What is ‘People Analytics’?
People analytics is also known as HR analytics. It is the big data related to people behavior, performance, interests, etc.
Further study of people analytics can help business owners in improving their business. Improving and developing analytics help in making employee experience better. Employee retention too becomes an easy task for HR managers.
Since its first use amid 20th century, people analytics has now come so far and developed as much to allow predictive analysis to contribute into HR management.
Human resource analytics is a deep study of people-oriented parameters, which helps you understand and predict future actions better and promote improved decisions. Studying the big data and analytics can be extremely useful to any organization.
Benefits of People analytics to HR
People analytics should be aligned and matched with user thoughts and requirements. Also, it must be useful to HR leaders and internal customers like the workforce.
The need here is to design a process revolving around HR and internal people. To its simplest, HR/ people analytics must be adhering to employee engagement and insights. And lastly, the outcome must bring benefits and improvement to the business to showcase success.
The intuitive process of people analytics more user friendly involves:
- Measurable HR strategy
- Focusing on relevant data
- Compliance management
- Test and Run
- Techno – support
- Avoid complications
1. Measurable HR Strategy
An achievable HR action plan involves performance indicators that are practical and possible.
A winning strategy needs to be backed by a backup and accurate data. Big data like HR analytics when used to set a measurable HR strategy, makes big impact.
2. Focus on Relevant Data
Focusing on what is potential and relevant to your organization can help save your time and efforts. This allows you to save costs & resources by investigating areas that really matter and promote directed efforts. This brings in tangible benefits to business due to targeted HR strategy.
Studying data that could be irrelevant or isn’t profitable, is simply a wastage of time and money. Targeted hiring, strategic plans, workforce analytics, are some practices to tap the right dot.
3. Compliance Management
Keeping abide by laws and compliances is very important for any organization. Be it an HR or payroll management, compliances can be real pain if not followed.
Ensuring legalities and right employment is very critical for a business owner. Make sure to have an expert at place to back you with right actions.
Additionally, once the raw data is collected, the results need to be validated before they are published and processed. Staying up with compliance management must be on top in your priority list to prevent penalties.
4. Evaluate and Run
Today, the market has got gamut of options on data mining and strategic tools. Finding a reliable and affordable tool is not difficult.
Finding a solution that fits your business vertical and scalable is the real challenge. The software features may include cloud support, mobile interface, self-service, reporting, and much more.
Free trials of software could help you find the right fit. Do the A/B testing and adopt one.
5. Techno – Support
Tech support is summoned as the backbone for any HR department or company. Technological support or software involvement can be seen almost in every aspects of organizational developments.
With big data available in hands, automation could be the only option to evaluate. Do not hesitate to take assistance of software to find right data and focus your efforts.
A new age real time software and machine generated reports could help you achieve your deliverables quickly.
Once you get familiar with your primary goal, your relevant data, and the available options (based on test and run step), you are good to go to create an action plan.
Predictive analytics and reports can help in making the action plan accurate and effective. Talent management, leadership development, and organizational performance are some areas in HR to improve.
Preparing a defined plan of action enables better understanding of why certain changes may be taking place and where the organization is heading and can thus, help obtain people support.
7. Avoid Complications
Irrespective of the task complexity, the strategy that the processes must adhere to, needs to be simple and lean. The process of data mining & analysis and interpretation should allow easy reading, understanding and application.
Create a tracking plan for your efforts and action plan performance. Whether the plan is on track or off track, a simple work flow could help you know better. Having right tools and HR friendly HR software in place can help you achieve goals easily.
3 Upcoming Trends in People Analytics
1. HR transformation
HR management/ role can be seen developing with every passing year. Managing remote workforce is their newest challenge. This has forced them to get better with better cloud solutions like online payroll software and better HR strategies.
Remote solutions like HRMS payroll software, timesheet manager, etc. could make it an easy job for HR to survive the coming years.
2. Employee-HR relation
Employee experience is the most important factor to look for, when attending employee management. An employee holds same importance as a client and must be attended by HR manager carefully.
Ensure better employee experience and empowerment at place with intuitive solutions like smooth onboarding/ training, self-service options, salary payroll software, etc.
3. Dropping the curtains
People analytics can prove to be very effective and equally important to HR as it can help achieve nearly every HR goal. Hiring, training, employee experience, etc. are no exception. Analytical data like HR analytics must be considered for improved results at firm.
Yes, analytics will be very important for organizations in coming years. You need to leverage best capabilities of HR leaders and intuitive HR solutions. Make the most of available resources like mighty people analytics.
Thanks for reading. Good luck!
- What is People Analytics?
- Why Data Analytics is the Future For Small Businesses
- 7 Clever Human Resource Solutions For Small Businesses
Author Bio: Ritik Singh writes about HRMS software in India, cloud, and enterprise technology. A dynamic content writer who writes for Pocket HRMS, a leading provider of cloud-based HR software with inbuilt AI-powered HR Chatbot (smHRty) to small and mid-sized businesses across India.