Updated: Oct 15, 2021
People analytics stands at the core of optimizing production and talent management in the workplace today. Some years ago, there wasn't as much data as we have today. Hence, the opportunity to use data to create a better workflow, hire and retain the best talents, or even understand organizational productivity was literally absent. Today, the narrative is different; the avalanche of data available makes it possible to predict both employee and organizational performance, or at least determine how best to deploy organizational resources.
According to Ere, there are seven pillars of people analytics that, when rightly applied, helps business leaders and HR managers use data from multiple streams to drive better business results and create lasting impacts on the progress of their organization. These are called the seven pillars of people analytics:
Onboarding Culture Fit and Engagement
Performance Management and Employee Lifetime Value
Employee Wellness and Well-being
According to results gathered by Ere, these pillars can effectively serve as a framework that any organization can use to build a robust talent management system. In this post, we’ll walk through how each of them works.
Workforce Planning Analytics
Workforce planning involves using data obtained from different streams across the organization to make informed decisions. In people or HR analytics, workforce planning refers to the use of data to determine the best candidates for specific positions and for identifying the right mix of skills that fit best into that particular position.
With workforce planning, you can seamlessly determine which talents are likely to stay longer with the organization and which ones might leave soon. You can determine your company’s areas of workforce needs, ranging from current vacancies to future talent needs and even succession planning. Workforce planning asks questions centered on the workforce needs of your organization, using analytics tools.
Talent Sourcing Analytics
Still based on optimizing talent acquisition, talent sourcing analytics help HR managers in harnessing available data and talent information to optimize talent sourcing results. Previously, job candidates could simply walk into an organization and submit a well-worded resume. Fast-forward to today, job applications, screening, including interviews, have all gone digital. Employers, too, must up their game in searching for the right talent. Talent sourcing analytics is all about using data to optimize talent sourcing results.
Talent Acquisition Analytics
Choosing the wrong candidates can have a detrimental impact on your productivity and the rest of your workforce. Therefore, it is important to make the right choices when choosing talents for specific roles in the organization. This is true whether you operate a small or large organization.
Acquisition analytics integrates artificial intelligence into the selection process, helping you weed out unsuitable talents and picking out the ones to schedule an interview with. With this, you can also analyze the correlation between a candidate’s performance during interviews and what their performance would be in a particular role.
Onboarding and Engagement Analytics
Do you have a budget for talent onboarding? Are you concerned about the impression that talents have about your organization while they’re being onboarded? Do you have all the tools and resources to facilitate a seamless onboarding process? New hires will be looking forward to the best experience as they join your company. Onboarding analytics help HR ensure that new hires have the best experience.
It plays a role in addressing the training, mentoring, and coaching needs of the new hire, as well as in introducing them to the company’s core values, vision, and workplace culture. Essentially, HR can use this to address all onboarding needs and concerns of new employees.
Engagement analytics, on the other hand, is crucial for creating a fulfilling environment for employees, whether they're new or old. It is a continuous process aimed at improving employee performance in their roles, as well as customers’ expectations. This means that you want to keep an eye on the engagement level of your employees. Are they enthusiastic, motivated, or laid back and unchallenged? Keep in mind that employee satisfaction plays a significant role in boosting productivity.
Employee Lifetime Value and Performance Management Analytics
Performance management analytics plays a critical role in employee management. Employers can access employees’ performance regularly and provide timely feedback aimed at helping them improve their performance and delivery on the job. Leading companies and enterprises leverage analytics in this way to enhance productivity and customer satisfaction.
HR can also calculate the lifetime value of an employee in a specific role, similar to the same way a customer's lifetime value is calculated. Understanding your employees’ lifetime value helps you optimize their performance. The same applies to independent contractors and ad-hoc employees. Generally, employers can use this strategy to improve employee retention.
Talent Retention and Attrition Analytics
This involves using data gathered from employee attrition and employee surveys to address employee attrition and improve employee retention strategies. It asks questions like ‘Why are employees leaving?’, ‘When are they most likely to leave?’, ‘Who are the top performers at high risk of quitting?’, and ‘What could be done to improve the company’s employee retention capacity?’
All of this involves the careful collection, analysis, and interpretation of data — all of which leads to improved employee retention.
Employee Wellness, Health, and Safety Analytics
Crucial to the success of every organization is the level of its focus on the health, well-being, and safety of employees. Employers need to allocate resources, including benefits, to support employees, especially the top-performing ones. Employee wellness analytics addresses how benefits will help to boost employee performance. Employee wellness programs impact workers' productivity. It also investigates the impact of employee satisfaction on customer satisfaction and the company’s retention and acquisition metrics.
About Mission HR
At Mission HR, we look forward to using our HR and analytics insights and expert guidance to help businesses like yours improve their business results by sourcing, training, and retaining the best talents.
Also, as leading partners in the PEO, HR, payroll, and benefits outsourcing marketplace, we provide result-oriented services for small and medium-sized organizations and government contractors, serving as a trusted partner in integrated human resource compliance, risk management, employee benefits, employment practices liability insurance (EPLI), and payroll processing.