People Analytics

24 Oct 2020

The Human resources department doesn’t have a reputation of bringing financial gains to the organization like marketing and sales. People Analytics is a data driven approach to managing people at work. You dont have to rely on your gut feeling anymore. Merely having data is not enough,you should be able to transform data and organizational data by applying appropriate interventions and improve the way you do business and anticipate future developments.

There are different applications of People Analytics.Some of the applications are listed here

Link recruiting to financial gains

This can be done by focussing on the quality of hire which shows the effectiveness of a company’s hiring process.Measuring quality of hire helps you measure the value employees bring to your company. Quality of hire includes many metrics that can vary for different businesses. Quality of Hire is determined by recruiting metrics like New Hire Retention,Time to fill and Hiring satisfaction.

• The Time to fill metric takes the total jobs filled by the person, team, or recruitment channel and divides the number by the total jobs assigned to that person, team, or channel to fill.
• New Hire Retention metric measures the ability of an organization to retain its employees.It takes the number of employees who left their job during a certain time period and divides this number by the total number of employees during this same time period.
• Hiring satisfaction metric refers to the hiring manager’s satisfaction of candidates interviewed. It can also include the satisfaction of the candidate’s interview experience.

Increase employee retention

Retention starts when you start recruiting new empoloyees. A positive employee experience while onboarding goes a long way in reducing turnover.Ensure each employee is completely engaged with their job and company’s success.Look for candidates who plan to stay and not job hoppers.Provide learning and development opportunities,ongoing education and a clear path to advancement to the employees.Make sure to offer benefits tailored to meet the needs of employees,practice transaparency and openness,leverage technology,put data and AI to work and also be prepared for a turnover.

Strategic workforce plan

Strategic workforce planning should be in line with the organization’s strategy and it focusses on tactical and strategic decisions. Good workforce planning follows the 80/20 Pareto principle. When you engage in strategic workforce planning, focus on the organization’s primary functions as these are the ones that contribute most to the organizational results. Workforce planning concentrates on making data-driven decisions, forecasting workforce needs through predictive modeling, implementing strategies to retain and attract top talent, and monitoring and measuring success to adjust your strategy long-term. The result is a high-functioning organization without performance gaps.