A little over two years ago, Liz Ryan, Founder and CEO of Human Workplace and Author of ‘Reinvention Roadmap’ wrote that:
“Employee Engagement Surveys are the business equivalent of giving the prisoners in a penitentiary a survey to complete once a year and slide through the bars of their cells. The survey process cements an unequal power relationship.”
Since then, some would say that employee engagement has moved on in leaps and bounds, although others may disagree. What’s certain, however, is that employee engagement is big business – and one that is no longer immune to the power of data analytics. Indeed, a whole industry around ‘HR analytics’ has popped up with Bernard Marr, best-selling business author and keynote speaker, having recently written a book on the subject (‘Data-Driven HR: How to Use Analytics and Metrics to Drive Performance’) and companies such as LinkedIn, SAP and even the CIPD are acknowledging its ability to gain insights into policies and practices.
So what exactly are the benefits of HR or People Analytics and how do you go about taking advantage of them?
1) Happier, more valued and loyal employees
With the right type of insight based on data analytics, everything from payroll policies to healthcare and pension plans can be optimised. Benefits and perks such as retail discounts and automatic scheme enrolments have fast become the norm. But with analytics, these can be further monitored and improved to really make employees feel valued and to even increase productivity. All of which forms the basis for increased employee engagement and lower employee churn.
2) Improved employee insights
HR analytics can help companies look at an employee’s working life by tracking, sharing and analysing performance related data. All without the bias that can often occur when this is being done manually. In addition, analytics software can run across huge datasets, so you’ll get the insights much more quickly than if an actual person was trawling through it all and trying to identify patterns.
3) Better hiring decisions
HR analytics really comes into its own when it comes to hiring and making choices based on historical data. For example, analytics can look at the backgrounds of people you have hired successfully, and match those with candidates you’re now considering. Certain machine learning techniques can even allow you to scan resumes, applications and social media profiles – all removing the amount of time you need to spend sifting through applications.
For more benefits like these and to learn how companies across the globe have already started taking advantage of People Analytics, why not read this white paper.
And what about how you get started with HR Analytics? Where’s the best place to go for advice?
Well, a number of sites offering advice are available. If you’re just starting to get into the whole topic and want to find out what’s trending, then this blog by Analytics in HR is a great starting point. It’s packed with useful information, including the ability to browse accredited courses. Of course, the CIPD is a useful source of materials too. And these articles from Forbes and Personnel Today great if you’re just dipping a toe in the water!
Then when you’re ready to start discussing options, why not get in touch with the team here at Polymatica, especially if you don’t have data analyst resource and need a solution that ordinary business users can access and use easily.