Business analytics, the process of assessing the wealth of data your company already has at its disposal and using it to make data-driven decisions, has moved beyond just looking at numbers to see what has happened. Advanced analytics can also dramatically improve the way organizations identify, attract, develop, and retain talent. Although many organizations still make those decisions based on instinct and intuition, people analytics can help you unlock the power of data – increasing effectiveness, reducing bias and improving performance.
Key areas that benefit from the use of people analytics include:
- Organizational culture. By collecting and analyzing data about employee behaviors, attitudes and outcomes, you can gain insights into the underlying values and norms that shape your culture. This can help you identify areas of alignment or misalignment between your stated values and the actual behaviors and experiences of your employees.
- Talent management. People analytics provides data needed to assess employees effectively and to identify high-performing employees and the attributes that contribute to their success. This enables you to create targeted development plans and career advancement opportunities for your teams.
- Workforce planning. You can gain valuable insights into the current and future needs of your workforce and anticipate the demand for new hires as well as the necessary skill development within your existing talent. You can also use this data to address employee turnover and identify the most common reasons why your employees leave in order to improve retention.
- Learning and development. Learning and development programs can be improved through the use of people analytics by identifying the skills and knowledge gaps that exist within your workforce. This information can be used to design targeted plans that address these gaps, ensuring that employees are equipped to meet current and future business needs.
- Employee engagement. By collecting and analyzing data on employee attitudes and behaviors, you can create a more positive and supportive work environment by designing employee engagement programs and initiatives that are tailored to the specific needs and interests of your workforce. It also enables you to assess the effectiveness of employee engagement initiatives and identify areas for improvement.
Making people analytics part of your business strategy and using this information to inform how the company means that you’ll be able to identify patterns that predict performance – and have happier employees who are more productive.