People Analytics: Turn knowledge Into Value
Beyond being a buzzword, people analytics is currently changing the way companies recruit and retain talent. But could the information also help businesses make better decisions that affect performance, engagement and ultimately, success?
We can define people analytics as the application of advanced analytics and large data sets to people management. It’s driven by our ever-increasing need to understand how to manage the most complicated part of our business better: Our people.
Today’s technology allows leaders to gain more profound insights into their workforce. While they should tread carefully and never collect more data than what is needed, people analytics can provide a goldmine of information to move your business in the right direction.
Here are some ways to create value from people analytics:
Solve a business problem
Only things that contribute to business success are truly valuable. Perhaps your company is struggling with a disengaged workforce. Use people analysis tools to find out what the problem is and come up with a solution. Don’t forget the ‘people’ element. Give them a means to provide real feedback so that you end up solving real problems.
Focus on finding actionable information
While it’s nice to view data interpreted into visuals or infographics, you can’t create value just by looking. Take the engagement problem once more. We know engagement is the issue but are we improving the elements of the workplace affect it?
Use people analytics to attach actions to solve the problems identified. Research shows this is the best way to stop your analytics from becoming a hyped-up initiative. Instead, you’ll create a relevant component for business decision making.
Fill information gaps
Value-adding decisions are tough to make when you do not see the full picture. This is where people analytics can influence the steps you take as a business leader. Uncovering decision-making blind spots could mean the difference between failure and success.
If we revisit the engagement example, are there information blind spots? For instance, do you know how work might be affecting your employees’ happiness and engagement? Tools, like WorkScore, assist leaders in gaining insights that go well beyond what traditional surveys can offer.
Contact the WorkScore team on 1300 972 673 to discuss how workplace wellbeing might be the key to boosting employee engagement and productivity.
Don’t deploy people analytics for the sake of keeping up with trends. Use it as a tool to turn knowledge into real value for your employees and your business.