People Analytics is fast becoming a valuable tool for HR Business Partners to use, even in smaller and mid-sized companies.
HR leaders and business partners can use analytics to make better talent decisions including employee selection, retention, development and succession.
Increased employee engagement happens by making it easier for people to grow within your organization. Employees want to know what career paths are possible and what they’ll need to do to re-skill or upskill their brand. Talent mobility is key to retention and engagement.
Impact of Attrition and Retention
The cost and inconvenience of acquiring new talent is a concern for most companies. HR Analytics can predict which employees are likely to stay based on engagement, knowledge gaps, progression enthusiasm and skills development.
HR analytics can identify skills and competency gaps to know which roles to create and hire, by investigating gaps in low-performing teams and shared skills and characteristics of high-performing teams.
Data can be used to measure productivity as well as its impact on profitability and the effect of knowledge sharing and development on sales and customer retention.
Organizations must think beyond the C-Suite and consider critical roles throughout the company. Companies need to understand the strengths and development areas of all employees, in order to manage the supply of talent to meet current and future organizational demands.
Good analytics will enable companies to run future ‘what if’ scenarios- calculating employee capability today and projecting their speed to move across or up the organization. The result is a clear, data-driven overview of the talent in the organization, making it clear who to develop, in what way, and when.