Leading organizations are increasing adopting sophisticated methods of analyzing workforce data to enhance their competitive advantage. Companies such as Google, Amazon, Cisco and others are able to understand how exactly to engage, retain and ensure productivity from their people. People analytics has become an indispensable strategic tool that has allowed these companies to enhance their performance par excellence. If you want better performance from your workforce – your greatest asset – embracing people analytics over your instincts is the way forward.
1. People Analytics can assist organizations to comprehend the changing workplace
The introduction of industry 4.0 requires organizations to become more agile when it comes to their workforce. People analytics has enabled organizations to collect behavioral insights that can be correlated to already existing demographic and transactional information. These insights have enabled organizations to manage workforce expectations across generations and continents, enabling organizations to predict the changing workplace.
2. People Analytics can help drive customer behavior and insights
Big businesses are beginning to use predictive people analytics to gain powerful insights that enable them to attract and retain both their external as well as their internal customers – employees. Like customer experience, we can see an evolution in creating employee experience that has been developed through people analytics. Prioritizing employee experience has enabled organizations to fuel their potential.
3. People Analytics can describe factors that contribute to an engaged workforce
An engaged workforce is 57 percent more effective and 87 percent less likely to leave. Employee engagement is considered one of the primary factors used to gauge organizational performance. people analytics has enabled organizations to hone into the factors that garner employee engagement.
4. People Analytics positions HR as a fact based strategic partner of the business
People analytics has made a huge impact in the predictions and credibility of the HR department. The insights obtained through people analytics has enabled HR strategists to optimize key strategic areas such as health and safety, management skills, leadership development, engagement, culture alignment and succession planning. Enabling HR departments to provide strategic insights on the people side to the business.
5. People Analytics assists to release the value of the intangibles of the business
The intangibles of a business account for more than 80 percent of the value generated by a business. People analytics has sought to capture and synthesize this value generated by a business. The biggest companies understand that by applying data-driven tools to improve decision making about talent, they can improve revenues and profits.
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