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People Analytics or simply referred as “big data” has altered the HR space. The new-age of CHROs and HR team make strategic decisions based on people analytics to remain on the top in the competitive and complex market.
McKinsey and Company’s recent report has stated that 70% of the business executives believed people analytics is a high priority in their organisations.
HR department is leveraging the insights of the advanced data technology to developing recruiting strategy, shaping talent acquisition approach, enhancing workforce performance, and improving employee engagement.
People analytics – an essential HR tool
By providing in-depth analysis of employees in terms of retention, engagement, hiring, and performance, people analytics gives HR teams an edge. Traditionally, HR department make decisions on the basis of personal relationships and experiences.
People analytics offers accurate insights and data to discover whether a policy works or not and how to deliver efficient programs for workforce to yield better results for organisations.
A 2022 survey of SkyQuest revealed that 58% of survey respondents said that their organisations were using people analytics, increased from 36% in 2016. The survey also divulged that these workforce analytics helped organisations in overcoming three main challenges; lack of data-driven approach, ineffective employee retention programs, and inability to predict future trends.
Driving people analytics for establishing an efficient workplace
People analytics prioritises data and facts that drive HR to take cue from reliable sources and insights rather than working on unverified hunches, biased experiences, and assumptions.
It is essential to establish an environment in the workplace where practising data collection and necessary evaluation should be a norm. An organisation can become an efficient workplace by backing data-driven approaches and factual decisions. To adopt such culture, necessary tools to extract strong data and advanced analytics along with innovation is necessary.
Building a data-driven approach in company
Building a data-driven environment in company is the first step to integrate people analytics in a workplace. There are various parameters where a company can extract people analytics. Organisation performance, workforce performance, employee engagement, and customer metrics are parameters through which an organisation can delve the big data.
The Skyquest 2022 report reported that 54% of participants were using people analytics for other purposes inclusing succession planning, performance management, and diversity and inclusion.
Data collection and analytics platforms have become handy for HR to identify direct relation between action and performance. Organising essential data in a structured way to track progress is another task to perform for productive results.
Interpreting and unlocking the data insights
Interpretation of extracted data and analytics is vital to unlock the insights that these people analytics bring to the table. Only deciphered data and insights can tell the true story. Once HR team understands the meaning of data insights, they can start implementing strategies to address issues and generate positive results.
Through people analytics, CHROs and HRs can track the results of their newly-developed strategies.
Bringing 360 degree impact on businesses
People analytics has power to put 360 degree impact on a business. It allows an organisation to identify employees who perform great or face issues in the midst of the workforce. It also reflects the quality of leadership. It brings transparency among employees, managers, and executives through data.
With the help of people analytics insights, HR team can identify and set talent acquisition goals as well as employee retention programs. Relevant data can also reflect the employee engagement. HR can track whether the employees are able to communicate openly or if they are happily working with the company.
Pervasive trends such as “the big quit” or “the quiet quitting” can be avoided if HR tracks symptoms like lack of will, non-performing employees, communication issues through people analytics.
Summing up
HR can utilise the power of people analytics to identify issues and drive strategies to address them. People analytics has the potential to be a guiding tool for HR and can help drive business performance and maintain success in the organization.
Disclaimer
Views expressed above are the author’s own.
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