sPeople Analytics: Shake up your hiring practices while optimizing employee performance, engagement and satisfaction
Analytics and Business Intelligence tools are commonplace throughout most modern companies. From financial data, to sales and marketing, data analysis gives managers the tools needed to make fact-based decisions.
For HR professionals, analytics of employees and recruits is an important and growing field of study, known as People Analytics. Data generated from hiring practices, employee performance reviews, and internal organizational processes can be used to optimize all aspects of human resource strategy and effectiveness.
Find out how adopting People Analytics, from the hiring process and through all aspects of an employee’s development, can lead to a better understanding of employee behaviour and a more engaged and satisfied workforce.
Understanding People Analytics
Rapidly digitalizing workplaces gather increasingly large amounts of data regarding their employees and potential candidates. From an employee development perspective, this can relate to promotions, performance and salary information. In terms of recruitment data, both internally and externally, companies collect extensive amounts of data on demographics, hiring effectiveness and employee retention.
As businesses continue to integrate data analysis and BI tools throughout their organization, People Analytics (also known HR Analytics, Workforce Analytics, and Talent Analytics) needs to be a part of the equation moving forward. In fact, more than 70% of companies consider People Analytics to be a high priority.
In a similar way that analyses performed on financial, sales and marketing data benefits a company, information related to employees and candidates can give extremely valuable insight into a business’s most important asset: Its people.
Benefits of People Analytics
How can People Analytics benefit your organization? Well, the fact is that you’re probably already analyzing employee and recruitment data, and engaging in some type of analysis.
With a few additional data collection and analytical tools, the benefits of People Analytics can be magnified to make sure your business is hiring the best candidates, and using employee performance data to keep your teams engaged and satisfied.
Embracing a People Analytics approach can result in the following benefits:
● Evaluates recruitment effectiveness, reduces time-to-hire for job openings
● Improves turnover, team interaction, wellbeing and employee feedback
● Removes bias from hiring practices and performance evaluation
● Helps promote diversity and integration throughout the workforce
● Saves recruiters time and energy, all while more efficiently finding the most ideal candidates
To get started on the path of People Analytics, your company needs a simple and streamlined method to collect data.
Getting Started With People Analytics
Every company collects data on its people. From hiring, to performance management, to employee satisfaction, the data exists in some form or another. How can HR teams and management intelligently and efficiently collect this type of data and organize it in a way that it can be easily analyzed?
When it comes to recruitment, your company’s website is a crucial point of data collection. On top of that, for internal job postings, an employee app can connect directly with employees. Whether hiring externally or promoting from within, recruitment data can automatically be collected and organized within a streamlined app, offering several benefits:
● Saves time for HR team
● Removes bias from process through data driven recruitment
HR managers can also review and evaluate visibility of the job posting, especially for internal recruitment, through the use of an integrated employee app. Clickthrough rate, applicant numbers, and reach can all be monitored in one easy-to-use dashboard.
Performance management, an often sensitive topic for both management and employees alike, can also be augmented through People Analytics. Whether companies prefer a shift toward continuous performance management or prefer the more traditional yearly reviews, data can be routinely collected and analyzed.
Thanks to this, HR managers and supervisors will be able to spot trends over periods of time, indicating, for example, the effectiveness of a performance management strategy, and whether or not a new approach should be considered.
Gauging and evaluating an employee’s satisfaction is a difficult and nuanced process. It’s known that a more engaged employee is more likely to be satisfied with their job. Through an employee engagement software, engagement of the workforce can be monitored and measured. Tracking this data over time can show trends – indicating whether or not an HR strategy is successful.
Company surveys can be dispatched automatically, with results instantly compiled. Automated reports generated from any set of employee data can be produced, providing useful performance indications for specific employees, teams or the organization as a whole.
Sensitivity, Security and Privacy Concerns
Companies involved in People Analytics have a stringent responsibility to ensure that all human resource data is handled with the utmost sensitivity. Not only is it a matter of personal respect, but there are also laws protecting the privacy of employees and recruits and their data.
Information related to such sensitive topics as health, gender, ethnicity and age should only be accessible to the minimum required people. Within a secure end-to-end employee app, authorizations and restricted access can be easily and effectively be managed. This ensures that private data is treated with the highest level of care and confidentiality.
Despite these sensitive challenges faced by HR teams who want to engage in People Analytics, the value of using data to make more educated decisions is clear. Data will help guide important recruitment choices, understand employee performance, and create a much more vivid overall picture of the performance of a company’s HR strategy.
With the right tools like performance review platform, and an end-to-end procedure for safe and secure data collection, People Analytics will save money, time and produce a more engaged and satisfied workforce.