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Introduction To People Analytics

Introduction to People Analytics

As the times have changed, analytics has shifted from being about finding information to data now being used for understanding the functioning of a business operation. Organizations are deliberately embedding analytical tools into day-to-day decision-making. The Society for Human Resource Management (SHRM) says that HR professionals believe the most critical competency for demonstrating business acumen in the coming years will be understanding HR and organizational metrics and analytics.

What is People Analytics?

People analytics, also known as talent analytics or HR analytics, refers to the method of analytics that helps top-tier management take better decisions about their employees for improved efficiency and results. People analytics takes help from statistics, technology, and expertise to collect and utilize large sets of talent data, which further results in making better management and business decisions for an organization and its stakeholders. People analytics is a process of using collected data to make better decisions with the goal of improving business performance. The potential of using analytics in HR is linking people’s data with different types of business data to create results, which are brought into line with company goals.

Factors Affecting Use of People Analytics:

1. The overflowing of data and data analytics due to improvements in technology and software. This implementation has led to alteration of sales and marketing departments.

2. HR departments are now being asked to validate their decisions based on measurable outcomes. This has led to business decisions to be made grounded in analytics and scientifically backed data instead of subjective judgment.

3. Most HR departments have mountains of data about their employees including demographic data, performance data, job history, compensation, and training. Only in the recent past, has this data been effectively and strategically used by organizations to improve their long-term goals by investing in the talent which they are bringing into their workforce.

Companies are looking for better ways to return on their investments in people. The old approaches of gut feel are no longer sufficient. People analytics helps organizations to make smarter, more strategic and more informed decisions. With people analytic, organizations can find better prospective candidates; make smarter hiring decisions, and increase employee performance and retention.

People analytics started as a small technical group that analyzed engagement and retention of people in their work environment but has now gone mainstream. Organizations are upgrading their technical analytics groups to build out digitally powered analytics solutions. These new solutions, either developed internally or implanted in new digital solutions, are permitting organizations to conduct objective analytics based on the latest of their business process. This allows for a deeper understanding of issues and accountable insights for the business.

Applications of People Analytics:

People analytics is beginning to help more companies in their employing, performance measurement, compensation, and employee and revenue retention efforts. People analytics can help organizations in understanding which candidates to hire, which employees are doing well, who is receiving adequate compensation and how employee retention can be improved because a stable workforce helps in promoting the company’s public relations. 

However, a wave of sudden interest in people analytics proves towards its development into new grounds, especially with the use of predictive analytics. Its use is moving beyond HR and into the business organizations as a completely new department. Creating new opportunities for revenue retention by looking at both client and employment data and enabling profit growth by examining workforce expenditure.

In addition, tools are being developed to expand the use of analytics. Increasingly, companies are looking to purveyors rather than building their own gears as analytics models become more widespread. People analytics are also expected to analyze teamwork and organizational relationships, which may take on heightened importance as companies replace old, hierarchical models with newer, more collaborative ones.

Using analytics has the potential to improve the efficiency of a company’s talent achievement function by determining the job qualifications and measuring candidates’ potential before hiring, it can be used to shortlist candidates for an open role.

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