People Analytics (PA) is a new field that analyzes people’s data to understand business talent and performance. It emerged from human resources and workforce analytics, which are focused on measuring workforce attributes. People Analytics is a set of advanced analytics techniques applied to people data.
HR analytics is concerned with measuring the performance of HR functions such as employee turnover, recruiting time, and employee engagement. People Analytics extends this scope to the entire employee population by focusing on larger issues like workforce productivity, customer retention, and employee lifecycle.
People analytics involves carrying out detailed research on the people that work for the organization. An employer can then assess how satisfied their team members are with their current positions and their work. Strongly performing team members can enhance productivity and further boost the organization’s efficiency.
People analytics can streamline the recruitment process and help companies hire the best candidates. Traditional hiring processes are slow and inefficient because they rely heavily on human input, but analytics run algorithms to screen candidates based on job qualifications and requirements. This makes it easier to assemble a shortlist of strong candidates and drastically cuts the amount of work involved in the hiring process. People analytics saves companies time and money by quickly finding out information about employees that may not otherwise be available with traditional recruiting methods.
By evaluating employee engagement surveys and analytic data results, you can identify engaged managers versus those who are disengaged. You can also use talent assessments to determine what makes your high-performing employees more productive and engaged, then integrate these criteria into your talent selection strategy. Analyzing your bottom performers’ skills, knowledge, and abilities enables you to understand any variance in performance.
People analytics helps evaluate the performance of employees and implement improvements. HR Analytics helps find the correlation between employee evaluations, training expenditure, and individual progression over time to improve their performance. It also provides insights into new talent acquisition and development of employees with better work performance.
People analytics serves as a tool, a guide to HR that allows them to become the data-driven profession they strive to be. People analytics provides an outside-in view of the value that HR delivers to the business by measuring performance, providing insight into how people drive performance, and predicting how employees will perform on future projects or tasks. By measuring and improving the factors that impact business performance, organizations can see tangible gains in return on investment from their HR programs.
The process involves the following steps:
1. Collect data that matters
2. Experiment, explore, enrich
3. Create an action plan
4. Build a measurable HR business strategy
5. Take tech support
Some necessary metrics to look out for a while considering the right people analytics tool are –
1. Retain analytics clear from reporting.
2. Make self-service approach a required.
3. Opt for cloud-based people detailed over BI tools