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Everything you need to know about People Analytics

Everything you need to know about People Analytics

The people analytics is a data-driven method whose objective is to study all the processes, functions, challenges and opportunities of the people who are part of the work environment with the aim of achieving business success. The collection and evaluation of people analytics will allow you to make better decisions through the application of statistics and other data interpretation techniques. So it is very important for your company to find out everything you need to know about people analytics.

According to data from Deloitte, 71% of companies consider people analytics a high priority for their business and more than 70% have invested in improving this area. But if you haven’t heard about people analytics yet… Don’t worry! In today’s article we talk about the metrics that people analytics measures and the advantages it can bring to your business.

What does People Analytics measure?

In the introduction we explained a bit about what people analytics is in theory, but… how does it affect HR? Translating it to your daily life will make it much easier for you to understand the concept, so we ask you the following question, what does HR people analytics measure? We are going to give you some very clear examples so that you can apply them to your work.

Activity and productivityPeople analytics allows you to know what your employees do on a daily basis, this helps you to detect employees who perform well to understand their way of working and to explain and show their work methodology to people who perform less well or are not meeting their professional objectives. It also allows you to determine whether a worker is spending the right resources or spending too much when doing his or her job, which helps you improve efficiency in your business.

Motivation, job satisfaction and commitment to the companyIt can also help you understand the motivations of your employees so that you can use them in your talent strategies, and it allows you to check the impact that the actions taken by the company have on these motivations. On the other hand, it allows you to know the employee’s satisfaction in their job and the reasons (satisfaction or dissatisfaction, it is also very important to know why an employee does not feel comfortable in their workplace), this information will help you to take measures to prevent employees from leaving your company before a job offer that seems better for them.

Analysis of competencies and their acquisitionPeople analytics allows you to identify the basic skills or competencies your business needs. Not only that, it can also help you compare them and generate initiatives to fill the gap. In addition, the analysis of skills acquisition allows you, on the other hand, to evaluate how well or poorly your company is acquiring the skills it needs.

Learning analytics: People analytics also allows you to collect and analyze the context of your team’s learning to improve their efficiency, with the ultimate goal of personalizing, optimizing and tailoring the process.

Employee turnover analysisOn the other hand, it allows you to determine turnover rates in order to obtain future forecasts and to be able to reduce them. The key is to identify the healthy level of turnover and develop a system to identify when it may be a problem. In addition, when you see that turnover is a problem or that it is very high (data you get from people analytics), you can focus your attention on improving and seeing where the problem lies.

Analysis of corporate culture: It allows you to assess and better understand your company’s corporate culture, as well as to track changes in culture that you would like to make, detect toxic situations and ensure that you are hiring profiles that fit your business culture and values.

Recruitment channel analysis: Doing a recruitment channel analysis will allow you to determine where your company’s best employees come from and which channels are the most effective. You can extract the information from surveys and interviews of new employees, employer branding, job sites, etc…

But this is not all, what we have shown you are just some examples explained briefly and without going into the “how” or its relationship with business KPIs, but people analytics is infinite and can give you data and answers to many of the questions that may arise for the management and work of your team, the limits are set by yourself.

Advantages of people analytics for your company

  • Hire better
People analytics can help you determine which candidates are the most suitable for different types of jobs in your company. In addition, it also allows you to identify those applicants who are the best fit with the company’s culture. Therefore, the use of people analytics can bring you many advantages in hiring, since a bad hire is a very high cost for your business; it is very important that you hire the profiles that best fit the vacant position, but also the culture and values of your company.

  • Employee loyalty
As we have already mentioned, people analytics can help you to identify turnover patterns. turnover patterns using machine learning using machine learning algorithms, but more importantly, it gives you the ability to identify which employees are most likely to change jobs.

  • Improve productivity
People analytics facilitates and helps you to identify the most important factors that can boost your team’s productivity. In this way, you can give structure to the HR strategies, including training and performance management; which will help you improve your team’s productivity and enhance their motivation.

  • Pleasing your employees
This analytical system offers you the ability to leverage information through forms, surveys, interviews or job reviews to help you make better decisions. Please note that the employee satisfaction is paramount to the success of any organization and also contributes greatly to the overall growth of your company.

The people analytics is therefore a major leap in the HR field and requires specialized professionals who understand various aspects such as the inner workings between employee lifecycle events, statistical tools, analytical tools and data business intelligence.

And you: Do you use people analytics in your business? Did you know the advantages that this method of analysis can bring to your company?

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