Using People Analytics can Improve Business Processes
Business Management Review |
People analytics helps organizations apprehend worker needs, create transparency, and better reply to unique business eventualities. In addition, people analytics enable a data-driven approach for hiring and employee retention.Fremont, CA: Talent analytics or people analytics refers to utilizing analytics that can empower HR executives and recruiters to make critical decisions about their employees. For this purpose, people analytics leverages statistics and modern technologies such as machine learning and artificial intelligence to analyze large volumes of talent data to help organizations make informed business and recruitment decisions.
People analytics helps organizations understand employee needs, create transparency, and better respond to different business scenarios. People analytics enable a data-driven approach for hiring and employee retention. Apart from these core tasks, people analytics can improve multiple aspects such as engagement, productivity, employee development, and leadership. Besides, people analytics help HR executives better understand talent data for employees in their entire employee lifecycle. By leveraging people analytics, businesses can execute more accurate workforce planning. Therefore, every business leader needs to know the use cases and benefits of people analytics.
Recruiting qualified talent can be an extremely tricky business for recruiters. To simplify this task, recruiters can use people analytics to find high-performing employees. People analytics can study candidate data, like past work performance, career motivation, background experiences, and social life. Also, people analytics can help employers decide the ideal number of interviewers needed to ensure that the right talent gets recruited. By utilizing such insights, businesses can cut down the costs involved in training and turnover. Therefore, people analytics can provide a data-driven approach for hiring the right talent.
Statistics show that average employee turnover can cost a company almost 33 percent of an employee’s salary. Such an employee can happen because of multiple factors such as high work stress, low wage, long commute, poor work-personal life balance, and poor work culture. HR professionals need to address these factors for improving employee retention. People analytics can enable businesses to better understand employee pain points with the help of large volumes of collected employee data. Thus, organizations would know whether an employee may leave their job.
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