What is People Analytics? Also known as HR Analytics, it is the process of organizing, interpreting, and gaining insight from your “people” data. Used effectively, People Analytics:
- Lets leaders plan workforce strategies that improve HR operations – e.g. better retention, lower overtime costs
- Empowers HR teams to ask deeper questions about their workforce, and find the answers using their own data
- Eliminates the headache of disparate, stagnant data sources like CSV and PDF-based reports
Below are 5 questions most leaders – HR or otherwise – would want to know the answer to:
- How much does turnover cost? Your data can show you not only who you’re losing, but also who is worth keeping based on the cost imposed to your organization. The answer to this question can lead to a more effective hiring strategy.
- What employee measures should drive the organization? Key performance indicators (KPIs) are hard to develop and even harder to measure consistently. People Analytics can ensure an organization’s KPI selection is backed by data.
- Why are certain groups at greater risk of leaving the company? Everyone has different reasons for jumping ship, but data can identify at-risk employees and deliver insight on what can be done to retain them.
- Is there bias in my performance measures? Rating and ranking methodologies should be consistent and fair. Critical analysis of performance data can unveil true top performers and red flags in performance criteria.
- Is leadership’s span of control consistent across positions? People Analytics makes it possible to visualize managerial information in more novel and efficient ways than dated org charts.
A sixth question that subsequently emerges is whether your team has the skills necessary to develop such analytics. There are common people data pitfalls across HR organizations that give validity to that concern. However, the latest innovations in data storage and software make effective analytics possible for non-IT teams to deploy successfully. Our experience has shown that companies can use the software and resources they already have to tackle business problems – you can read about three recent success stories here.
Bring People Analytics to your HR org
Envision offers clients and companies a complimentary data analysis to demonstrate how HR Analytics tools and capabilities can help business decision-making. Submit the below form to schedule a no-pressure, informative overview with an experienced Envision analytics consultant.