The Importance of People Analytics to an Organisation – Peoplecube

People Analytics

Global Surveys have shown that 90% of the CHROs worldwide are now focused on developing a data-driven HR. For this purpose, they are streamlining their processes, reducing the workflow touchpoints, centralizing data storage & reporting and being more humane in employee relations. To facilitate they have invested in enterprise software (or variants) to run the HR function end-to-end.

With this available data, most of their analysis have yielded results to develop over-the-top reports and dashboards. But the insights were missing! This was because HR lacked data analytics capabilities and how to correlate it to Business outcomes.

The next phase was to analyze this collected data and Predict on possible outcomes like Attrition.

Though some success was met with, but it could not help the organization holistically.

The data collected was more transactional in nature, like, tenure, education, a span of control, promotions, salary hikes, bands, etc and completely lacked the ‘Human’ aspects.

As a compliance most companies also conducted Annual Surveys but never realized the potential or could not translate it to improve the prevailing circumstances.

People Analytics

In the last 5-6 years, CHROs and the HR fraternity realized that they cannot solve a Business problem with HR data. They needed Business Data to solve business problems.

Most Business problems are related to some of the other asset/investment i.e. Capital, Inventory, Promotions, Equipment, etc. The most important asset People, though, was never part of the Strategic discourse.

Since People as an Asset drive the other assets it’s important to tackle this before tackling others.

But People as an Asset cannot be measured with mundane transaction data, rather we need to look at what impacts this ‘Emotional Entity’.

Hence it becomes imperative to capture information that is People Oriented and not just concerned with their transactions. E.g. How does the Manager treat an Employee, Does the Management ‘Walk the Talk’ etc.

Research has shown, statistically, these attributes impact people more than their next salary hike or training session.

Armed with this ‘People’ information, Organisations can now predict how they can proactively act on Attrition, Productivity, Customer Satisfaction, Revenue, Innovation etc business issues.

Right Implementation of People Analytics has resulted in

• 3X earnings per share
• 22 percent higher profitability,
• 21 percent higher productivity,
• 10 percent higher customer engagement,
• 25 percent to 65 percent lower turnover,
• 37 percent lower absenteeism,
• 28 percent lower shrinkage (theft), and
• 48 percent of fewer staff safety incidents.

Finally, embracing People Analytics at the earliest will facilitate the organisation to seamlessly move into the new era of the Future of Work!

Contact PeopleCube:

+91- 8618208345 for India,

1 (424) 335–8777 for USA

and +61 406 537 297 for Canberra, Australia

Website : https://www.peoplecube.ai/

Email : prahaladk@peoplecube.in