People Analytics can be a fortune-maker for businesses! – Max Blumberg
Many leading and growing companies are adopting advanced methods of analyzing workforce data to enhance their employee engagement and efficiency. Companies can now understand how to engage, retain and ensure the productivity of their employees. People Analytics has become an indispensable strategy that allows companies to make better management and business decisions.
Here are six reasons your organization should consider investing in people analytics.
Improve Employee Engagement and Reduce Attrition
Employee turnover can be extremely costly. The cost of filling the position involves time and money spent on the recruitment process, training the new employee, onboarding, etc. One of the best ways to fight employee turnover is by increasing employee engagement.
Gallup data shows that highly engaged businesses achieve 59% less turnover. People Analytics help organizations in creating, collecting, implementing, and analyzing the data, and thereby improving retention and employee engagement.
Drives Employee Productivity
In a recent study by University Lichtenstein and IT University Copenhagen (2019), it was found that the use of AI and analytics improves productivity by 3.75%.
People analytics help in planning the goals way in advance based on the data availability, using artificial intelligence(AI) and natural language processing (NLP). We can gain insights, improve results, and save time. Besides, AI and NLP increase hiring and recruiting efficiency, i.e. quality, speed, hiring experience; automate low-level tasks, predict imminent employee departures, inform HR and create business strategies.
Hiring The Right Talent And Retention
Strategic Workforce Planning and People Analytics can predict if an employee is looking for a job change before they even advertise themselves as available.
People Analytics & Talent Development can help the HRs in succession planning through performance reviews. It involves choosing scientific and relevant employee assessments to collect appropriate data and measure process effectiveness.
Ideally, the performance review process provides data points to leaders and managers. This, when fed into an L&OD program, it helps them identify their employees’ strengths and weaknesses. As a result, it will help them hone their strengths and work on their weaknesses. This will help them prepare for the next step in the organization.
With the right data analytics tools and techniques, and a deep understanding of employee experience, organizations can set up their benchmark to create a global career development program.
People Analytics fuels better Business Analytics
With a people analytics platform, business leaders can access up-to-date organizational data and also historical information surrounding growth, roadmap, structural changes. It provides a 360 view of how any change affects the organization. Business Analytics backed by people analytics (people-related graphs, maps, scenario plans) helps cultivate actionable insights that drive change.
Customer Behavior and Insights
With the help of predictive people analytics, companies are now gaining insights that enable them to attract and retain both external and internal customers. HR professionals are now using advanced technologies and tools to align their decision to trends in the industry and processes. People analytics enables data-driven employee management, identifying and analyzing the relationship between employee engagement and retention. This evolution is creating an employee experience, which enables the organization to fuel its potential.
HR acts as a strategic business partner
People analytics provide deep insights on how to improve the workforce, employee retention, learning and development, compensation, performance, etc. HR professionals use people analytics to inform and influence business decisions, and align them to organizational goals.
It also helps the organizations derive benefits throughout the employee lifecycle.
– From the HR team at Engagedly
Do you want to know how Engagedly can help you with People Analytics? Request a demo from our experts.
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