People analytics is revolutionizing the way people are managed in organizations. By using data-driven insights, people analytics helps organizations to better understand employee performance, engagement levels, turnover rates and other key HR metrics. It also enables them to make more informed decisions about people management and development strategies. People analytics combines both external data sources with people’s behaviour in order to provide a comprehensive view of the workforce that can be used for effective workforce planning and people strategy implementation. In this article we will explore what people analytics is, how it works and examples of how it has been successfully implemented by leading companies around the world.
What is people analytics and how does it work
People analytics is the use of data-driven insights to gain a better understanding of people in organizations. It involves collecting and analyzing data from both internal and external sources to identify patterns and correlations that could benefit people management and development strategies.
Data can be collected from a variety of sources, such as surveys, employee performance data, engagements surveys, attendance records and exit interviews. This data is then used to identify trends, such as employee engagement levels or turnover rates, that can be used to inform people management decisions.
People analytics also takes into account external factors such as the economy and industry trends which can have an effect on people management and development strategies. By taking these factors into account, people analytics helps organizations make more informed decisions about their people strategies.
Examples of people analytics in action
People analytics is being used by leading companies around the world to improve people management and development strategies. For example, Google uses people analytics to evaluate job candidates and predict employee performance. They have developed an algorithm which takes into account both external and internal data sources such as past performance reviews, interviews and job-specific skills tests in order to accurately predict which candidates are most likely to succeed within the company.
Another example of people analytics in action is Walmart’s people analytics team, which uses data to identify factors that influence employee engagement and retention. This allows the team to develop effective people management strategies that help the company retain its top talent and ensure high levels of employee satisfaction.
How to get started with people analytics
People analytics can be a powerful tool for people management and development strategies, however, getting started with people analytics can be daunting. The first step is to develop an understanding of people analytics and how it works. It is important to understand the data sources available and how they can be used to identify patterns and correlations which could benefit people management decisions.
Once an understanding of people analytics has been developed, the next step is to create a people analytics strategy which takes into account both internal and external data points. This strategy should be tailored to the specific needs of the organization and should include goals for measuring people management success. Finally, it is important to ensure that people analytics is used responsibly and ethically, and that people’s data is handled in a secure manner to protect their privacy.
People analytics is a powerful tool for people management and development strategies. It can help organizations gain insights into employee performance, engagement, turnover rates, and other key HR metrics in order to make better decisions about people management and development. By combining both internal data sources with external factors such as the economy or industry trends, people analytics provides an effective way to identify patterns that could benefit people strategy implementation. Companies around the world are already using people analytics successfully; however getting started requires understanding how it works and creating a tailored people analytics strategy that takes into account both internal and external data points. With these steps taken care of, companies will be well-equipped to use people analytics responsibly and ethically for improved workforce planning results.
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