitment?
HR’s utilize tools and techniques to recruit top talent often. This is an area where people analytics tools can help HR identify top talent, potential recruits, anticipate skill gaps, and predict position vacancies based on historical data.
These analytics tools can help monitor the competitor’s openings, advertised opportunities, and assist in identifying all the growth opportunities for competitive organizations.
2. Will it address the generational needs?
People analytics can address the changing worker demographics. Analytics helps plan for the needs of the diverse employee base, especially the long-term workers. It syncs data and assists in healthcare provisions for the older employees. It helps improve performance and reduce turnover by utilizing the synced data and insights to bring economic benefits to organizations and addressing the issues of the shifting worker demographics in the long term.
3. Can it manage turnover?
Basic analytics like turnover analysis and attrition are not enough to address the issues of a sustained churn. Organizations are utilizing predictive analysis models to identify individuals that are most likely to leave the company. People analytics tools can also assist in anticipations, helping HRs to plan for a succession plan for the role or decide whether intervention can solve the concerns. The risks showcased can help organizations to stay on top of things.
4. Will it nurture the talent?
For any organization, it is necessary to keep the top talent in critical roles. Data assists organizations in comprehending the holistic view of the value-demonstrating metric and help them analyze how to sustain client engagement. It helps them nurture the best ones through sophisticated reward analytics, assessments, and engagement models. It is easy to gather people’s data. However, performing analysis and deriving predictions from the data can help organizations ask the right questions from the data collected.
5. Will it assist in increasing diversity?
People analytics solution is a powerful tool for businesses to gain visibility into diversity initiatives. It assists in identifying bias, answers the questions about employee lifecycle and diversity in the organization. It can also address problem areas and track progress on diversity, inclusion, and representation. Whether women fill certain roles or leadership roles are trending towards a lower age threshold, such key questions can be answered.
6. Will it increase productivity?
With insights from data, people analytics tools can help organizations create and monitor a productivity index to monitor the actual hours spent on completing a task. Often, companies can monitor the index and achieve an ideal target time to save time, money and increase productivity.
7. Can it optimize workforce planning?
People analytics can help organizations stay informed about the workforce and predict if talent is required to meet specific business objectives. It can drastically improve the workforce planning process and reduce the planning cycle times. Along with that, it can also improve accuracy and risk management capabilities.
SplashHR to the Rescue!
As organizations expand and improve the scope of their talent management processes, there is a necessity to know the productivity, effectiveness, and financial impact of their HR actions.
SplashHR is an advanced BI platform that enables executives, line managers, and HR teams to quickly gain insight into complete data about the people and the processes in their company.
HR specialists have access to workforce performance, including talent acquisition, talent advancement, retention, and succession.
With SplashHR, schedule reports for automatic delivery to key stakeholders. Regulate and track company-wide KPIs. Create alerts or effective indicators when data falls out of trend and observe the progress of HR campaigns.
With SplashHR, you can determine and build as many custom reports as required without administrative assistance or data specialists. Integrate large amounts of data into easy-to-understand charts, graphs, or tabular reports. Build user-defined dashboards to track the metrics that mean to specific team members.