by Niamh Madden, Community Manager at Talivest
Are you just getting started with People Analytics? Or maybe you’ve heard about it and aren’t sure what it is? We can help you get to grips with the definition, who it benefits and how it can help you and your HR team improve the workplace. Read it here in our Beginner’s Guide to HR Analytics.
What is People Analytics?
People Analytics refers to the insights that drives HR to make the best informed decisions. The knowledge you gain through People Analytics will help you boost retention and enhance employee experience. The CIPD defines it as helping ‘HR practitioners and employers to gain insights into their workforce.’
At its best, People Analytics helps you understand the world and experience for every employee. It’s about more than just data. It’s putting yourself in your peoples’ shoes to learn what matters most to them. It almost sounds like a contradiction – can data create empathy? Yes. As long as you are willing to listen.
People Analytics Project Examples
Here are some practical examples of how you can use people analytics:
Boost employee retention – Learn what employees love about your business and hold onto top talent
Predict employee turnover – How to figure out what triggers people to leave and when
Personalise career development – Help employees carve a career path and highlighting learning opportunities
Tailor employee benefits – Ensure employees get the benefits and rewards that they really care about
Benefits of People Analytics
How can People Analytics make an impact? Firstly, it’ll make you a more valuable HR leader, generalist or administrator. Imagine being able to rely more on statistics and less on ‘gut’ or ‘hearsay.’ This is the power that insights can have on your own role and your influence in the business.
HR Analytics will also provide you with a data-based narrative. You can share this with stakeholders when making a business case for your next HR initiative or solution. They’ll quickly see the reason behind your suggestions, as it’s all based on data.
Reduced Employee Turnover
‘Employee turnover costs the US $1 Billion every year. It’s now one of the central focuses within the HR industry,’ says Laura Belyea, COO of Talivest. Through measuring your employee analytics – for example through anonymous Exit or Pulse Surveys and real-time feedback – you’ll learn how best to hold onto your top talent. As a result, you’ll reduce your employee turnover cutting down on costs to replace talented leavers.
Enhanced Employee Experience
David Green is a top people analytics leader who sees the value of insights on the employee experience (EX). “People Analytics can start to improve the employee experience and the wellbeing of people at work, and if that’s not HR’s role then I don’t know what is.” HR needs to continue its journey into getting the best data it possibly can, to stay relevant.
Personalisation for Your Employees
It’s no longer enough to have a one-size-fits-all approach when it comes to total rewards and benefits. Tailor-made, targeted benefits enhance an employee’s experience at work. For instance, depending on the stage you are at in your career or your personal life, you might favour flexibility over pension, or vice versa. These insights can only be gained by segmenting your employees and understanding what they want. You can do this through surveys filtered by location, region, or seniority level.
“Employees are demanding the sort of experience they get as a consumer where things are personalised” – David Green, People Analytics Leader