The rise of the internet, communication devices, apps, and tools in the last 3 decades have led to the generation of exabytes of data from across the world. Today we are looking at IoT and Blockchain, which gives rise to data generation from almost all things we use in our daily lives.
The right use of data to leverage it for the decision-making process in your company leads to the generation of valuable insights across various categories and effective decision-making. The use of data to leverage it to understand people analytics, identify employee behavior trends, managing attrition has gained pace in the last decade. Here you can check the latest HR Trends.
People’s analytics is a data-driven approach to managing people at work. In contrast with the traditional methods of people management, business leaders can make decisions about their people based on a deep analysis of data. You may also incorporate tried and tested HR principles and HR models proposed by noted professionals into the analytics tool to drive these models with the data flowing through your systems. Leveraging this data helps in handling people-related issues, such as recruiting, performance evaluation, leadership, hiring and promotion, job design, compensation, and collaboration. By using people analytics methods and tools, you’ll understand how and when hard data is used to make soft-skill decisions about hiring and talent development, which helps in your company’s talent management process. Thus people analytics provide a win-win situation where organizations flourish when the people who work in them also flourish. People analytics can help make both happen, making it the new currency of investment and opportunity to manage your workforce. Learning people analytics can help HR professionals to boost their careers and can also help to get higher salary packages. Here we provide some insights on the various areas where you can use people analytics.
Workforce today comprises of baby boomers, gen x, gen y and gen z. With such diversified workforce across various age groups and geographies, a ‘one size fits all’ kind of campaign for employee engagement and experience isn’t going to reap much benefits to your organization. Here analytics provides key trends and behaviour patterns, preferences for the different age groups and helps you focus on your employee needs and fancies effectively.
People analytics has reinvented the way organizations manage benefits program of their employees, by enabling employees to avail benefits digitally. With workforces everywhere currently working from home due to COVID-19, HR leaders around the world are presented with the unique challenge of finding ways to adapt to the current situation and resume business as normal. In this situation, people analytics helps your organization to:
Discover how to increase benefits participation through online enrolment.
See how leading employers are currently working with benefits and engagement during the pandemic.
Learn how to deliver personalized and targeted communications to your workforce.
Strategic Decision Making
Using global data on benefits and enrolments to make strategic decisions, by setting up a global dashboard and analysing trends and patterns of your employee preferences and engagement to your digital platform. You can also setup market specific or country specific dashboards to give a structured view and gauge different trends to the same topic from different geographies.
Digital Preboarding, Onboarding, Offboarding
First impressions are important. So are final impressions. With people analytics, your organization can get first hand insights on the pain areas in the first and last steps of the employee lifecycle with the preboarding, onboarding, and offboarding tools. This helps to give your employees a flying start from day one in your company, and a smooth offboarding process that is much appreciated by workforce across the world.
Rewards & Recognition
In today’s war for talent, it’s essential your employees feel valued and appreciated. And the best way to do this is making them aware that their efforts are valued by the company. By using analytics employees are presented with an engaging and digital visualization of their total reward. Any changes to an employee’s compensation, such as a bonus or enrolment into a new benefit, are reflected and updated in real-time, and communications can be sent to employees using automated alerts.
Employee Happiness Index
The employee happiness index report 2019 published by Benify states that, those who have access to 20 benefits are more likely to see themselves as ambassadors for their employers and more satisfied with their total offer, compared to those with fewer than 20 benefits. Relationships between employee benefits and employee engagement can be strengthened and actions can be taken to improvise in both areas for improved employee experience. Stress increases and attrition level can also be identified through periodic feedback at multiple levels and identifying patterns based on feedback to focus on major pain areas.
Often people don’t work proactively but instead work on everything that pops up in front of them. By asking the right questions and measuring the right things, you can identify which measures have the greatest effect, and then reach the insight-driven truth. However, this places great demand on management, who need to challenge the perceived truth, which can be very strong in organizations. And that’s where people’s analytics serves as the new currency in the field of HR.