People Analytics is the use of talent data to ultimately improve business outcomes.
According to McKinsey & Company, People Analytics can help HR and People professionals retain talent and improve organizational performance. This is especially true since it encourages organizations to move away from making decisions based on instinct and intuition and towards making data-driven solutions.
Some benefits of People Analytics:
Useful in identifying drivers of high performance to address any workforce performance gaps.
Aids in the recruiting process by identifying characteristics associated with successful hires.
Increases diversity within the hiring process.
Utilizes publicly available professional data to compare company data with competitor data and inform strategies to improve organizational outcomes.
Here are the numbers:
80% increase in recruiting efficiency
25% rise in business productivity
50% decrease in hiring freeze rates
So with all of this information, why should HR and People professionals value People Analytics?
Well, People Analytics is directly linked to promoting business value. More importantly, this data has the power to help organizations develop evidence-based talent-management strategies and ultimately contribute to sustained business performance.
In fact, incorporating People Analytics into HR practices is contributing to millions of dollars for value to the top and bottom lines and is helping solve a number of talent challenges, which are all creating a positive impact on workforce experience and culture.
Here at Spark This Day, we provide People professionals with real, anonymous data on how their employees are feeling. We are able to identify how different teams, time zones, levels, genders, and races of employees are feeling; then we provide a “so what” tangible next step from that data.
By contributing to People Analytics, we are intent on strengthening workplaces who invest in the well-being of their employees.