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People Analytics:  A Reliable Process

blog17People analytics is all about understanding people. 

In some respects, it sounds quite simple. Yet, digging a little deeper we can see that it is complicated. And the best way to understand people is to first understand what we mean by people analytics

What is People Analytics?

You’re browsing the web and decide to check out some statistics on the people who go there. This is what analytics are all about.  Collecting, analyzing and  using data in order to gain insights that help you learn more about your target audience. In other ways around people analytics is about evaluating and improving relationships between your employees and your organization as a whole.  It thus addresses one of the key facets of running a company which is your peopleIt is one of the best-kept top secrets in the business field. Still, it has reached mainstream recognition and is slowly attaining popularity among the competitors. It is a bit of an umbrella term that covers everything from employee performance to motivation to succession planning.

Proper analysis  of these aspects can help business leaders make better decisions that lead to growth. People analytics is a method of quantifying people’s behavioural patterns and various communication practices.  It allows one to understand and predict human behaviour to grow their company’s revenue.   Hundreds of companies such as Apple,  Facebook,  LinkedIn, Uber, Google and many more   use people analytics to gain insights into their recruitment, communications, employee engagement strategies. Its use is on the rise and organizations are looking for ways to increase its adoption. As per a survey, nearly 50% of HR   leaders   agree  it  has  made a  difference  in business  outcomes

What are the advantages of People analytics?

People analytics is in the limelight these days. This up-to-the-minute type of data analytics has risen in popularity as it focuses on using big data and applying various techniques to analyze different aspects of human interaction and engagement also. It helps companies improve their daily activities by learning numerous lessons from these interactions. Some of the advantages of people analytics are as follows:-

  • People  analytics is a relatively new  field  that combines  the  fields of  statistics and business. The  goal  of people  analytics  is to determine which managerial decisions will lead to  optimal  performance results  and  to develop  a  business strategy  based  on quantitative data.  People analytics is an important field due to its potential for helping businesses make optimal business decisions as well as helping companies derive insight from their data-driven resources.
  • The  main  concept behind  people  analytics is  to  leverage the  internet,  technology and data-crunching algorithms to make better decisions   that   directly   impact  an organization’s bottom line.
  • People analytics is meant to offer new insights into the human elements of the business. It is  similar  to data  analytics,  but instead  of  crunching numbers and predicting future trends,  people  analytics uses  big  data to predict  future trends  and  analyze human behaviour.
  • People  analytics provides  information on employee skills, strengths, and experience. It can tell you  which employees  have  the potential  to  grow and  work  with high-impact projects.  It also  helps  in identifying  employees  who can  serve  as mentors  for  the company’s junior members. In a nutshell, people analytics is all about getting productive employees to produce better results for your business.
  • In organizations where performance is divided up into teams and departments, people analytics   can  be  used  to analyze  employee  skill sets,  business  requirements, and geographical  zones  in order  to  ensure division  labourer  is done  on  a fair  basis.      Those organizations  that   do   not  ensure   this   equitable  division   of   labourers may   have employees    within   those    groups    that   feel    they are   being    underutilized    or underappreciated. People analytics can identify these instances.
  • It is a very basic and powerful tool for data mining. This can be applied to improve sales, marketing and product development by creating insights based on the analysis.        Knowing your  users,  their behaviours  and  actions can  aid  a business  by  providing actionable insights and meaningful information about the customers’ needs and wants.
  • People analytics represents a fresh way for companies to analyze their workforce. Rather than  relying on  traditional  HR methods  that  measure productivity,  people  analytics allows  organizations to  track  everyday business  events  and correlate  them  with the actions  of  employees.            The  data  generated by  this  process serves  as  invaluable insight into  the  operations of  any  company. Used  effectively,  people analytics  can  become an essential tool in gauging employee behavior and maximizing worker productivity.
  • People  analytics clearly  has its place in the HR industry. The most important aspect of any business  is,  after all, the human element. With people analytics, HR managers can make better  decisions  about their  workforce,  which helps  companies  improve their efforts at retaining and attracting top talent.

People Analytics is rapidly emerging as a new field in the Human Resources domain. There are research reports to suggest that companies who start adopting People Analytics will be able to get a competitive edge over others. It makes sense that with the advent of data science,HR needs to come into play and align with analytics. Therefore, it is reasonable to assume that people analytics will gain tremendous traction in the coming years. 

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