“The goal is to turn data into informationand
information into insight.”
– Carly Fiorina,Former CEO, HP
Did you know that a basketball player’s activities are tracked 25 times per minute,from the number of times the playerhas touched the ball to how farhe/shehas travelled during the game?Everything is quantifiable if you have the right tool. Everything around you isbeing tracked, including every action in an organization.
Today, as an HR professional, you‘re expected to do more than justmanage the workforce. The work environment demandsthat you be a critic, a nerdy statistician, giving analytical input and key insightsabout the way your organization functions.
Data is the key to strategy. It‘s not abouthowlarge your dataset is, but about how well youuse it. To utilize data, you first need to decodeɳ’s relevant and useful.But where will you find the time and resources to analyze and leveragethisinformation?This is whenpeopleanalytics comesinto play.
Whatis people analytics?
“People analytics”is’t just abuzzword. ’s the future ofhumanresources.People analytics, or HR analytics, in essencetakes the company’s wealth of existing employee data from HR software, like salary history, tenure, performance, and compensation, from different systemsand links itwith the organizatio’s business goals to give meaningful, actionable insights.from Deloitte states that 32% of companies are ready for people analytics, an increaseof one–third from the previous year.
6waysanalytics helpshumanresources
#1 Turn problems into proactive goals
Would’t it be great to get an edge over issues before theyeven arise? Decisions are hard to make, especially when you do’t have the right information. Spending most of your time identifying what your employees need will hinder you fromactually providingit.A delay in understandingtheroot causes of any issue will haveconsequences.Let’s say that your stats indicate that many employees in your organization are disengaged with their work or workplace. Now that you know theproblem is sprouting, you can start solving it before it bursts out. When you can gather data and makeit easily available, you can act faster, better, and smarter.
#2. Track your success rate
A company’s economy runs on its people.Workforce design is taking new shape and moving towards a team–oriented phase. In this disruptive business scenario, it is of pivotal importance to know how your employees are performing in a dynamic workspace.HR managers need insightful data tounderstand how people work best.
People analyticscan guide you in understanding employee needs,sorting out employees who are excelling andthose who needfurthertraining,as well pointing towhich HR practices are successfulandwhichneedtochange.Analytics can tell youwhich teams are performing well, how people feelaboutworking in your organization, how much they enjoy their jobs, the results of training programs, and more.’s a way to measure the win rate of HR practices and employee development activities.
#3 Track the history of changes
Data matures over time as business scenarios and workforces keep evolving. Understanding how these changes occur and keeping track ofthemcan have a great impact on the decisions and policies HR managers make. Analytics lets you measure, monitor, and analyze risk factors that have occurred overspecific periods of timein orderto devise feasible plans and avoid shortfalls.
#4 Increase retention
With every new hire, your network broadens and moves towards creating more revenue. Losing an employee costs morewhen you have to hire someone new. About 86% ofbusiness leaders are concerned about employee retention. Analyticscan help you understand the reasons why employees quit. With insights like these, HR managers can look intothe team’s or organizatio’s characteristics and make the required changes.
#5 Hire the right people
Studies reveal that onlysix secondsare spent reviewing a resume, and 80% of time is spent consideringjustsix data points:name, current company, current position, previous company, previous position,andeducation.Thisprocess oftenfails to capture potentially capable resources who could add value to the organization. The use of automatic decision supportto refine more than these six data points is necessary to recruit resources who will stay longer and contribute more.
#6 Decipher potential
As importantashiring the right people and increasing retention is, it’s also important to identify and promote the right team members. HR analytics indicates the traits that strengthen the success of the organization. Often, a combination of the right skill sets and personalities produces great results. By eliminating the trial and error method, analytics refines the process and helpsreduce skill gaps.
Now that weunderstand howpeopleanalytics helpshuman resources, remember that clear, error-free data collection is just as important as the statistics you get from it.Do’t just use data to analyze, but also to plan. Start embracing the world of data, logistics, and stats to enhancethe world of HR.
Well articluated
Yes, HR analytics is a booster for Executives to know their workforce better to achieve desired output. It's an useful insight. Thank you.
Glad that the article has helped you, Reagon.
Very relevent now..
Thank you for sharing your thoughts :)